© Reuters
By Daniel Shvartsman
Investing.com — Stock markets reversed early gains, getting off to a down note to start the last week of trading in 2022.
The lost .5% as of 10:15 ET (15:15 GMT) in Tuesday trading, at 3825. The was trading about flat, while the was down 1.2%. The was down only .15% in early trading.
The Nasdaq has been the big loser on the year, a switch from its post Great Financial Crisis outperformance, and it could be that tax-loss selling and momentum is dragging it down further. Tesla (NASDAQ:) is a (large) microcosm of that effect, as the electric vehicle maker was down 6.6% in early trading, amid news that it was at its Shanghai plant. This would mark the 14th down day in 16 for the market leader, and a drop of over 40% for the month of December if prices hold. Nio (NYSE:) was down 6.8% after its own and .
Southwest Airlines (NYSE:) dropped 5.4% amid heavy flight cancellations due to rough weather in the U.S. Apple (NASDAQ:) was down 1.4% even as JPMorgan reported that .
Wynn Resorts (NASDAQ:) and Las Vegas Sands (NYSE:) rose 5.5% and 4% respectively amid news that China was reducing requirements on inbound travelers to the country, dropping a mandatory quarantine period for just a negative PCR test. Alibaba (NYSE:) (+5.6%), JD.com (NASDAQ:) (+5.6%) and Pinduoduo (NASDAQ:) (+4.4%) also rode this wave higher.
rose 1.4% and 1.1%, perhaps also on the back of the China news. was up 2.2% as the impact from that heavy weather across the U.S. was still being assessed.
The dipped .2% in Tuesday trading, with the gaining .1% and riding up 1.3% to continue a hot streak. was unable to make much hay out of that dollar weakness, trading more or less flat on the day at $16,823.
treasuries traded up 1.45% to 3.802%.
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