Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.2%), and DJIA (-0.3%) have seen a sharp reversal from opening highs as mega-cap and tech names give back a sizable portion of their early gains.

Tesla (TSLA 446.08, -3.64, -0.81%) disappointed investors with its Q4 production and deliveries report, reporting a 15.7% yr/yr drop in deliveries to 418,000 vehicles. This figure fell short of the already muted expectations on the Street, with the stock now trading lower after an opening gain.

Deliveries of 418,000 vehicles marked a sharp deceleration from the record 497,000 vehicles delivered in Q3. The Q3 surge was largely driven by a pull-forward in demand as buyers rushed to secure tax credits before their expiration at the end of September, creating a difficult comparison for Q4.