Stock market news live updates: Stocks continue year-end slide, Tesla snaps 7-day losing streak – Yahoo Finance
U.S. stocks sank Wednesday, extending a sharp year-end slide as investors hobbled toward the end of a gruesome 2022.
The S&P 500 (^GSPC) dropped 1.2% after losses picked up into the close, while the Dow Jones Industrial Average (^DJI) shed 366 points, or 1.1%. The technology-heavy Nasdaq Composite (^IXIC) declined 1.4%.
Losses continued across the board Wednesday after equities began the holiday-shortened week — a period that normally sees a seasonal end-of-year rally — on a down beat. In the previous session, the S&P 500 posted a 0.4% loss and the Dow closed just 0.1% above the flatline, while technology stocks dragged the Nasdaq down 1.5%.
Tesla shares (TSLA) clawed back 3.3% Wednesday, snapping a seven-day selloff that brought the stock down nearly 70% from its November 2021 all-time high, with declines intensifying over the past couple of months over concerns around CEO Elon Musk’s management of social media platform Twitter.
Tesla’s tailspin continued this week after Reuters reported Tuesday that the electric carmaker will reduce output at its Shanghai factory in January, adding to woes from a separate report by Reuters over the weekend that said Tesla would suspend production a day earlier than planned at its Shanghai Gigafactory over rising COVID-19 infections in China.
SpaceX Chief Engineer Elon Musk takes part in a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif
Meanwhile, Apple’s (AAPL) stock tumbled 3%, falling below the key technical $130 level and setting a fresh 2022 low Wednesday for a second day, while also weighing on the broader market.
“One of the most important items we’ll be watching over the next week or two will be the action in Apple,” Miller Tabak Chief Market Strategist Matt Maley said in a note Wednesday. “The reason that the $130 level is so important is because it’s where the lows from June come in (which was the low for 2022).”
“Therefore, any meaningful break would give the stock a key ‘lower-low’…and that would be quite bearish because Apple has already broken below its trend-line from the March 2020 pandemic lows (and below its 200-day moving average).”
U.S. and global stocks are on pace for their worst drop since the 2008 financial crisis. Pessimism around the outlook for financial markets and the economy amid a backdrop of rising interest rates and fears a recession is underway have thrown a wrench in prospects for the seasonal year-end rally markets stocks typically experience at the end of December.
Investors’ cautiousness over the …….