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Dow Jones Falls 275 Points; Tesla Stock Skids To End Historic 2022

Dow Jones Falls 275 Points; Tesla Stock Skids To End Historic 2022

The Dow Jones Industrial Average fell 275 points Friday morning at the start of the final trading session of 2022. Tesla stock reversed from early losses in morning trade, set to finish with its worst yearly performance on record, crashing more than 65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.




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Electric-vehicle leader Tesla (TSLA) rose nearly 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) traded lower after today’s stock market open.

Cardinal Health (CAH), Medpace (MEDP), IBD Leaderboard stock Tenaris (TS) and Texas Roadhouse (TXRH) — as well as Dow Jones names Amgen (AMGN), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to consider for investor watchlists. Keep in mind the ongoing market weakness should keep investors on the sidelines.

Tenaris is an IBD Leaderboard stock. Caterpillar and Medpace were recent IBD Stock Of The Day companies. And Cardinal Health is featured in this week’s Stocks Near A Buy Zone column.

IBD’s latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Dow Jones Today: Oil Prices, Treasury Yields

After Friday’s opening bell, the Dow Jones Industrial Average moved down 0.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, while the S&P 500 lost 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The tech-heavy Nasdaq composite dropped 1.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in morning action.

Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and the SPDR S&P 500 ETF (SPY) moved down 0.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} early Friday.

The 10-year Treasury yield rose to 3.84{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday morning, with the yield on pace to rise sharply for a second straight week.

Meanwhile, U.S. oil prices traded less than 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} lower Friday, as West Texas Intermediate futures traded down about 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on the week, near $78 a barrel, following a two-week advance.

Stock Market Correction

On Thursday, the Dow Jones Industrial Average rallied more than 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and the S&P 500 rose nearly 1.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The Nasdaq and small-cap Russell 2000 both advanced 2.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} each. Through Thursday’s close, the Nasdaq declined 33{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year to date, its worst annual performance since 2008. The Dow Jones industrials and S&P 500 are set to post 2022 losses of 8.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 19.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, respectively.

Thursday’s The Big Picture column commented, “Despite Thursday’s gains, IBD’s stock market outlook remains at ‘market in correction’ due to the amount of weakness in recent weeks. That means investors should primarily be on the sidelines in preparation for a new confirmed uptrend. Thursday was Day 1 of a new rally attempt, so a potential follow-through day could occur as soon as next week (Day 4 or later of the rally attempt).”

Five Dow Jones Stocks To Watch Now

Dow Jones Stocks To Watch: Amgen, Caterpillar, Chevron

Drugmaker Amgen continues to trace a flat base amid a potential four-week losing streak. Shares ended a four-day losing streak with a 0.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} rise Thursday, but are still below their 50-day line. For now, the correct buy point is 296.77, but the stock needs to decisively retake its 50-day first. AMGN stock is up more than 16{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the year through Thursday. Shares traded up 0.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday.

Dow Jones member Caterpillar finished back above a 239.95 buy point in a flat base Thursday, according to IBD MarketSmith pattern recognition. The buy zone goes up to 251.95. Bullishly, the stock’s relative strength line, a key technical indicator, is at new highs. CAT stock has a year-to-date gain of just over 16{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and is one of the top-performing Dow Jones stocks this year. Shares inched lower Friday.

CAT stock shows a strong 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. The Composite Rating is designed to help investors easily find top growth stocks.

Energy giant Chevron is trying to again clear its 50-day line amid Thursday’s 0.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} gain, as the stock continues to trace the right side of a flat base that has a 189.78 buy point. CVX stock is the Dow’s year-to-date leader, up 52{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Shares were down 0.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday morning.

4 Top Growth Stocks To Watch In The Current Stock Market Correction

Top Stocks To Watch: Cardinal Health, Medpace, Texas Roadhouse

Cardinal Health, a recent IBD Stock Of The Day, is holding close to a 81.67 buy point in a flat base. Shares declined 1.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Thursday. CAH stock was down 0.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday.

Medpace continues to rebound from its 50-day line, rallying more than 3.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Thursday. For now, the correct buy point looms at 235.82, but an earlier entry at 220.09 is also in play. MEDP stock was down 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday.

Texas Roadhouse shows a new buy point at 101.85 in a flat base, but is now consolidating below its 50-day line. The restaurant leader will look to recover that key benchmark over the coming sessions, but the stock is at its recent lows. TXRH stock traded down 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday morning.

IBD Leaderboard stock Tenaris is trying to break out past a 35.15 flat-base entry. Shares rose 1.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Thursday to retake the entry. The RS line hit a new high this week. TS stock fell 1.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday morning. Keep in mind the weak stock market outlook means investors should avoid new stock buys.

