Midday market on the first day of the new year: Tesla misses deliveries number, SPY back clinging to 380

The market opened the first trading session of 2023 quite stably with SPY pushing lightly past 386 before fake out and dropping quickly back to right at 380 under tremendous pressure from Tesla after yesterday's Q4 vehicle delivery data released lower than forecast. Immediately after, selling pressure continued to pile into Apple and energy stocks in general, largely from disappointing economic data from China, pushing SPY through 380 while VIX surged more than 9% in the morning.

The commodities market also couldn't avoid the pressure with natural gas prices breaking more than -11% just in the morning while crude oil prices down more than 3% after China's manufacturing and industrial data continuously falling below average for many months.