TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, January 2nd.
Full Video Transcript Below:
I’m J.D. Durkin reporting from the New York Stock Exchange. Stocks were X to close out today’s session. The Dow closed X, the Nasdaq closed X, and the S&P closed X. Stocks are off to a slow start this year as investors react to a rebound in interest rates and an Apple downgrade.
While this week is light in economic data, investors are looking ahead to the December jobs report Friday for a better idea of the state of the labor market.
In other news, despite hitting its full-year delivery target, Tesla has been dethroned as the world’s largest electric vehicle maker. Tesla reported 485,000 sales in the fourth quarter of 2023, but that fell short of China’s BYD, which sold 526,000 cars.
Tesla remained ahead for full-year sales, selling 1.81 million EVs compared to BYD’s 1.6 million. However, the gap is clearly closing. Tesla saw a 38% year-over-year increase, but BYD’s sales jumped by more than 70% from 2022.
Despite the competition, Tesla’s share of the Chinese EV market remained steady. The Elon Musk-led company owned about 12% of the market in the first 11 months of 2023, up one percent from that same time period the year before.
Wall Street anticipates Tesla selling even more cars in 2024, with the expectation of about 2.1 million electric vehicles being sold in the new year. Tesla will report its 2023 fourth-quarter results on January 24.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