Stocks To Watch

These are six top stocks to watch in today’s stock market, including three Dow Jones leaders.

Company Name Symbol Correct Buy Point Type Of Base
Cardinal Health (CAH) 81.67 Flat base
Tenaris (TS) 35.15 Flat base
Texas Roadhouse (TXRH) 101.85 Flat base
Caterpillar (CAT) 239.95 Flat base
Chevron (CVX) 189.78 Flat base
Amgen (AMGN) 296.77 Flat base
Source: IBD Data As Of Dec. 28, 2022

Join IBD experts as they analyze leading stocks in the current stock market correction on IBD Live

Tesla Stock

Tesla stock extended its rebound Thursday, surging more than 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Shares hit a 52-week low this week at 108.76. And they closed about 70{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} off their 52-week high.

Shares looked to to their recent rebound, rising nearly 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after reversing from early losses Friday morning.

TSLA stock is set to finish 2022 with its worst annual performance on record, losing more than $700 billion in market valuation amid investor concerns about production disruptions, demand worries and Chief Executive Elon Musk’s focus on Twitter (TWTR). Tesla stock is down more than 65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this year.

Dow Jones Leaders: Apple, Microsoft

Among Dow Jones stocks, Apple shares jumped 2.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, ending a four-day losing streak and rebounding from their lowest level since June 2021. The stock is around 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} off its 52-week high and down 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} since the start of the year. Shares lost 0.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday morning.

Microsoft stock rallied 2.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Thursday, but is still below the 50-day line. The software giant is about 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} off its 52-week high with a year-to-date loss of more than 28{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. MSFT stock moved down 0.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} early Friday.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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US business activity falls at its fastest rate since May 2020

US business activity falls at its fastest rate since May 2020

The most recent S&P Worldwide preliminary flash composite acquiring administrators index, or PMI, registered a level of 45 as of August 22, down from 47.7 in July.

The amount at which business action slowed was the speediest recorded given that May perhaps 2020 when the pandemic shutdowns initially took hold, according to S&P World wide. This marks 5 consecutive months that the action index has fallen and the second consecutive thirty day period that it has been in contraction territory.

Stages earlier mentioned 50 show expansion, although stages down below stand for a contraction is developing, according to S&P Global.

“The details is surely pointing to a downturn at the minute,” explained Sian Jones, senior economist at S&P World Market Intelligence. “Certainly, we have to hold out and see how it progresses, but it’s surely going to be a tough company ecosystem likely forward.”

A fall in the new orders element of the index demonstrates provider companies are pulling back as the odds of the US overall economy likely into a recession boost, Bank of the West economist Scott Anderson said in a be aware published Tuesday.

The contraction was especially deep among assistance-sector companies, with the S&P Worldwide Solutions Organization exercise index landing at 44.1 in August, down from a 47.3 studying in July. The producing index dropped from 52.2 in July to 51.3 in August — a two-yr lower.

The slowdown in buyer shelling out and small business investment decision comes amid a spree of curiosity amount hikes by the Federal Reserve as the central bank seeks to dampen significant levels of inflation.

But increasing interest prices are only just one of several elements at enjoy, said Cailin Birch, world-wide economist at The Economist Intelligence Device.

Consumers still don't feel great about the economy, despite lower gas prices

Persistently significant inflation has eroded consumers’ ability to shell out, and ongoing logistical delays and product shortages brought about by the war in Ukraine are contributing to the fall in output, she mentioned.

“We expect the effects of soaring interest charges to be felt more keenly in excess of the next 6 months,” she wrote in an email to CNN Business.

Irrespective of the declines, businesses surveyed by S&P World were more optimistic than they were being three months back about enterprise exercise in the up coming 12 months.

“Confidence stemmed from hopes of bigger client demand and the acquisition of new consumers by advertising and advertising and marketing strategies,” according to Thursday’s report. “That mentioned, the degree of optimism was beneath the sequence trend as firms anticipate a demanding couple months ahead.”

S&P Global’s last August PMI facts for companies and manufacturing are scheduled to be launched on September 1 and September 6, respectively.

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Dow plunges more than 900 points for its worst day since 2020, falls for a fourth straight week

Dow plunges more than 900 points for its worst day since 2020, falls for a fourth straight week

Stocks plunged on Friday, with the Dow Jones Industrial Typical suffering its worst a single-day reduction given that the throes of the pandemic, as the latest raft of company earnings and the prospect of growing fees spurred a wave of selling.

