new York Price losses at Tesla, Apple and energy stocks push the US stock exchanges back into the red on the first trading day of 2023. The Dow Jones index of standard values closed slightly lower on Tuesday at 33,136 points. The tech-heavy Nasdaq fell 0.8 percent to 10,386 points. The broad S&P 500 lost 0.4 percent to 3824 points.
The US stock exchanges were closed on Monday for a holiday. Hopes for a better stock market year drove them up briefly at the opening on Tuesday. “The market today isn’t so much about data or news, it’s more about the emotion at the start of a new year and investors trying to decide if there’s a recovery ahead,” said Rick Meckler, partner at wealth manager Cherry Lane. Investors also awaited the minutes of the US Federal Reserve’s most recent meeting, which will be released on Wednesday.
Ongoing concerns about the corona situation in China depressed oil prices. The North Sea oil variety Brent and the US variety WTI each gave around four percent to 82.34 and 77.15 dollars per barrel (159 liters). “The outlook remains extremely uncertain, which should keep oil prices very volatile for longer,” said Craig Erlam, market analyst at trading house Oanda. The industry giants Marathon Oil, Exxon Mobil and Chevron lost between three and 5.3 percent.
The uncertainty helped the anti-crisis currency, the dollar, gain 0.9 percent to 104.66 points. In return, the euro lost 1.1 percent to $ 1.0549.
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Stock market expert Koch: “January effect speaks for a weak start to the year”
Look at other individual values:
Apple: The market value of the US tech giant Apple fell below the two trillion dollar mark for the first time since March 2021. Shares fell 3.7 percent to $125.07 after a downgrade by bank Exane BNP Paribas. According to the analysts, the latest corona wave in China has affected production in one of the largest production facilities for Apple’s iPhone.
Tesla: After the worst year on the stock exchange since the initial listing in 2010, the downward slide continued for Tesla. After quarterly sales below market expectations, the shares of the electric car maker lost 12.2 percent to $ 108.10. “Tesla’s previous price gains were based on above-average growth,” says financial market expert Russ Mold from brokerage house AJ Bell. Things are looking a little different now.
Boeing: Meanwhile, Boeing reached its highest price since the end of March last year and closed with plus 2.6 percent at the top of the Dow. Analyst Scott Deuschle from Credit Suisse referred to the latest data from an industry service, according to which the aircraft manufacturer could have delivered more jets in 2022 than the market expected.
Chinese stocks: At the same time, hopes for a long-term economic recovery in China drove shares in US-listed Chinese companies. Alibaba, JD.com, Pinduoduo and Bilibili stocks rose between 2.7 and 13.9 percent. The Chinese purchasing managers’ index for manufacturing in December fell to 49.0 on Tuesday from 49.4 points in the previous month. However, the decline was 0.2 percentage points smaller than feared by analysts. “Economic activity in China is currently stabilizing,” said Jochen Stanzl, chief market analyst at online broker CMC Markets.
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