(CercleFinance.com) – The New York Stock Exchange should open sluggishly, according to futures on the S&P500 (+0.1%) and the Nasdaq-100 (stable), 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’.
On the stock side, bargain pick-ups are expected on Tesla at the open after its plunge the previous day, a fall that has taken the electric carmaker’s stock losses to nearly 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.
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