The Dow fell 981.36 points, or 2.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, to 33,811.40. The S&P 500 was 2.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decreased at 4,271.78, for its worst day considering that March. The Nasdaq Composite declined by 2.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 12,839.29. Friday’s loss was the greatest for the Dow because Oct. 28, 2020.

UnitedHealth fell additional than 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, shaving more than 100 details off the Dow. Caterpillar also took out virtually 100 factors from the 30-inventory typical, dropping 6.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on the day. Goldman Sachs, Home Depot and Visa have been also significant draw back contributors.

Those losses set the Dow down 1.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the 7 days, its fourth straight weekly drop and its ninth getting rid of 7 days of the last 11. The S&P 500 posted a 2.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} weekly decline, marking its third straight 1-7 days drop. The Nasdaq was the laggard this week, shedding 3.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Businesses reporting disappointing quarterly final results led the market decrease Friday. HCA Healthcare dropped 21.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and was the worst-undertaking stock in the S&P 500. The decline arrived as the firm posted weak complete-calendar year earnings and earnings assistance.

“Traders seem to be going absent from the TINA ‘there is no alternative’ narrative as of late when it arrives to equities,” mentioned Brian Cost, head of financial commitment administration for Commonwealth Monetary Community. “This is the next straight 7 days of important outflows from fairness mutual funds and days like right now are unlikely to adjust the sentiment relocating forward.”

That led other names in the health-treatment sector lessen. Intuitive Surgical and Universal Wellbeing Services just about every misplaced 14.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. DaVita fell just about 9.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and DexCom fell 6.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Verizon shares fell 5.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} following the firm noted a reduction of 36,000 month-to-month cellphone subscribers in the to start with quarter.

Shares of Gap plunged 18{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} immediately after the company announced the CEO of its Aged Navy division, Nancy Green, is leaving the organization this 7 days. Hole also slashed its outlook for web revenue expansion in fiscal 2022.

“This is all about Powell’s feedback, but the cautionary remarks about foreseeable future sales growth in so a lot of earnings announcements is driving residence the important stage: battling inflation will inflict some pain,” said Jeanette Garretty, chief economist at Robertson Stephens Prosperity Management.

Friday’s motion adopted a remarkable reversal Thursday right after a speech by Federal Reserve Chairman Jerome Powell dented marketplace sentiment. Powell claimed all through an Worldwide Monetary Fund panel that taming inflation is “definitely critical” and a 50 basis point hike is on the desk for Might.

“Central bank hawkishness and bond yields back up are once more relocating marketplaces,” Ross Mayfield, expense tactic analyst at Baird, advised CNBC. “Nothing at all in particular new but a fresh reminder of the monumental shift underway on the plan front. Powell did observe there may be advantage to entrance-loading hikes and staying aggressive early, this sets them up for the possible to slash later on if the financial state stumbles.”

Premiums on Thursday jumped on Powell’s remarks. On Friday, the benchmark 10-yr Treasury generate dipped a bit to all over 2.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

When questioned about the opportunity of a 75 basis point hike, Loretta Mester, president of the Federal Reserve Lender of Cleveland, told CNBC’s “Closing Bell” Friday “we you should not need to have to go there,” and explained she would guidance a 50 basis issue hike in May perhaps.

“Inspite of April posting the strongest normal value improve because Entire world War II, and 2nd-optimum frequency of progress, the prospects of much more intense fee tightening by the Federal Reserve in reaction to an inflation rate not noticed due to the fact the early 1980s carries on to weigh on inventory rates and investor nerves,” Sam Stovall, chief expenditure strategist at CFRA Investigation, advised CNBC.

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FEBRUARY U.S. AUTO SALES: Seasonally adjusted sales rate falls to 14.15 million

FEBRUARY U.S. AUTO SALES: Seasonally adjusted sales rate falls to 14.15 million

The seasonally modified U.S. auto sales price fell to 14.15 million in February, down from 15.2 million in January but however ahead of the rates posted for the final five months of 2021, according to figures produced Wednesday by Motor Intelligence.

The closely watched regular effects fell in line with analysts’ SAAR estimates that ranged from 14.1 million to 14.4 million. Business authorities have predicted ongoing weak profits final results as the field grapples with low inventories brought on by the international microchip scarcity and several supply chain interruptions.

Among the the automakers that noted February success — together with Ford Motor Co., Hyundai Motor Co., Toyota Motor Corp. and Honda Motor Co. — deliveries fell 12 p.c to 559,549 motor vehicles, according to the Automotive Information Analysis & Info Centre. The final results are incomplete due to the fact many other automakers, this kind of as Common Motors, Stellantis and Volkswagen, only report quarterly effects.

