Good Evening. Even though investors’ worries about the possibility of a deeper economic downturn persisted, U.S. stocks recovered significantly from the day’s lows, with the Nasdaq turning positive Tuesday afternoon.
The S&P 500 fell as much as 2.20% earlier in the session before edging up 0.16% by market close. The Dow was down by 0.42%. After beginning the session in the red, the Nasdaq Composite ended the day 1.75% higher.
TESLA
Despite reporting second-quarter deliveries of 254,695 electric vehicles, Tesla (TSLA) was still able to recover. This fell short of what analysts had predicted. It was also down almost 18% from the record-low Q1 total of 310,048 but up 26.5% from the previous year. Almost all of the 258,580 vehicles Tesla produced in Q2 were Model 3 sedans and Model Y crossovers, compared to 305,407 in Q1.
Tesla Shanghai was essentially shut down in April, and it wasn’t until early June that full production was resumed. Due in part to supply-chain issues, the recently opened Tesla Berlin and Austin plants are only producing a small number of vehicles. The production month of June was a record, according to the EV giant.
Tesla stock increased 2.55% to $699.20 per share throughout the day, reaching new highs. However, it has decreased by about 42% since 2022 began.
OVER THE WEEKEND
This past weekend, US airports saw the busiest crowds of July 4 holiday travelers since the Covid-19 pandemic, adding further strain to an already overburdened transportation system.
In comparison to the period of 2019 prior to the Covid pandemic, the Transportation Security Administration reported screening 4.65 million passengers on Friday and Saturday, an increase of about 2.70%. According to Flightaware.com on Sunday, approximately 16,000 flights within, into, or out of the US had been delayed since Friday.
However, the figures might have been worse: In line with recent performance, only about 1,500 flights were completely canceled over the course of the three days, including 260 as of noon on Sunday. Weather issues, a brief security evacuation of Terminal 4 at John F. Kennedy International Airport, or a brief software error at American Airlines Group Inc. that permitted pilots to omit thousands of flight hours from their July schedules did not have any long-term effects.
US carriers are eager to demonstrate their dependability in high-demand situations, but they have had trouble accommodating passengers who have returned to the skies after Covid-19 foiled summer travel plans for the previous two years. Last week, airlines met with members of the Biden administration to discuss strategies for the coming days.