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Consumer stocks were broadly mixed in Tuesday trading, with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.0%.
In company news, Tesla (TSLA) dropped 8.7% amid reports the electric vehicle company will again pause production in China next month, with the planned 12-day shutdown beginning Jan. 20 and overlapping the Chinese New Year.
Nio (NIO) also slid 8.7% after the Chinese electric vehicle manufacturer cut its Q4 deliveries by over 14% from the midpoint of its prior guidance following a recent outbreak of the omicron variant of coronavirus in several cities in China in addition to supply chain constraints and other production difficulties.
Southwest Airlines (LUV) fell 5% after the US Department of Transportation late Monday said it was probing an “unacceptable rate of cancellations and delays” and a “lack of prompt customer service” by the carrier in recent days. Southwest canceled 71% of its 4,003 flights on Monday compared with a 9% rate at Delta Airlines (DAL), 18% by Alaska Air Group (ALK) and 21% of Spirit Airlines’ (SAVE) scheduled flights, according to the airline-tracking website FlightAware.
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