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%).

Sign up for Kiplinger’s Free E-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.
-
Your Paycheck Stops in Retirement, But Your Life Doesn't: An Expert Guide to Planning for a Confident Future
Social Security will replace only about 40% of your salary, on average. A solid financial plan will help you plug the gap so you can rest easy in retirement.
-
Are You Jeopardizing Your Future to Help Your Adult Kids? An Expert Guide for How to Not Do That
If your adult child needs financial help, of course you want to provide it, but crafting a plan that also protects your financial and emotional well-being is vital.
-
Stock Market Today: Stocks Slip Ahead of Big Earnings, Inflation Week
Perhaps uncertainty about tariffs, inflation, interest rates and economic growth can only be answered with earnings.
-
Stock Market Today: Solid Signals Lift Stocks Despite Tariff Noise
Markets are whistling over the White House in an ongoing display of corporate America's enduring ability to survive and advance.
-
Stock Market Today: Trump's Copper Comments Cause a Stir
Markets remain resilient and monetary policy makers stand fast against a rising tide of new terms of trade, including around copper.
-
Stock Market Today: Trump Reextends His Tariff Deadline
When it comes to this president, his trade war, the economy, financial markets and uncertainty, "known unknowns" are better than "unknown unknowns."
-
Stock Market Today: President Trump Reboots the Tariff Trade
A broad consensus that markets hate uncertainty more than anything else is being tested on an almost daily basis in 2025.
-
Stock Market Today: It's 'Most Sectors Go' Ahead of Independence Day
The resilience trade continues to work, even for sectors and stocks with specific uncertainties.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs After Vietnam Trade Deal
Ahead of a key July 9 tariff deadline, President Trump said the U.S. has reached a trade deal with Vietnam.
-
Stock Market Today: Another Quarter, More Mixed Price Action
"Up and to the right" remains the general trend despite persistent uncertainty around critical policy issues.