Tesla shareholders pay for Elon Musk’s flirt with Twitter

By Tomasz Wisniewski|

Published: December 28 2022, 07:57 GMT+0

Tesla shareholders pay for Elon Musk’s flirt with Twitter

Quiet time on the market continues. Traders are rather enjoying themselves instead of trading in this special time between Christmas and New Year’s Eve. The Macro calendar is empty and so are the financial news headlines. Well, maybe apart from one. Tesla is on a way to having the worst month, quarter, and year on record. Tuesday, finished with an 11% drop, which helped to set new, long-term lows for this carmaker. Definitely, Elon musk is now paying a price for the Twitter takeover and all the mess associated with it. At the end of October last year, Tesla was trading above 400 USD. Yesterday, the stock closed at 109 USD, quite a difference, right?

The indices yesterday were mixed. We were having a good start in Asia and Europe but the mood worsen during the American session. Dow Jones finished the day on a small plus but Nasdaq and SP500 dropped. Today, we start the European session on the front foot again. Session in Asia was negative, maybe apart from Hang Seng but currently, American futures are rising around 0.2%.

On the forex market, the Japanese Yen is again the weakest currency among the majors. That was also the case yesterday. On the other side of the spectrum, we have currencies from the Antipodes (AUD and NZD), which are currently on the rise.

Commodities were rather positive yesterday, with the biggest gains noted on the precious metals. Gold even managed to set new long-term highs, climbing above 1830 USD/oz. Palladium finished the day with a 4.3% rise and Iron Ore climbed 2.2% higher. Oil also did well. Brent finished the day 0.9% higher. Wednesday, brings us a small correction on commodities, with most of them being on the red side of the market.

We do not expect any major moves today and markets will be rather moving sideways with low volatility.