On Monday, the oil sector remained under pressure from the U.S. Congress still not coming to an agreement on the stimulus plan as well as suffering the impact of new coronavirus wave in the United Kingdom which raised questions about the economic recovery in all parts of the world especially in Europe. In the January Nymex contract, U.S. light crude oil (WTI) dropped -2.77 percent to $47.74 a barrel. In February, the Brent contract for delivery lost -2.58 percent to $50.91 per barrel. On the other end, with strengthening Dollar, Gold for the February Comex futures contract, dropped -0.34 percent to $1,879.20.
The shares of the electric vehicle maker Tesla Inc (TSLA) suffered in the S&P 500 on their first day. Company’s stock dropped -6.49 percent to $649.86. Since the start of the year, the stock’s value has multiplied by more than 6 times so a downturn was also to put into perspective. As the stock has gained around 70 percent since mid-November since the announcement of its arrival in the S&P 500, an integration that was already been widely expected.
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Tesla is by far the largest company to enter the flagship index of Wall Street, with a market capitalization around $660 billion. The entity constitutes approximately 1 percent of the total weight of the index. The Californian firm is currently the world’s 9th largest market capitalization and is steadily getting closer to Facebook which has a market capitalization of $787 billion. The electric car pioneer is also entering the S&P 100, replacing Occidental Petroleum.
Tesla is also the most traded stock on Wall Street, in a sign of the excitement surrounding Elon Musk’s company, with an average of $18 billion of shares traded in each session (over the past 12 months), compared to Apple’s average of $14 billion, second, according to ‘Refinitiv’ results. It remains to be seen if Tesla will continue its remarkable rise in 2021, when the stock is too costly by its boss’s own admission.
