The stock market opened trading in 2022 with tentative gains Monday morning, as Tesla‘s (TSLA) big deliveries report gave Wall Street an initial boost.
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After a limp performance last week to end the year, the stock market opened higher but gave up some gains around 10 a.m. ET.
The Nasdaq composite climbed 0.6%. The S&P 500 added 0.2%. The Dow Jones Industrial Average reversed lower for a while and was barely higher.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36373.40 | +35.10 | +0.10 |
| S&P 500 | (0S&P5) | 4776.16 | +9.98 | +0.21 |
| Nasdaq | (0NDQC ) | 15731.24 | +86.27 | +0.55 |
| Russell 2000 | (IWM) | 226.12 | +3.67 | +1.65 |
| IBD 50 | (FFTY) | 45.93 | +0.09 | +0.20 |
| Last Update: 10:14 AM ET 1/3/2022 | ||||
Volume rose on the NYSE and Nasdaq, after a week of quiet trading between Christmas and New Year’s Day. Advancing stocks led decliners by nearly 2-to-1 on the Nasdaq and by 3-to-2 on the NYSE.
Tesla Deliveries Impress Stock Market
Tesla raced 8% higher after the electric vehicle manufacturer’s fourth-quarter deliveries blew past expectations. The stock climbed closer to the 1,202.05 buy point of a lopsided double-bottom base. Tesla is in IBD Leaderboard, where a trendline was used to identify an alternative buy point.
Tesla deliveries totaled 308,600, which included 296,850 Model 3 and Y vehicles. Full year deliveries were 936,172 vehicles. The FactSet consensus was for 276,900 total Q4 vehicles.
Other EV makers also posted strong deliveries, and EV stocks were mixed after opening broadly higher.
Xpeng Motors (XPEV) and Li Auto (LI) outsold Nio (NIO) in December, more than doubling sales of electric vehicles.
Nio climbed nearly 3%. Xpeng fell 2.5%. Lucid Group (LCID) climbed 1%. Charging station stock Plug Power (PLUG) rose 2.2%. Li was flat.
Legacy automakers Ford (F) and General Motors (GM), which are boosting their EV offerings, rose 2.8% and 3.4%, respectively.
IBD 50 Underperforms Nasdaq
The stock market just ended another successful year in which the S&P 500 rose 27%. Much of this year’s market will depend on how investors handle inflation, rising interest rates and the often unpredictable risks related to Covid-19.
Innovator IBD 50 ETF (FFTY) underperformed with a 0.3% decline, as a number of IBD 50 stocks lost 2% or more.
Himax Technologies (HIMX) plunged more than 12% as it unwinds much of last week’s 28% surge. The Taiwan-based chip company is forming a cup base, according to MarketSmith pattern recognition.
Tradeweb Markets (TW) slid 2.5% and is now testing the 21-day moving average. West Pharmaceutical Services (WST) lost nearly 3% and is now below the 458.09 buy point of a cup with handle it cleared Dec. 23.
Olaplex Holdings (OLPX) is again trying to move above the 31.23 buy point of a cup base. Shares of the hair care company rose 3% in one of the larger IBD 50 moves Monday.
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The post Stock Market Starts 2022 With Gains As Tesla Helps Spark EV Stocks appeared first on Investor’s Business Daily.
