The Dow fell by more than 475 points! Tesla's market value evaporated by about 228.6 billion yuan overnight
Edited by: Du Yu
On December 20, local time, the three major U.S. stock indexes collectively closed down, with the Nasdaq down 1.5%, the S&P 500 down 1.47%, and the Dow down 475.92 points, or 1.27%.
Most of the big tech stocks fell, with Nvidia down about 3%, Amazon and Netflix down more than 1%, Microsoft and Meta falling slightly, and Google up more than 1%. Bank stocks fell across the board, with JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America, and Wells Fargo falling more than 1%.
Tesla fell 3.92% to $247.14, with a market capitalization of $785.64 billion. Its market value evaporated by 32.04 billion US dollars (about 228.6 billion yuan) overnight. On Wednesday (December 20), local time, Tesla executives revealed to some employees that the company would not provide them with performance-based stock incentives this year. Tesla did not give a specific reason for the change. Four employees from different departments said the decision could be implemented on a larger scale. Despite this, the cost of living allowance for employees will increase modestly and the base salary will be adjusted. Tesla employs 140,000 people worldwide.
Apple closed down 1.07% at $194.83, with a market capitalization of $3.0 trillion. According to people familiar with the matter, Apple is ramping up production of the Vision Pro in preparation for its launch in February next year. Production of the mixed reality headset has been going at full speed at the factory in China for weeks. The company aims to have its customer-facing products ready by the end of January and plans to make its first appearance to the retail market in February. On Wednesday, the company sent an email to software developers encouraging them to test their apps with the latest tools and sent the software to Apple for feedback to be "ready" for the Vision Pro.
Popular Chinese concept stocks fell, and the Nasdaq China Golden Dragon Index fell 3.08%. Weilai fell more than 10%, Bilibili fell more than 6%, Li Auto, Xiaopeng Motors fell more than 5%, JD.com fell more than 4%, Futu Holdings fell more than 3%, Baidu, Vipshop, Tencent Music, Pinduoduo, iQiyi fell more than 2%, Weibo, Alibaba, Full Bang, NetEase fell more than 1%.
International oil prices rose. Light crude futures for February 2024 delivery on the New York Mercantile Exchange rose 28 cents, or 0.38 percent, to settle at $74.22 a barrel, while London Brent futures for February 2024 delivery rose 47 cents, or 0.59 percent, to settle at $79.7 a barrel.
According to media reports, the Federal Reserve's Harker said that the task of fighting inflation is not yet complete, but it is moving in the right direction, we don't need to raise interest rates anymore, the process of a soft landing for the economy may be bumpy, the economy is slowing faster than the data shows, the unemployment rate is expected to rise slightly, but not much, the U.S. economy is extremely resilient, and the Fed will not cut interest rates immediately.
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