Everything you need to know before today's market opening

Tesla reported 485,000 deliveries for the fourth quarter, bringing 2023 total to 1.8 million

• Tesla just reported fourth-quarter vehicle production and deliveries for 2023.

• During the company’s third-quarter earnings call in October, CEO Elon Musk said the Model Y was likely to “be the bestselling car on Earth, but not just in revenue, but in unit volume,” this year.

• The company previously offered guidance that it would notch at least 1.8 million deliveries for the full year in 2023.

Apple shares slip nearly 3% after Barclays downgrade

• Apple shares fell nearly 3% after Barclays downgraded the stock and trimmed its price target, saying weakening iPhone 15 sales were likely a warning sign for iPhone 16 sales and broader hardware projections.

• Analyst Tim Long also expects weakness in the services business, citing regulatory scrutiny as one factor.

• iPhone sales have been worrying some analysts and investors since at least October.

Moderna stock pops after Oppenheimer says Covid shot maker could launch more products over next two years

• Shares of Moderna jumped after Oppenheimer upgraded the stock, saying the Covid vaccine maker could market five products by 2026

• The upgrade follows a dismal 2023 for Moderna, whose only commercially available product is its Covid shot.

• Oppenheimer analyst Hartaj Singh was upbeat about Moderna’s pipeline potential, highlighting potential product launches over the next 12 to 18 months that could boost sales in 2025. 

Oil prices volatile as Iranian warship enters Red Sea after U.S. destroys Houthi boats

• Oil prices were volatile on Tuesday after Iran dispatched a warship to the Red Sea, as the situation remains tense in the critical waterway for global shipments.

• Iran announced on Monday it sent the Alborz destroyer through the strategic Bab al-Mandeb Strait, the country’s state media reported, without elaborating on details of the warship’s mission.

Rivian stock falls 10% on declining fourth-quarter EV deliveries

• Shares of Rivian fell after the company reported increased vehicle production during the fourth quarter but fewer deliveries than the previous period.

• The company said it delivered 13,972 vehicles from October through December, down 10.2% from the third quarter of 2023 but in line with Wall Street’s expectations.

• Rivian will announce its fourth-quarter earnings result after markets close on Feb. 21.