(CercleFinance.com) – The New York Stock Exchange tipped into the red, the S&P500, the Dow Jones and the Nasdaq lost nearly 0.2% the day after a session that saw some technology stocks lose ground, and in particular Tesla (-11.4%).
‘Rising US Treasury yields have weighed on interest rate-sensitive tech stocks, as illustrated by the 30% losses recorded in 2022, compared to a 7.5% decline in other sectors this year,” notes Kiplink.
The management company also points out that three days before the end of the year, ‘the three flagship indices of the New York Stock Exchange are on track to record their largest annual decline since the financial crisis of 2008’ .
After a short-lived rebound on hopes of a broad reopening of the Chinese economy, Kiplink warns that ‘cautiousness should again dominate today’s session amid lingering interest rate fears and risk of recession’.
In terms of values, cheap pick-ups are being made on Tesla (+2%) after its fall the day before, a fall which has taken the electric car manufacturer’s title losses to almost 70% since the start of this year.
As a reminder, brokers have succeeded in recent sessions to reduce their price targets on Tesla, including Wedbush, which estimated last Friday that Elon Musk’s group ‘will probably miss expectations for the fourth quarter’.
Boeing announced late Tuesday that aircraft lessor BOC Aviation Limited has decided to expand its 737 MAX portfolio, placing an order for 40 additional 737-8 aircraft.
American Airlines on Tuesday announced the ratification with the Professional Airline Flight Control Association (PAFCA) of a three-year contract extension covering more than 500 dispatchers and operations specialists.
The Fort Worth, Texas-based airline says the deal includes immediate pay raises, improvements to 401(k) retirement savings plans, and the possibility of improved profit sharing.
Lockheed Martin says the US Navy has given the go-ahead for full-scale production of the Sikorsky CH-53K helicopter, which is expected to boost production to more than 20 helicopters per year in the coming years.
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