S&P 500 Drops 0.8% As Tesla Falls To New Lows

Tesla, Apple, and Energy Stocks Are Leading the Sell-Off

In the first trading day of the year, the S&P 500 came under a lot of stress. The heavily tech-focused NASDAQ Composite fell by more than 1%.

As traders responded to the sell-offs in the oil and natural gas markets, the energy sector led the decline. Ones of the greatest loses in the S&P 500 were APA Corporation, followed by EQT Corporation and Coterra Energy.

The S&P 500's worst-performing stock today was Tesla, which dropped to new lows after the publication of the unimpressive Q4 deliveries report. The price of Tesla shares has decreased by roughly 15% so far today.

Apple was one of the largest losers as well. As a result of news that it reduced orders for Apple Watch, MacBooks, and AirPods, the stock fell by 4%. NVIDIA, which is down 2.5%, has been the semiconductor stock market's biggest decliner.

From a broad perspective, investors are not prepared to take on more risk at the beginning of the year. Recession fears were emphasized by today's Manufacturing PMI survey, which revealed that the indicator fell for the third consecutive month. Today, traditional safe-haven investments including the US currency, gold, and Treasury bonds saw gains.