This is a recap of success from providers that described this week.

Ford Motor Co. revenue fell 21 p.c in February. That involves a 21 percent fall at the Ford division and 23 p.c decrease at Lincoln.

Revenue of its all-essential F-Series pickup line plummeted 30 per cent as most of its nameplates posted yr-more than-calendar year declines.

The automaker said it took in much more than 72,000 new retail orders in February and that 33 per cent of its product sales final thirty day period came from individuals who had put preceding orders.

“Our new solutions are conquesting from competition at a charge that is 26 percentage details increased than Ford over-all, including Maverick, Mustang Mach-E, Bronco and Bronco Sport,” Andrew Frick, vice president, Ford Profits U.S. and Canada, reported in a statement.

Toyota drops 11{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Toyota Motor North America on Tuesday said February U.S. mild auto profits fell 11 percent to 162,587. Income for the Toyota model fell 12 p.c, although product sales for Lexus had been off 5.6 p.c.

Vehicle product sales plummeted 30 percent, though pickup income fell 13 per cent, despite a 16 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} get in Tundra revenue.

The Toyota brand’s crossover and SUV product sales rose 3.7 percent, mostly centered on a solid general performance by the Highlander. Lexus-branded crossover and SUV sales fell 3.7 p.c.

Electrified car or truck gross sales dropped 13 percent.

Toyota Motor’s inventory stood at 110,674 motor vehicles — a 16-day supply — at the end of February, down from 123,686 a thirty day period in the past.

It experienced 93,307 Toyota-brand motor vehicles, down from 103,634 a thirty day period back. It also described inventory of 17,367 Lexus-model cars, down from 20,052 a thirty day period in the past.

Honda deliveries plunge

American Honda’s U.S. mild car product sales fell 21 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} amid stock struggles introduced on by the chip shortage and winter storms. People figures involve a 21 p.c slide at the Honda division and 20 per cent drop at Acura.

At Honda, only the Accord sedan and HR-V crossover posted income gains in comparison with the exact same period of time a thirty day period back. The HR-V’s 13,340 revenue in February marked the nameplate’s 13th-consecutive regular record, Honda claimed in a statement.

The automaker said 60 percent of vehicles en route to dealers are pre-offered, a signal of ongoing powerful demand from customers.

Mazda posts 8.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} acquire

Mazda North The us noted an 8.3 p.c maximize in profits past month with 28,166 motor vehicles sent. That marked the automaker’s second-best February U.S. sales overall performance.

Mazda’s gains ended up mainly pushed by its crossovers, which include a 36 p.c revenue increase for the CX-5, its greatest-volume nameplate, and a 21 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} improve for the CX-9. The two autos posted finest-at any time February final results

Mazda’s motor vehicle gross sales, however, fell 32 per cent.

The automaker said CPO profits also fell 32 p.c as opposed with the similar period of time a yr ago to 3,562.

Korean brands submit strong benefits

Korean affiliate marketers Hyundai, Kia and Genesis reported sturdy U.S. deliveries for February inspite of ongoing retail headwinds that brought on reduce forecasts as automakers struggle to rebuild depleted inventories.

People headwinds, brought on by production cuts stemming from the ongoing semiconductor scarcity, didn’t stop Hyundai from recording an 8 p.c acquire in U.S. deliveries to 52,424. Income of the Tucson compact crossover led the way, soaring 37 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 12,928 models. The new Ioniq 5 EV created 2,555 deliveries.

“Our latest advertising attempts with Tucson and Ioniq 5 have worked well to make recognition in competitive segments,” explained Randy Parker, senior vice president of nationwide sales for Hyundai Motor The usa. “We intend to retain the momentum and market place share gains heading.”

Hyundai mentioned it failed to report any fleet profits. The automaker stated U.S. inventories stood at 18,621 models at the stop of the thirty day period compared with 18,060 at the end of January.

Affiliate Kia posted a 2.3 percent obtain to 49,182 deliveries in February as EV sales grew.

“Kia carries on to outpace the marketplace and ‘charge ahead’ with the shift towards electrified autos as gross sales of our range of electric, hybrid and plug-in hybrid versions ongoing to break records and now make up 13-percent of our profits,” Eric Watson, vice president of product sales functions for Kia America, mentioned in a statement.

“With initially-thirty day period income of the all-electric Kia EV6 exceeding 2,100 units we are self-assured that even far more shoppers thinking of their own shift to electrified vehicles will now look at Kia.”

Luxurious brand Genesis said it produced its best February success ever as deliveries rose 45 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 3,482 vehicles.

