Consumers see inflation, spending sliding over next year, according to New York Fed Survey
Dow, S&P 500 close down while Nasdaq posts second day of gains
The S&P 500 whipsawed around the flatline in the afternoon, closing down just 0.1%. The Dow ended down 0.3% as investors focused on growth names as hopes grew over cooling inflation.
But the Nasdaq Composite ended up 0.6%, helped by a nearly 6% rally in Tesla and jumps in other tech names.
Losses were concentrated in recent winners, like health care, energy and aerospace and defense.
— Alex Harring, Scott Schnipper
Tesla jumps 7% as electric vehicle stock rallies off 2-and-a-half year low
Tesla rose more than 7% as investors pulled the electric vehicle maker off prior lows not seen in two-and-a-half years.
The stock is up more than 12% in 2022. That means the first few trading days have offered a respite after plummeting 65% in 2022.
Tesla has struggled in recent months amid CEO Elon Musk’s chaotic purchase of Twitter. Investors are watching Tesla and Apple for insights into how some of the biggest technology names will fare after the industry was beat down last year.