© Reuters
By Daniel Shvartsman
Investing.com — Stock markets chopped lower in mid-day trading Tuesday, as tech led the market lower much as it has through the rest of 2022.
The lost .15% as of 13:15 ET (18:15 GMT) in Tuesday trading, at 3838. The rose 121 points or .36%, while the was down nearly 1%. The was down only .1% in Tuesday trading.
The Nasdaq continued its performance as the leading U.S. market loser in 2022, a switch from its post Great Financial Crisis dominance. Tax-loss selling and momentum could be dragging it down further, but one of its biggest stocks also acted as a deadweight. Tesla (NASDAQ:) is a (large) microcosm of that negative momentum effect, as the electric vehicle maker dropped 8.2% in afternoon 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. China-based EV rival Nio (NYSE:) was down 8.5% after its own and .
Perhaps following Tesla down among growth favorites was Nvidia (NASDAQ:) (-5.8%) as well as solar sector players such as Enphase Energy Inc (NASDAQ:) (-5.6%) and SolarEdge Technologies Inc (NASDAQ:) (-5.2%). Moderna Inc (NASDAQ:) meanwhile was the biggest loser on the S&P 500, down 8.5% in afternoon trading.
Southwest Airlines (NYSE:) dropped 4.6% amid heavy flight cancellations due to rough weather in the U.S. Apple (NASDAQ:) was down 1.2%, setting a new 52-week low during the day, even as JPMorgan reported that .
Wynn Resorts (NASDAQ:) and Las Vegas Sands (NYSE:) rose 4.8% and 4.1% 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%), JD.com (NASDAQ:) (+3.8%) and Pinduoduo (NASDAQ:) (+1.9%) also rode this wave higher.
rose 1.2% and 1.3%, perhaps also on the back of the China news. was up 3.2% 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 and riding up 1% to continue a hot year-end streak. drifted down .9% to 16668.
treasuries traded up 2.8% to 3.845%.
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(This article was published at 10:27 am ET (15:27 GMT), updated later in the day)