Former forecasts

Just before the results arrived in this 7 days, deliveries of new motor vehicles in February had been approximated to tumble 10 to 11 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from a yr before, according to forecasts from Cox Automotive, TrueCar, J.D. Energy and LMC Automotive. Retail gross sales are projected to drop 5.7 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from February 2021 to 922,100, J.D. Energy and LMC claimed.

February is historically one of the year’s slower income months even when inventory is abundant. But a lack of chips has left little to select from on dealership tons, and field industry experts you should not foresee that will modify whenever before long.

“With retail stock on speed to complete a fourth consecutive month down below 900,000 models and ninth consecutive thirty day period down below just one million units, the new-motor vehicle supply problem is not displaying symptoms of in close proximity to-time period advancement,” Thomas King, president of the details and analytics division at J.D. Power, claimed in a assertion. “For that reason, profits in February are getting identified by the selection of motor vehicles delivered to dealerships somewhat than reflecting actual buyer demand from customers.”

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US women’s hockey team falls to Canada in Beijing Olympics group game

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Dow falls 900 points for worst day of year on fears of new Covid variant, S&P 500 drops 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Johannes Eisele | AFP | Getty Images

U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets.

The Dow Jones Industrial Average dropped 905.04 points, or 2.53{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, for its worst day of the year, closing at 34,899.34. The S&P 500 lost 2.27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to close at 4,594.62, while the Nasdaq Composite slipped 2.23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to finish at 15,491.66. The Dow was down more than 1,000 points at session lows.

The downward moves came after World Health Organization officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines, though WHO said further investigation is needed. On Friday, the WHO deemed the new strain a variant of concern and named it omicron.

The United Kingdom temporarily suspended flights from six African countries due to the variant. Israel barred travel to several nations after reporting one case in a traveler. Two cases were identified in Hong Kong. Belgium also confirmed a case.

“When I read that there’s one [case] in Belgium and one in Botswana, we’re going to wake up next week and find one in this country. And I’m not going to recommend anyone buy anything today until we’re sure that isn’t going to happen, and I can’t be sure that it won’t,” CNBC’s Jim Cramer said.

Bond prices rose and yields tumbled amid a flight to safety. The yield on the benchmark U.S. 10-year Treasury note fell 15 basis points to 1.49{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} (1 basis point equals 0.01{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}). This was a sharp reversal, as yields jumped earlier in the week to above 1.68{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} at one point. Bond yields move inversely to prices.

Asia markets were hit hard in Friday trade, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng index both falling more than 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Germany’s Dax index slid more than 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Bitcoin fell 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” rose to 28, its highest level in two months. Oil prices also tumbled, with U.S. crude futures down 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and breaking below $70 per barrel.

Travel-related stocks were hit hardest, with Carnival Corp. and Royal Caribbean down 11{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 13.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, respectively. United Airlines dropped more than 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, while American Airlines dropped 8.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Boeing lost more than 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and Marriott International fell nearly 6.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

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Bank shares retreated on fears of the slowdown in economic activity and the retreat in rates. Bank of America dropped 3.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and Citigroup slid 2.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Industrials linked to the global economy declined, led by Caterpillar, off by 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Chevron dropped 2.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} as energy stocks reacted to the rollover in crude prices.

On the flip side, investors huddled into the vaccine makers. Moderna shares surged more than 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Pfizer shares added 6.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Some of the stay-at-home plays that gained in the earlier months of the pandemic were higher again. Zoom Video and Peloton each added more than 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Friday was a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 1 p.m. ET. Holiday weeks often have relatively light trading volume, which can amplify moves in the market.

“It’s important to stress that very little is known at this point about this latest strain, including whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it’s hard to make any informed investment decisions at this point,” Bespoke Investment Group’s Paul Hickey said in a note to clients. “Historically speaking, chasing a rally or selling into a sharp decline (especially on a very illiquid trading day) rarely ends up being profitable, but that isn’t stopping a lot of people this morning.”

Several investment professionals told CNBC on Friday that the sell-off could be a buying opportunity.

“Friday is the day after Thanksgiving — probably not as many traders on the desks, with an early close today. So potentially lower liquidity is causing some of the pullback,” Ajene Oden of BNY Mellon Investor Solutions said on CNBC’s “Squawk Box.” “But the reaction we’re seeing is a buying opportunity for investors. We have to think long term.”

Markets were closed Thursday for Thanksgiving and had been split earlier in the week, with the tech-heavy Nasdaq underperforming amid an upward trend in Treasury yields.

The Nasdaq finished the week down 3.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, while the S&P 500 and Dow slumped by 2.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, respectively.