Tesla's New Vehicle Deliveries

Plus, a tech sector 2024 outlook.

Today is Wednesday, January 3, 2024.

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Tesla's New Vehicle Deliveries

Shares of Tesla (Nasdaq: TSLA) slipped a tiny bit on Tuesday after the electric vehicle giant reported its latest delivery numbers.

Details: The company produced 495,000 vehicles and delivered over 484,000 in the past quarter. For 2023, Tesla said that it grew its deliveries year-over-year by 38% to 1.81 million.

Yes, But: This represents a year-over-year decline. Last year, Tesla grew its deliveries by 40%.

Background: There has been concern for some time that demand for EVs is slowing, and these results are proof of that.

Final Thoughts: Other EV makers also fell during trading on Tuesday. It could be a tough year for the industry.

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Notable Earnings Today: UniFirst (NYSE: UNF), Cal-Maine Foods (Nasdaq: CALM), Simulations Plus (Nasdaq: SLP), Resources Connection (Nasdaq: RGP). 

Notable IPOs Today: Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares (Nasdaq: ANSC).

Notable Equity Crowdfunding Campaigns Ending Today: Taproom-120 (Honeycomb), AEV Charging (StartEngine).

Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Tech Stocks Aim For Strong Performance Again in 2024

Technology stocks dominated the market in 2023. Will the sector repeat the same success in 2024?

Background: The tech-heavy Nasdaq surged by 43% in 2023, a sign of how strong the sector was last year.

Powering the Story: The U.S. Federal Reserve is likely to lower interest rates at some point in 2024. Experts predict a rate cut between the end of the first quarter of 2024 and the middle of the year. A lower-rate environment could be a boon for risky investments in the tech sector.

More of the Same: The rise of artificial intelligence propelled the tech sector in 2023. AI is likely to continue to be a major investing trend in 2024, which bolds well for tech stocks.

Yes, But: A sector rotation could occur this year, which would dampen some tech stocks. Also, some experts anticipate that a 2024 rally would be broader than the 2023 rally which focused more on the so-called “Magnificent Seven” leading tech stocks.

Final Thoughts: Tech stocks are poised for a decent 2024. But as we saw in 2023, anything can happen in the market.

Oil Stock Pains Likely To Continue in 2024

2023 was an awful year for oil stocks, but the pain may not end anytime soon.

Stock Price: Most oil stocks were in the red last year. In 2023, Exxon Mobile (NYSE: XOM) dropped 9% and Chevron (NYSE: CVX) fell 16%. Ouch.

Background: Oil stocks dropped due to the price of crude oil decreasing by more than 10% in 2023. There's simply too much oil in the world right now and demand has not kept pace. Even the growing conflict in the Middle East hasn't caused oil prices to jump significantly.

Outlook: Industry analysts expect more of the same in 2024, with supply outweighing demand.

Yes, But: A 2024 rally could happen if an oil-producing country decided to cut down on production, although this outcome is unlikely.

Final Thoughts: Oil stocks had a bounce-back year in 2022 followed by a slump in 2023. The bad times in oil are likely to continue in 2024.

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