January 27, 2023

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Nasdaq is recovering from some fall – but Tesla continues to fall head-on – E24

The Nasdaq Technology Index is down more than 1 percent since the start, but it is up a bit in the trading day. Elon Musk’s Tesla is going in the opposite direction.

Outside the New York Stock Exchange, it has been decorated for Christmas for several weeks.
published:

The US stock markets quickly fell after the stock market opened on Tuesday. Around 17:00 NST, things were more mixed on Wall Street and this seemed to be the case for the three indicators setting the tone:

  • The S&P 500 collective index fell 0.20%.
  • The Nasdaq Tech Index fell 0.91 percent
  • The Dow Jones Industrial Average rose 0.25 percent

The Nasdaq has been down more than 1 percent for a long time, but has since begun to recover from some of the decline.

Read on E24+

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Tesla and southwest down

Electric vehicle manufacturer Tesla continues to end the year with success. Tesla shares fell six straight days prior to Tuesday. The share has also fallen nine of the past 10 days.

Tesla’s share fell 8.28 percent shortly after 5 p.m.

Tuesday’s retraction comes after several media including The Wall Street Journal And the ReutersDuring the Christmas period, it was announced that the period of production cuts at the Tesla factory in Shanghai would be extended.

Tesla planned to cut production from Christmas Eve and the eight days before that. This planned period is now being extended, according to the media, to January.

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Southwest Airlines is also among the stocks gaining momentum in the stock market on Tuesday.

It happens after the airline canceled nearly 8,000 departures in recent days. Christmas weekend was a very small nightmare for US airlines and air passengers. A severe winter storm led to several thousand delays, and Southwest fared worse.

– We realize our shortcomings and apologize profusely, the company wrote in a statement.

Southwest’s share decreased by 5.14%.

Overall, it was a difficult month for the US stock markets. Wall Street was affected, among other things, by the interest rate hike from the US Central Bank (Fed) in the middle of the month. The Fed’s envisioned interest rate peak was also revised upward to 5.1 percent.

Little Christmas Eve, which was the previous trading day, closed higher. However, that did not stop the S&P 500 and the Nasdaq leaving behind a third consecutive week of decline.

downward trend for the year

The last week on Wall Street towards the new year must have been an adventurous rebound if one is to avoid a generally bearish 2022 end.

The past year has been difficult for stock markets. Fear of the consequences of strong price growth and subsequent interest rate increases by central banks left its imprint on the markets, contributing to high volatility and stock market declines.

The S&P 500 needs to rise about 24 percent in the past week to return to where it was at the beginning of 2022, while the industrial-oriented Dow Jones needs to gain 9.4 percent in four days.

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The Nasdaq must rise by a whopping 49 percent to avoid a drop this year.

Several US tech giants have contributed strongly to this decline.

Tesla is down nearly 67 percent since the new year, while Facebook owner Meta is down about 65 percent.

The cryptocurrency market has also been in bad weather over the past year, and that wasn’t good news for stocks in this space. Cryptocurrency exchange Coinbase stock is down more than 86 percent.