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It was a tough year for car makers. The best performing auto stock was Ferrari (NYSE: NYSE:RACE), which declined by "only" 18%.
Prices as of 4 pm EST, 12/27/22; % YTD
MARKET UPDATE Rough year
- 141 down days vs 107 up days
US home prices continue decline
-
-0.8% in October
- Fourth straight monthly decline for 20-city composite
-
Prices +8.6% YoY (+8.2% expected)
- Smallest annual gain since October 2020
- Sixth straight decline on YoY basis
-
Sellers are swapping sale listings for rentals
- Due to rising mortgage rates, unaffordability
Pending Home Sales at 10 am - expected to decline
- Have fallen for 5 straight months
Manufacturing contraction continues
- Dallas regional index - 8th consecutive monthly contraction
- Dropped to -18.8 from -14.4
- Company and uncertainty outlooks remain negative
-
CapEx, finished goods inventories, new orders, general business expectations
- All negative
Tesla (NASDAQ: TSLA (NASDAQ:TSLA))
- 7 straight days of losses
- Down over 40% MTD
- Heavy selloff:
- Reduced production at Shanghai factory
- Last week - offered discounts on 2 highest volume models
- Poor Elon has lost a lot of money this year:
Apple (NASDAQ: NASDAQ:AAPL)
- Weakness on production halts at major iPhone plant (China)
- Concerns over iPhone supply
- Shares lowest since June 2021
International Business Machines (NYSE: NYSE:IBM)
- Surprise tech stock of the year?
- +6% YTD
- Has outperformed every large-cap tech stock
Earnings
- None
CRYPTO UPDATE Argo Blockchain (NASDAQ: ARBK)
- Suspended trading of shares yesterday in anticipation of announcement
- Restructuring operations, trying to avoid going Core Scientific route (bankruptcy)
- Announcement: to sell Helios mining facility to Galaxy Digital for $65 million
- Galaxy will also provide $35 million loan
Bitcoin (CRYPTO: BTC) - daily spot trading volume falls below $10 billion
- First time since December 2020
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