Major indices closed lower

Tesla shares plunge 12%

Apple shares down 3.7%

The Wall Street market started the new year trading with a 'left step' after being dragged down by Tesla and Apple shares.


Shares in electric vehicle maker Tesla Inc, closed down 12% following a reported delivery figure that missed expectations in the fourth quarter.


Tesla reportedly shipped 405,278 vehicles in the fourth quarter ended Dec. 31, missing expectations for 431,117.



Overall, Tesla's deliveries through 2022 will only increase by 40%, falling short of Elon Musk's 50% annual target.


Adding to Wall Street's volatility, Apple shares slipped 3.7% to their lowest level since June 2021 after being pushed lower by reports of weak demand.


On the other hand, the energy sector which reaped huge gains in 2022, unfortunately fell 3.6% on the first day of trading due to the drop in oil prices.


Overall, the Dow Jones index fell 10.88 points to 33,136.37, while the S&P 500 lost 15.36 points to 3,824.14 and the Nasdaq Composite plunged 79.50 points to 10,386.99.


The next focus of the market will be the release of the minutes of the FOMC meeting to be used as an indication of the direction of the central bank's monetary policy next after raising interest rates by 50 basis points in December.