📺 Stream EntrepreneurTV for Free 📺

Exploding Vehicle in Shanghai Hurts Tesla Stock However, tech and energy stocks helped the Entrepreneur Index™ post a small gain.

By Andrew Osterland

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

JOHANNES EISELE | Getty Images

Netflix and other technology stocks helped the Entrepreneur Index™ post a small gain of 0.22 percent today.

The major stock indexes were also flat, with the S&P 500 and Nasdaq Composite indexes posting small gains while the Dow had a small loss.

The four FAANG stocks that are part of the Entrepreneur Index™ were all up smartly on the day, with Netflix, up 4.81 percent, posting the biggest gain on the index. Investors appear to have gotten over the slightly cautious guidance the company issued for the second quarter in its earnings release last week. The stock is up 40.4 percent so far this year.

Other tech stocks posting good gains today included Akamai Technologies (1.79 percent), salesforce.com (1.78 percent) and Facebook (1.77 percent).

The energy sector was also strong today, as the price of oil rallied 2.6 percent to a six-month high. Oil and gas producer Hess Corp. rose 3.07 percent and is now up 67.6 percent for the year. Kinder Morgan also had a good gain, rising 3.3 percent. The pipeline manager recently indicated it was considering building a new natural gas pipeline in the capacity-constrained Permian oil-shale basin. Kinder Morgan's stock is up 30.2 percent this year.

Alexion Pharmaceuticals, which fell last week as part of a broad sell-off in the healthcare sector, was up 2.34 percent today.

The REIT sector was one of the weakest in the market today, as interest rates were up and concerns about the brick and mortar retail industry continued to weigh on the sector. All nine REITs on the index were down with mall and shopping center operators posting the biggest losses. Macerich Company, down 2.68 percent, set a new 52-week low today and is down 6.8 percent for the year. Simon Property Group (-2.44 percent) and Kimco Realty Corp. (-2.57 percent) also posted sharp losses.

Tesla had the biggest decline on the index today. The shares were down 3.97 percent after a report that one of its cars caught fire and exploded in Shanghai. The company has sent a team to investigate the incident. Tesla will report financial results on Thursday after the market close.

Retailer Bed Bath & Beyond was down 3.96 percent. The company announced the appointment of five new independent directors to the board and the departure of co-founders Leonard Feinstein and Warren Eisenberg from the board. The changes are meant to address the concerns of activist investors who have demanded a wholesale turnover of the board and the ouster of CEO Steven Temares. BBBY stock is up 47.7 percent so far this year.

Two other struggling retailers also had tough days in the market. L Brands, which last week struck an agreement with Barington Capital for the activist hedge fund to become a special advisor to the company, was down 3.19 percent. Gap Inc. declined 2.93 percent and is now down 2.27 percent on the year.

Other notable declines on the index included Wynn Resorts (-1.71 percent), homebuilder D.R. Horton (-1.64 percent) and O'Reilly Auto Parts (-1.54 percent).

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.

Andrew Osterland is a contributing writer for CNBC.com. He specializes in capital markets, personal finance and taxes.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

Productivity

Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.

Business News

How Much Do Engineers, Software Developers, and Analysts Make at Apple? See Salary List

Using application data from highly-skilled foreign workers, Insider revealed a range of salaries at the tech giant.