Home > Market recap: Apple and Tesla slide, Lucid shares rise on Nasdaq 100 inclusion

Market recap: Apple and Tesla slide, Lucid shares rise on Nasdaq 100 inclusion

  • Stocks turned red on Monday to start the week poorly ahead of key policy decisions from the Fed and several other central banks.

  • Apple was set to close above the $3 trillion valuation but fell 2.1% to close at $2.88 trillion.

  • Tesla’s stock price traded lower on the day Time Magazine named the company’s CEO Elon Musk this year’s "Time's Person of the Year". 

  • Lucid stock gained 4%, hitting intraday highs of $40.20 before closing at $39.15

Stocks fell Monday, closing lower as the market faltered amid investor anxiety over the potential impact of the omicron Covid-19 variant on economic recovery plans. The market is also jittery ahead of crucial central bank meetings and monetary policy statements later in the week.

The S&P 500 fell 0.9% as the Nasdaq 100 slid 1.5% led by tech stocks. Meanwhile, UK’s FTSE 100 dropped 0.8% and Japan’s Nikkei fell 0.7%, with losses for China’s Shanghai Composite index at 0.6% and Hong Kong’s Hang Seng Index at -1.4%.

Global stocks are likely to see more volatility leading to key decisions from the US Federal Reserve, the European Central Bank, and Bank of England.

Looking at individual stocks, shares of Apple Inc., (NASDAQ: AAPL) and Tesla (NASDAQ: TSLA) fell on Monday even as Lucid Group saw an uptick on the first day of trading since Nasdaq 100 announced it has added the stock along with six others to the benchmark index.

Apple slides 2.1% as market valuation falls short of $3 trillion

Shares of iPhone maker Apple Inc., closed 2.1% lower at $175.74 to see the company’s market valuation decline from close to $3 trillion to around $2.88 trillion at close on Monday.

Although Apple’s shares traded lower as did other large-cap tech stocks like Amazon.com Inc., Alphabet Inc., and Nvidia Corp, AAPL remains one of the best performing top tier stocks of 2021.  The stock’s price is up over 200% since March 2020 and has notched more than 24% since early October.

Tesla Inc., shares slip 5% even as Elon Musk is named Time Person of the Year

Tesla share prices also dipped, breaking below $1,000 for the first time since October as sell-side pressure pushed it to intraday lows of $957. This sees the electric vehicle maker’s stock lose a key support level around $1,000, with losses seen since peaking near $1,230 in early November.

TSLA closed down almost 5% to $966.41 as the stock’s value shed over 50 bucks on the day.

Lucid Group shares surge 4% on addition to Nasdaq 100

Shares of electric vehicle company Lucid Group (NASDAQ: LCID) rose 4%, with the upside coming after Nasdaq 100 announced it had added the stock to its benchmark index of the largest tech stocks.

While the stock will start trading as part of the Nasdaq 100 on 20 December, traders expect further moves especially if there’s a broader rebound in the market.

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