Dow Jones Futures Loom For Stock Market 2023; Tesla Deliveries Fall Short Again

Dow Jones futures will open on Monday evening, along with S&P 500 futures and Nasdaq futures. Tesla (TSLA) deliveries hit a record in Q4, but came in below estimates for a second straight quarter. That followed December deliveries from China EV rivals Li Auto, Nio, XPeng and giant BYD.

X

Investors will be looking for a brighter stock market in 2023 after a “stay away” year, especially for growth. The Dow, S&P 500 and Nasdaq all had their biggest annual declines in 14 years. A stock market rally attempt is underway, but has a long way to go to prove itself.

The Dow Jones dipped below its 50-day moving average on Friday. The S&P 500 and especially the Nasdaq have some distance to go to their 50-day lines, with several other key resistance areas along the way.

Celsius Holdings (CELH), Deere (DE), BioMarin Pharmaceutical (BMRN), Exxon Mobil (XOM) and Medpace (MEDP) are five stocks near buy points. It’s a diverse list, reflecting possible areas of market leadership in the new year.

DE stock and Medpace are on IBD Leaderboard. Celsius stock, MEDP stock are on the IBD 50. Deere and BMRN stock are on the IBD Big Cap 20.

Deere was Friday’s IBD Stock Of The Day.

But whether these stocks work or not depends on the market trending higher. Right now it is not. Investors should remain very cautious.

The video embedded in the article discussed the recent market action in depth and discussed what investors should be doing as stock market 2023 gets going. The video also analyzed CELH stock, Deere and BioMarin.

Dow Jones Futures Today

Dow Jones futures open at 6 p.m. ET on Monday, along with S&P 500 futures and Nasdaq 100 futures.

U.S. stock and bond markets will be closed on Monday, Jan. 2, in observance of New Year’s.

On Friday, the December jobs report looms large as the Federal Reserve looks for signs of a weakening job market.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Tesla Vs. BYD: Which EV Giant Is The Better Buy?

Tesla EV Deliveries

Tesla deliveries rose to 405,278 in the fourth quarter, up 31% vs. a year earlier and 18% above Q3’s record 343,800. But that came in well below lowered estimates of 418,000-420,000. Tesla offered big year-end incentives, especially in China and the U.S., to boost sales.

Q4 deliveries included 388,131 Model 3 and Model Y vehicles, with 17,147 Model S and X luxury EVs.

The figures do not include any Tesla Semi deliveries. A small number was delivered to Pepsi in December.

Q4 production swelled to 439,701 in Q4, exceeding deliveries by more than 34,000. That’s even with Tesla curbing Shanghai output on Dec. 12 and suspending production on Dec. 24. In Q3, output topped sales by just over 22,000, with deliveries also falling short that quarter.

Once again, Tesla blamed an increase in vehicles “in transit at the end of the quarter.”

In 2023, Tesla will benefit from new U.S. tax credits of up to $7,500, though the year-end incentives of $7,500 for the Model 3 or Model Y — with Model S and X vehicles added Dec. 30 — may have tapped some of that demand. A $55,000 price cap on most Model Y vehicles could…