U.S. stock futures rose on Sunday evening as Wall Street looked to start 2022 on solid footing.
Futures tied to the Dow Jones Industrial Average rose 115 points or about 0.3%. Those for the S&P 500 and Nasdaq 100 gained about 0.4% each.
The new year starts with continued uncertainty around the Covid-19 pandemic. The rise of the omicron variant helped lead to thousands of flight cancellations during the holiday season and has led some businesses and schools to consider temporary closures. Several major Wall Street banks have asked employees to work from home for the first few weeks of January.
The first week of the year will be a busy one for economic data, with the key December jobs report slated for a Friday morning release. On Monday, investors will get updated looks at manufacturing activity and construction spending.
Inflation and monetary policy are also expected to be key themes for 2022, as investors expect the Federal Reserve to hike rates multiple times in the coming year to help cool the rise in prices for consumers.
Outcome of Tesla
EV stocks are in focus to start 2022. Tesla (TSLA) delivered 308,600 vehicles in the fourth quarter, crushing consensus analyst forecasts and exceeding the most-optimistic targets.
Tesla Inc (TSLA.O) on Sunday reported record quarterly deliveries that far exceeded Wall Street estimates, riding out global chip shortages as it ramped up China production.
Great work by Tesla team worldwide! https://t.co/lsDTCJtMrp
— Elon Musk (@elonmusk) January 2, 2022
Tesla deliveries totaled 308,600 deliveries in Q4. That included 296,850 Model 3 and Y vehicles and 11,750 Model S and X luxury EVs. For the full year, Tesla delivered 936,172 vehicles.
The FactSet consensus was for 261,400 Model 3 and Y vehicles and 15,500 Model S and X vehicles, for a total of 276,900 vehicles. In Q3, Tesla delivered 241,300 vehicles in the quarter
Fourth-quarter deliveries grew 71% compared with the fourth quarter of 2020. For the full year, deliveries came in at around 936,000, up roughly 87% compared with the roughly 500,000 units delivered in 2020.
Tesla shares fell 1.3% to 1,056.78 on the fourth straight slim loss following a big four-day spike.
With shares down about 1% for the week, a handle has been formed on a weekly chart with a 1,119.10 buy point.