Stocks Fall to Start Final Week of 2022 Trading: Markets Wrap
- Tesla falls after report of plan to reduce production
- Oil holds three-week high; Treasury yields rise across tenors
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Tech dragged stocks lower as Treasury yields climbed, with markets digesting prospects for growth and inflation from China’s rollback of Covid isolation measures.
The S&P 500 fell on thin volumes, with trading about 20% below the 30-day average. The tech-heavy Nasdaq 100 underperformed, dropping more than 1%. Tesla Inc. shares led losses as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks. Apple Inc. touched the lowest since June 2021 amid a slump in big tech.