Tesla shareholders vote on Musk's pay: Market Domination Overtime
On today's edition of Market Domination Overtime, Yahoo Finance's Julie Hyman and Josh Lipton break down the market close and the trading day's biggest stories. The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) closed at record highs while the Dow Jones Industrial Average (^DJI) fell into the red. This comes off the back of the Federal Reserve leaving interest rates unchanged as inflation cools. BNP Paribas Managing Director and Senior Multi-Asset Specialist Mark Howard explains that while the Fed's decision was noteworthy, May's Consumer Price Index (CPI) "was the real mover" of markets. The report triggered a rally in tech stocks and relieved Treasury yields. Oracle (ORCL) stock closed at an all-time high, boosted by its partnership announcement with Alphabet's Google (GOOG, GOOGL) and OpenAI. Broadcom (AVGO) is also on the rise after reporting second quarter results that topped Wall Street estimates on both the top and bottom lines. The company also announced a 10-for-1 stock split and a quarterly dividend of $5.25 per share. As Tesla (TSLA) shareholders are currently voting on CEO Elon Musk's pay package valued at $46 billion, the California Public Employees' Retirement System (CalPers) — which holds 9.2 million Tesla shares — disclosed it will vote against Musk's compensation package. Yahoo Finance Legal Reporter Alexis Keenan explains what Tesla shareholders have to gain from approving the pay package and the reasons why shareholders would vote it down. Yahoo Finance shared a poll at the start of the trading week, asking whether Tesla shareholders should approve Musk's pay package. Well over 400,000 respondents have participated in the poll, 96% of which voted "No." This post was written by Melanie Riehl
