5 Things to Know Before The Stock Market Opens

Tesla is expected to report a record number of quarterly deliveries and crypto-related stocks surged higher as Bitcoin traded at its highest levels since 2022. Here’s what investors need to know today.

1. Tesla Expected to Report Record Quarterly Deliveries

Tesla (TSLA) will deliver fourth-quarter delivery numbers on Tuesday as the electric vehicle (EV) maker looks to rebound from disappointing third-quarter delivery results following factory downtime. Analysts expect Tesla to report between 475,000 and 480,000 units for the fourth quarter, breaking its record of 466,000 deliveries in the second quarter. Shares of Tesla traded lower by 1.3% in the pre-market.

2. Crypto Stocks Soar as Bitcoin Moves Above $45,000

Shares of Bitcoin investor Microstrategy (MSTR) traded higher by more than 9% in pre-market trading after the price of Bitcoin surged above $45,000 for the first time since April 2022 as investors anticipate that U.S. regulators will approve a spot Bitcoin ETF as soon as this week. U.S. cryptocurrency exchange Coinbase (COIN) was up 5% in the pre-market, while Marathon Digital (MARA) shares were up by 11%.

3. Chip Equipment Manufacturer ASML Falls on Dutch Restrictions of China Exports

The Dutch government partially revoked export licenses to China for some of the machines produced by computer chip manufacturer ASML (ASML). The Dutch-based company said the rule changes would affect sales to a limited number of facilities but wasn’t likely to have an impact on 2023 earnings. American depositary receipts of ASML were lower by 2.2% in pre-market trading.

4. Exxon Shares Rise as It Exits Iraq’s Energy Sector

Shares of ExxonMobil Corp. (XOM) moved higher by 1.2% in pre-market trading after it handed over operations at the West Qurna 1 oilfield in southern Iraq to PetroChina. The move out of the oilfield with an estimated 20 billion barrels of recoverable crude ends Exxon’s presence in Iraq’s energy sector.

5. Constructions Spending, Manufacturing PMI Releases Due Today

At 10 a.m. ET, U.S. construction spending for November is expected to increase by 0.6%, the same reading from the prior month. At 9:45 am. ET, the S&P final U.S. manufacturing purchasing managers index (PMI) for December will be released, following November’s reading of 48.2.

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