On Thursday, the first trading day of the new year in New York, the stock prices of major tech companies experienced mixed results.
While Apple, the market capitalization leader and electric vehicle (EV) maker Tesla, saw declines, Nvidia, the second-largest company by market cap, and Meta, the parent company of Facebook, finished the day on an upswing.
Apple’s stock closed at $243.85, down 2.62% from the previous trading day. This marks four consecutive days of declines since the end of last year. After reaching $259.02 on December 26, Apple’s stock price had come close to $260 but has now dropped to the $240 range.
A price cut in the Chinese market further fueled the drop today. On its official Chinese website, Apple reduced prices for iPhones and other products by up to 800 yuan (approximately $110).
Analysts suggest this move reflects Apple’s struggle with declining market share in China, where competition from local brands like Huawei and Xiaomi is intensifying.
Meanwhile, Tesla’s stock price closed down 6.08% at $379.28, marking the largest drop among the seven major tech stocks known as the Magnificent Seven. This decline follows the “Trump effect,” which had previously driven the stock price close to $500 (closing at $479.86 on December 17).
Tesla’s stock has now fallen below $400 following the announcement of fourth-quarter vehicle deliveries, which totaled 495,570—falling short of the expected 498,000. The projected delivery figures for 2024, at 1,789,226 vehicles, also show a decrease compared to 2023 (1,808,581 vehicles), marking the first annual decline in deliveries.
In contrast, Nvidia’s stock rose nearly 3%, starting the year positively. It closed up 2.99% at $138.31, nearing the $140 mark.
The CEO, Jensen Huang, is scheduled to deliver a keynote speech on January 6, the day before the world’s largest electronics and IT trade show begins.
Amid this anticipation, Bank of America (BOA) has named Nvidia one of its top semiconductor stocks for the year. It maintains an optimistic outlook and a “buy” rating with a target price of $190.
Meta’s stock also rose by 2.34%, closing at $599.24, just shy of reclaiming the $600 mark.
Since Donald Trump’s election victory, Meta has been sending strong signals of reconciliation, including promoting a former White House official from the Bush administration to a global policy leadership role.
Analysts view this appointment as a strategic move by Meta to improve relations with the incoming Trump administration, which will take office on January 20.
Microsoft, the third-largest company by market cap, saw its stock price fall 0.69% to $418.58.
Meanwhile, the stock prices of Google’s parent company, Alphabet and Amazon, rose by 0.10% and 0.38%, closing at $190.63 and $220.22, respectively, on the first trading day of the new year.
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