Three major US stock indexes closed down, new energy auto stocks plunged

On December 21, Capital State learned that as of the close of business on December 20, local time, the three major U.S. stock indexes continued to fall. The Dow fell 433.28 points to 34932.16 points, a decrease of 1.23%; the Nasdaq fell 188.74 points to 14,980.94 points, a decrease of 1.24%; the S&P 500 index fell 52.62 points to 4,568.02 points, a decrease of 1.14%.

Most of the large technology stocks fell. Apple fell 0.81%, Google-A fell 0.08%, Microsoft fell 1.20%, Meta fell 2.50%, Amazon fell 1.73%, and Netflix rose 1.19%.

Bank stocks fell across the board. Goldman Sachs fell 2.67%, Wells Fargo fell 2.29%, Bank of America fell 1.64%, Citigroup fell 2.12%, JP Morgan Chase fell 1.80%, and Morgan Stanley fell 1.81%.

Energy stocks fell collectively. Occidental Petroleum fell 3.78%, Schlumberger fell 1.73%, ConocoPhillips fell 0.01%, and Exxon Mobil fell 1.45%.

New energy auto stocks plunged. Tesla fell 3.50%, Xiaopeng Motors fell 5.56%, Ideal Motors fell 5.64 %, Weilai fell 6.13%, Faraday Future fell 9.45%, Rivian fell 7.90%, and Lucid Group fell 5.05%. Among them, Tesla's stock price has fallen below the $900 mark and closed at $899.94.

Popular Chinese concept stocks generally fell. Baidu fell 3.19%, Alibaba fell 5.81%, JD fell 4.01%, Pinduoduo fell 5.65%, Bilibili fell 11.63%, Vipshop fell 3.25%, and iQiyi fell 5.44% , NetEase fell 3.70%.

Chip stocks fell in groups, NXP Semiconductors fell 0.48%, ON Semiconductor fell 1.69%, Chaowei Semiconductor fell 1.42%, Nvidia fell 0.29%, and Qualcomm fell 0.07%.

Wells Fargo expects that the market will undergo a major correction before the summer of next year. Its senior equity analyst Christopher Harvey said in a report, “As the bubble increases and economic growth slows down resulting in more instability, the probability of a market decline of about 10% increases, and the risk is expected to appear healthy. Reprice."

Christopher Harvey believes that "the decline in fiscal and monetary easing in 2022 may become more influential." "In an environment where economic growth is slowing and pricing power may peak, stocks will have to'self-reliance'."