Stock Market Indices in the Red: Reviewing Market Action and Tesla’s Performance

Stock market indices (^DJI, ^IXIC, ^GSPC) are seeing red across the board to start the second day of 2024’s second quarter. Morning Brief anchors Jared Blikre and Brad Smith review Tuesday morning’s market action, taking a closer look at small-cap equities, sector performances, and Tesla’s (TSLA) stock after reporting disappointing first-quarter EV delivery figures.

As the market opens, the Dow is down about 86 basis points, the S&P 500 is right there with it, the NASDAQ is down over 1%, and the Russell 2000 is leading the way down, down about 1.2%. Looking at the 2-day chart, yesterday wasn’t that constructive either. The year-to-date chart recently broke to the upside, but it’s been a lot of two steps forward, one step back.

In terms of sector action, energy is in the forefront, with utilities and staples also in the green, indicating a defensive setup. On the other hand, consumer discretionary, health care, and tech are the big underperformers, down about 1%.

Turning to the auto industry, Tesla is down about 6% following disappointing delivery figures. This decline in stock price is a direct result of the company’s failure to meet expectations in terms of EV deliveries. Additionally, Rivian also experienced a substantial drop, erasing yesterday’s gains.

Overall, the market is experiencing a bearish trend at the start of the second quarter of 2024. Investors are closely monitoring the performance of key indices and individual stocks like Tesla to gauge market sentiment and potential investment opportunities.

For more expert insight and the latest market action, viewers can watch the full episode of Morning Brief for a comprehensive analysis of the current market conditions and trends. Stay tuned for updates on stock market indices and individual stock performances as the trading day progresses.

Editor’s note: This article was written by Luke Carberry Mogan, an experienced financial news and opinion writer with a deep understanding of market dynamics and trends. His analysis provides valuable insights for investors and traders looking to navigate the complex world of finance.