In premarket trading Tuesday, Mega-cap U.S. technology stocks edged higher, indicating a return of dip-buyers after last week’s selloff wiped $1.1 trillion from the value of the Nasdaq Composite Index.

Nasdaq 100 futures gained 0.6% with players like Tesla (NASDAQ:TSLA), Apple (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), and Meta Platforms Inc. (NASDAQ:FB) moving higher.

Last week saw U.S. equities endure their second-worst start to a year since the Lehman Brothers collapse, and the Nasdaq bearing a four-day skid that pushed it more than 8% below a November record.

These losses were largely driven by further hawkishness from the Federal Reserve, inflation, central bank policy tightening, and Covid-19 infection rates, which continue to threaten the bull run for stocks.

On Monday, Luca Paolini, chief strategist at Pictet Asset Management, however, said that The Omicron Covid variant may have led to more restrictions, but the economic recovery remains resilient nevertheless, which means stocks don’t appear particularly vulnerable to a correction.”

Data on inflation, due Wednesday, will be closely monitored by investors as growth stocks remain the most sensitive to interest-rate changes.


TESLA’S LATEST NEWS

U.S. Electric vehicle maker, Tesla Inc., sold 70,847 China-made vehicles in December, bringing its total sales for last year to 473,078. This accounts for nearly half of the 936,000 vehicles which Tesla delivered globally. 

Today, data from the China Passenger Car Association (CPCA) indicated these vehicle sales to be the highest monthly rate since it started manufacturing in 2019 in Shanghai.  

The automaker, who managed to overcome supply chain shortages, competes against domestic brands, including BYD <002594.SZ> and Wuling that dominates China’s EV market. According to Shanghai-based consultancy, Automobility, Tesla is the only foreign brand in the market’s Top 10.

On Monday, analyst Mark Delaney from Goldman Sachs maintained a Buy rating on Tesla and lifted the price target to $1,200 from $1,125, which indicates an upside potential of 13.41%.

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