A man walks past the Nasdaq MarketSite in New York on January 28, 2022.
Michael Nagel | Bloomberg | Getty Images
Here are the most important news items investors need to start their trading day:
The new year can’t come soon enough for the bulls. On Tuesday’s post-Christmas trading day, the Dow rose slightly while the already bruised Nasdaq fell 1.4%. Hold that down to Tesla’s last bad day (see more below), though there are plenty of technical culprits for the Nasdaq’s dismal performance this year. The index has lost more than 33% so far in 2022 and there are only three trading days left, including Wednesday. By comparison, the Dow could finish the year up more than 8%, while the S&P 500 could close it down about 20%. Read live market updates here.
2. How much worse can it get for Tesla?
Tesla CEO Elon Musk
James Glover II | Reuters
Let’s go through the list. Tesla shares are down about 69% so far this year, and they’re down more than 70% since their all-time high in November 2021. CEO Elon Musk has sold multiple pieces of stock to help pay for his takeover of Twitter, and the the electric vehicle maker’s stock is down more than 50% since the deal was completed in October. Musk, no longer the richest person in the world, has also alienated Tesla’s American customer base — affluent, left-wing people who are environmentally conscious — with his embrace of far-right figures and conspiracy theories. Shares of Tesla, which fell another 11% on Tuesday, are on a seven-day losing streak. Even if things get better in the next three days, and maybe not given new Covid issues for the company in China, Tesla is about to worst month, quarter and year on record.
People wait outside a fever clinic at Tongren Hospital in Shanghai on December 23, 2022, amid a local outbreak of Covid-19 infections.
Hector Retamal | Afp | Getty Images
As China opens its economy and borders after nearly three years of draconian “zero Covid” policy, other countries are doing the same thinking about new rules for travelers from China. US officials are weighing new limits as they pressure China for more data on the virus. “Without this data, it is becoming increasingly difficult for public health officials to ensure they can identify potential new variants and quickly take action to reduce the spread,” officials said. With the number of infections exploding in China, Japan said it would begin requiring negative tests for travelers from mainland China by the end of this week. Taiwan will introduce similar requirements.
Mexican truck drivers block the Pharr-Reynosa International Bridge connecting the city of Reynosa to McAllen, Texas, to protest truck inspections imposed by Texas Governor Greg Abbott in Reynosa, Mexico on April 11, 2022.
Stringer | Reuters
The Supreme Court on Tuesday upheld a rule allowing the US to deport migrants at the Mexican border as a health precaution. More than 2 million migrants have been deported under the rule, dubbed Title 42, since it came into effect in 2020 as the country struggles to respond to the spread of Covid. The judges also agreed to hear oral arguments on the rule in February. A ruling is expected in June. In any case, the policy will remain in effect until then. read more from CNBC’s Spencer Kimball.
Cars burn in a street after a Russian military strike, during the Russian attack on Ukraine, in Kherson, Ukraine on December 24, 2022.
Ukrainian Presidential Press Service | through Reuters
The Russian army intensified attacks on Kherson in southern Ukraine on Wednesday, storming the recently liberated city with artillery and mortar shells, the Ukrainian army said. according to Reuters. Moscow’s troops also stepped up pressure on the Ukrainian army along the front lines in eastern Ukraine. The war is entering its eleventh month and there are no signs of it ending. Ukrainian President Volodymyr Zelensky has drawn up a 10-point peace plan that will see Russian troops withdraw completely, but the Kremlin has rejected it.
– CNBC’s Alex Harring, Rohan Goswami, Jihye Lee and Spencer Kimball contributed to this report.
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