NEW YORK- The US stock exchanges are likely to continue their inconsistent development from the previous day on Thursday. New economic data provided a moderately negative impetus.

The day before, the yield on ten-year US government bonds had climbed above the four percent mark for the first time in almost four months and is remaining at this level. As a result, stocks are becoming increasingly unattractive compared to fixed income securities such as bonds.

Good quarterly figures and an optimistic outlook catapulted the shares of the software group Salesforce by almost 16 percent to 194 US dollars before the market on Thursday. That would make them as expensive as they were last in August. The SAP competitor also announced that it would double its share buyback program to $20 billion. Several analysts saw the company’s numbers and targets above expectations. They raised their price targets significantly and reiterated their positive investment recommendations.

On the other hand, Tesla boss Elon Musk was not able to convince with his master plan to halve the costs for future vehicle generations. Concrete implementation plans were not presented and expectations of the presentation of a smaller and more affordable electric vehicle were disappointed. Investors punished the stock, which had recovered strongly in the course of the year so far: pre-market it was down by more than seven percent.

Shareholders at Silvergate Capital even suffered a 44 percent plunge to $7.61, leaving the stock just a cent above its all-time low more than three years ago. The bank, which is heavily involved in cryptocurrencies, fears for its business survival after the spectacular collapse of the digital currency exchange FTX. It already reported a loss of $1 billion for the past quarter and warned that it could be even higher. It also postponed the deadline for submitting the annual report. JPMorgan analyst Steven Alexopoulos dropped his neutral rating for the stock and now advises an underweight. He also withdrew his price target, which had last been $14.