AOF mid-session Wall Street analysis – US stocks in the red, Tesla recovers – 12/28/2022 at 17:34

(AOF) – US stock markets are moving slightly lower mid-session after the announcement of the reopening of China’s borders. The country has decided to lift the mandatory quarantine against Covid-19 for people entering its territory. This is good news for investors who are nevertheless cautious about the period of inflation and the risk of economic recession. On the stock side, Tesla is recovering, gaining 0.15% after falling sharply by 9% yesterday. Around 17:30, the Dow Jones and Nasdaq lost 0.34% to 33,129 points and 0.76% to 10,274 points, respectively.

Tesla rose 0.15% to $109.31 on the New York Stock Exchange. The American electric car maker has announced that it intends to slow production in January at its factory in Shanghai, China, which employs 20,000 people. This decision comes in the context of a sharp increase in Covid-19 contamination and a drop in demand for its models. Elon Musk’s company will produce next month for 17 days, from January 3 to 19, and will suspend its activity from January 20 to January 31 in an extended break on the occasion of the Chinese New Year holiday, Reuters specifies.

Macroeconomic figures

Pledged US home sales fell 4% in November over the month, while the market expected a 0.8% decline after -4.6% in October.

The values ​​to follow

American Airlines

American Airlines and the Professional Airline Flight Controllers Association (PAFCA) announced the ratification of a three-year contract extension, an industry first, covering more than 500 operators and operations specialists. The agreement includes immediate pay increases, the option of better profit sharing and a ratification bonus for dispatchers and operations specialists.

Boeing

BOC Aviation Limited, a global aircraft leasing company, has ordered an additional 40 737-8 jets from Boeing. With this order, BOC Aviation continues its strategy of purchasing new, fuel-efficient and environmentally friendly aircraft, which are in high demand among airlines. “We are pleased to continue to strengthen our existing relationship with Boeing with this additional order of 40 aircraft,” said David Walton, Deputy Managing Director and Chief Operating Officer of BOC Aviation.

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Automaker Tesla, whose stock was set to open in the green after falling sharply the day before, indicated in January that it intended to slow the pace of production at its 20,000-employee factory in Shanghai, China. This decision comes in the context of a sharp increase in Covid-19 contamination and a drop in demand for its models.

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