© Reuters.
By Daniel Shvartsman
Investing.com — Stock markets closed lower in the first day of a holiday-shortened last trading week of the year, as tech led the market lower much as it has through the rest of 2022.
The closed down .38% on Tuesday, ending the day at 3830. The eked out a 32 point, .1% gain, while the dropped 1.38%, at 10353, only 2.6% above 52-week lows. The finished the day down .37%.
Tesla Inc (NASDAQ:) was the headline grabber Tuesday as it has been for much of the past decade, whether going higher or lower. The electric vehicle maker closed near session lows at $109.10, down 11.4%, as shares saw heavy volume for a holiday-shortened last week of the year. The main news story was that the company was at its Shanghai plant, though tax loss selling, general momentum, and angst over CEO Elon Musk’s Twitter acquisition and subsequent involvement there may be as much at fault.
Other leading lights on the Nasdaq that traded off heavily Tuesday included semiconductor maker Nvidia (NASDAQ:) (-7.1%), as well as peers Marvell Technology Group Ltd (NASDAQ:) (-3.1%), NXP Semiconductors NV (NASDAQ:) (-2.5%), and Advanced Micro Devices Inc (NASDAQ:) (-1.9%); biotech and vaccine maker Moderna (NASDAQ:) (-9.5%); additional electric vehicle companies such as Lucid Group Inc (NASDAQ:) (-7.5%) and Rivian Automotive Inc (NASDAQ:) (-7.3%); and FAANG components Netflix (NASDAQ:) (-3.6%), Alphabet (NASDAQ:) (-2.1%), and Amazon (NASDAQ:) (-2.6%).
Southwest Airlines (NYSE:) was another notable market mover, down 6% amid due to rough weather in the United States. Apple (NASDAQ:) closed down 1.4%, setting a new 52-week low during the day, even as JPMorgan reported that .
Wynn Resorts (NASDAQ:) and Las Vegas Sands (NYSE:) rose 4.5% and 4.2% 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:) (+4.9%), JD.com (NASDAQ:) (+4.2%) and Pinduoduo (NASDAQ:) (+1.4%) also rode this wave higher. Estee Lauder Companies Inc (NYSE:) (+3%) and Freeport-McMoran & Gold Inc (NYSE:) (+2%) were among other notable gainers on the day.
gave back gains on the day, trading .25% higher after being up as much as 1.5% on the day. traded .5% higher after also falling back from highs of the day, which perhaps also came on the back of the China news. traded with volatility, up 1.8% at 16:05 ET (21:05 GMT) after opening 4% higher as the impact from that heavy weather across the U.S. was still being assessed.
The dipped .1% in Tuesday trading, with the about flat at $1.0641, and riding up 1% to continue a hot year-end streak, trading at $1821.6. drifted down about 1% to 16663.
treasuries traded up 2.81% to 3.852%.
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