Shares in electric vehicle maker Tesla Inc closed down 12 per cent after hitting their lowest level since August 2020 and put pressure on the consumer discretionary sector following a miss on Wall Street estimates for fourth-quarter deliveries.
The main U.S. stock indexes in 2022 showed their steepest annual losses since 2008 following the Fed's fastest pace of rate hikes since the 1980s to stamp out decades-high inflation. The Dow Jones Industrial Average fell 10.88 points, or 0.03 per cent, to 33,136.37; the S&P 500 lost 15.36 points, or 0.40 per cent, to 3,824.14; and the Nasdaq Composite dropped 79.50 points, or 0.76 per cent, to 10,386.99.
Tesla's biggest daily percentage drop since September 2020 helped make the consumer discretionary index the S&P's third weakest sector on the day with a 0.6 per cent drop. Other economic data due this week includes the ISM manufacturing report, also on Wednesday, and December's jobs report on Friday.
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