Stocks close lower on first trading day of 2023, hurt by slumping Apple, Tesla

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Stocks fell Tuesday, giving up earlier gains, as concerns such as rising rates and high inflation continued to trouble investors in the new year. The Dow closed down 0.03%. The S&P 500 fell 0.40%. The Nasdaq shed 0.76%.

both slipped, weighing on the broader market and carrying forward a main theme from 2022, when the technology sector was hit hard as the Federal Reserve raised rates to fight inflation. Tesla fell 12.24%, hitting its lowest level since August 2020, following disappointing fourth-quarter deliveries. Apple shed 3.74% on reports that it will cut production due to weak demand.

In fact, the S&P 500 has, on average, rebounded by 15% in the next year following a year where it lost more than 1%. They're also looking forward to Friday's December jobs report, the final employment report the Fed will have to consider before its next meeting on Feb. 1. There are also several speeches by Fed presidents scheduled Thursday and Friday.Netflix is among the best positioned stocks as advertising recession looms, Evercore ISI's Mahaney says

"Revenue growth is going to be slowing down for almost all of these names unless they have a new product cycle, unless they're somewhat recession resilient," he said.Stocks started the new year off with a disappointing first day as some of the same themes that weighed on markets in 2022 continued in 2023.

The Federal Reserve's aggressive tightening cycle has already tamed both fears and expectations related to the high inflation that dominated 2022, according to Rosenblatt Securities.

 

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U.S. stocks finish lower in first trading session of 2023 as recession fears persistU.S. stocks finished lower Tuesday, booking losses on the first trading session of 2023 after wrapping up the worst year since 2008. The Dow Jones Industrial Average ended down less than 0.1%.
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Oil stocks thrust London shares to positive 2023 startUK's exporter-heavy FTSE 100 jumped to a seven-month high on Tuesday as oil stocks rallied, with majors Shell and BP putting the broader energy sector on track for its biggest single day jump in six weeks. Müsste das nicht City of London stock exchange heißen? Why don’t you put a disclaimer on articles about oil saying you don’t think it’s right that companies that conspired to kill the planet shouldn’t be traded on the stock exchange. I mean, Trump triggers you but you can’t stand up against progenitors of climate change. Pathetic
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