Reply To: Traders Market Weekly: Embrace the Chaos in 2023

#49885
Truman
Participant

Stock market kicked off this first day of the the so-called Santa Claus rally period (last five trading days of the year plus the first two trading sessions of the new year) on a downbeat note with all the major indices registering losses.

Tesla (TSLA 123.90, -1.415, -1.2%) is a losing standout for the group, again. This comes after CEO Elon Musk said in an interview that he will not sell Tesla shares for 18-24 months and buybacks will depend on the economy, according to The Wall Street Journal.

Nine of the 11 S&P 500 sectors trade in the green, albeit with modest gains. The only exception is the energy sector (+2.6%), which is bolstered by rising oil prices ($79.90/bbl, +2.41, +3.1%). WTI crude oil futures are responding to Russia’s Deputy Prime Minister Novak saying that his country may reduce its oil output by up to 7% early next year.

Meanwhile, the influential information technology sector (-0.3%) sits in last place,but is well off earlier lows when it was down 1.4%.