Expect traders to duel for and against Tesla (TSLA). Shares traded flat yesterday after the electric vehicle giant posted fourth-quarter vehicle production of 494,989. It delivered over 484,507.
Traders will establish Tesla’s stock direction after market close on Wednesday, January 24, 2024, when it publishes Q4/2023 results.
Chinese EV firm Nio (NIO), unfortunately, did not escape the broad clean energy sell-off. NIO fell by 7% on Tuesday when shareholders realized CYVN’s $2.2 billion investment does not increase returns.
Truck EV supplier Rivian (RIVN) will try to take back some of the 10.59% loss from yesterday. It posted 17,541 vehicle productions, missing expectations. For the year, Rivian produced 57,232. The company will post Q4/2023 results on Feb. 21.
In the tech sector, Palantir (PLTR) is a fan favorite. Shares peaked at $22 in November 2023 and traded in a downtrend ever since then. Look out for PLTR stock re-testing the sub-$15 low. At a broader level, Apple's (AAPL) stock needs to recover from yesterday’s selling pressure. The markets are worried about the impact of China’s issuance of informal guidance forbidding its state employees from using iPhones.
Apple is the bell-weather for the technology sector and the economy. Any sign of weakening demand for its products or services is a red flag for investors. It would suggest that consumers are cutting back on device upgrades, app purchases, streaming, and “nice to have” accessories.
