U.S. stocks opened the new trading year on a mixed note, with the S&P 500 entering 2024 after a nine-week upward streak that contributed to a 24% annual gain. However, Apple faced a 3% decline as Barclays analysts downgraded the tech giant to Underweight, citing weaker-than-expected iPhone 15 sales in China and developed markets. In contrast, Moderna experienced a 13% surge after Oppenheimer upgraded the vaccine maker to Outperform, anticipating the company’s potential as a five-product commercial entity by 2026.
Tesla reported robust fourth-quarter deliveries of 484,507 vehicles, exceeding analyst expectations and setting a new record, leading to a modest 0.3% uptick in its stock. Conversely, Rivian Automotive witnessed a 9.1% decline following its announcement of fourth-quarter production and delivery figures. Meanwhile, Chinese EV giant BYD reported fourth-quarter deliveries of approximately 526,000 all-electric vehicles, securing its position as the largest global seller of such vehicles, although its shares dipped by 2.3% in Hong Kong and 2.6% in the U.S.
