Stock Market Today: Tesla Keeps S&P 500, Nasdaq in the Red
Tesla suspended production at its Shanghai factory earlier than anticipated amid reports of spiking COVID cases among workers.


It was a wobbly start to the final trading week of 2022, with stocks finishing mixed following the long holiday weekend. Investor sentiment got a temporary boost after China said it would open its borders to international travelers next month without requiring them to quarantine.
Still, it wasn't enough to offset a continued slump in Tesla (TSLA) shares and a selloff in air carrier stocks.
The news from China was a positive catalyst for a number of U.S.-listed Chinese shares. Among those that caught a lift were e-commerce stocks Alibaba Group (BABA, +4.9%) and Pinduoduo (PDD, +1.4%).
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, while those stocks closed higher on China's push to end its restrictive COVID measures that have slowed economic growth, Tesla slumped 11.4% on news the electric vehicle maker suspended production at its Shanghai production facility earlier than anticipated, according to a Reuters report. The company previously said it would halt activity at the facility for eight days beginning Dec. 25, but ended production a day early, with some pointing to spiking COVID cases among its factory workers. TSLA stock is now down 44% so far this month.
Adding to the market's headwinds was a selloff in several U.S. transportation stocks after a deadly nationwide winter storm sparked thousands of flight cancellations. Southwest Airlines (LUV) canceled roughly 70% of its flights on Monday and another 63% of flights on Tuesday, sending its shares tumbling 6.0%. Fellow air carriers Delta Air Lines (DAL, -0.8%) and American Airlines Group (AAL, -1.4%) also closed lower.
As for the major market indexes, the S&P 500 Index fell 0.4% to 3,829 and the Nasdaq Composite gave back 1.4% to 10,353. The Dow Jones Industrial Average, however, managed to gain 0.1% to 33,241 on strength in Verizon Communications (VZ, +2.2%).
Top Investing Ideas for 2023
As we have mentioned in this space before, the stock market is on track to close out its worst year since 2008. And while that fact alone can weigh on investor sentiment heading into the new year, there are a number of historical data points that should give investors hope as we enter 2023.
For one, there is "the spotless track record for the S&P 500 in the year following midterm elections (average return ~13%)," says Michael Reinking, senior market strategist at the New York Stock Exchange. Additionally, in the 18 times the S&P 500 has ended the year down more than 1% since 1946, it has been higher the next year 78% of the time, averaging a nearly 15% annual gain, Reinking says.
So, despite the numerous challenges investors face in the new year, including uncertainty over inflation, interest rates and a possible recession, there are solid portfolio choices they can make to help maneuver these hurdles. These include picking the best dividend stocks or analysts' highest-conviction small-cap stocks – the latter of which are priced for outstanding returns in the new year. There's also our list of the best stocks to buy for 2023, which include high-quality companies that are well positioned to traverse the ongoing market disruptors we expect to see in the new year.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Kiplinger News Quiz, Sept 12 — What is the Taylor Swift Tax?
Quiz A multi-million-dollar Google lawsuit and "Taylor Swift tax" made Kiplinger headlines this week — but why? Test your knowledge of this week's financial news.
-
Back to Golf School — for Adults and Retirees
Elevate your game at these golf schools around the country. You'll learn from pros on top golf courses and with the latest tech. You may even make a new friend.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market Today
Wednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market Today
Another down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
Stocks Slide to Start September: Stock Market Today
Seasonal trends suggest tough times for the stock market as we round into the end of the third quarter.