Stock futures pointed to a lower start for Wall Street Tuesday as a new trading year begins with U.S. employment data the highlight during a holiday-shortened week. The
S&P 500
closed out 2023 by rising for nine straight weeks and finishing the year up 24%.
These stocks were poised to make moves Tuesday:Â
Tesla
is expected by analysts on Tuesday to report fourth-quarter deliveries of between 475,000 and 480,000 units, which would top the electric-vehicle maker’s record of 466,000 delivered in the second quarter of 2023 and a rebound from the 435,000 delivered in the third quarter of 2023. The stock was up 0.3% in premarket trading. It has been volatile following previous deliveries reports, with the shares moving an average of about 7%, up or down, following the last eight reports, noted Barron’s Al Root.
BYD,
the Chinese EV giant, meanwhile, reported Monday fourth-quarter deliveries of about 526,000 all-electric vehicles, up from about 432,000 delivered in the third quarter of 2023. If
Tesla
meets expectations, BYD’s numbers would make it the largest seller of all-battery electric vehicles on the planet. BYD shares fell 2.3% in Hong Kong trading.
U.S.-listed shares of fellow Chinese EV makers
Li Auto,
NIO,
and
XPeng
traded lower after issuing deliveries numbers for December.
Li Auto
was down 4.2% even after reporting it delivered 50,353 vehicles in December, a jump of 137.1% from a year earlier.
NIO
declined 1.2% after reporting 18,012 EV deliveries, while
XPeng
fell 0.7% following deliveries of 20,115 units, a new record.
Apple
was falling 1.3% to $190.12 after analysts at Barclays downgraded shares of the iPhone maker to Underweight from Equal Weight and lowered their price target to $160 from $161. The analysts said in a research note that the iPhone 15 has been “lackluster” and they don’t see the company’s services segment growing more than 10%.
ASML
fell 2% after the Dutch government blocked the chip-equipment manufacturer from exporting to China certain lithography systems, which are essential to making advanced microprocessors. The Wall Street Journal reported the rule came after officials from the Netherlands, Japan, and the U.S. reached an agreement to start restricting such exports. “We do not expect the current revocation of our export license or the latest U.S. export control restrictions to have a material impact on our financial outlook for 2023,” ASML said in a statement.
Coinbase Global
was up 6.4%,
MicroStrategy
rose 9.2%, and
Marathon Digital
surged 14% as crypto-related stocks received a boost from
Bitcoin’s
move above $45,000 for the first time in more than a year on expectations that approval of Bitcoin exchange-traded funds couldcome as soon as this week.
The earnings calendar this week includes reports fromÂ
Conagra Brands,
Â
Lamb Weston,
Walgreens Boots Alliance,
and
Constellation Brands.
Write to Joe Woelfel at [email protected]Â
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