Market indices closed Tuesday off their session lows, but it was another lackluster trading day across the board, with only the blue-chip Dow barely in positive territory, +0.11%. The S&P 500 lost -0.40% on the day, the Nasdaq fared the worst of the major indices, -1.38%, and the Russell 2000 was -0.61%. Reopening news from China was initially met with optimism, but this seems to have tempered over the course of the day.

What looks like its taking the lion’s share of losses out of the tech-heavy Nasdaq is the much beleaguered Tesla (TSLA Quick QuoteTSLA - Free Report) , which hemorrhaged another -11.4% in the session and is now trading at a fresh 52-week low. The world’s EV leader is now on pace for its worst month, quarter and full year ever. It’s riding a seven-day losing streak and has now lost -68% year to date, -72% from its all-time high just 13 months ago.

It’s gotten so bad for the now-Austin, TX-based automaker that even the seasonal low-volume trading for most of the market isn’t helping: 200 million Tesla shares were traded just today alone. Shares are now beneath $110; a year ago they were up near $400 per share. And Tesla has lost -40% of its value in just the past month alone, when CEO Elon Musk started tinkering with his new toy, Twitter.

Perhaps Musk does have a grand plan for turning Twitter around, but he’s not convincing many people — even some of his loyal supporters, of which he has had many. This is the man, after all, who built Tesla into a formidable car manufacturer that has now pushed other automakers into their own line of EVs, and has gotten SpaceX off the ground (pun definitely intended). But what looks like the main move now is for Musk to find a new CEO to look after his social media platform and return to stop the bleeding on the company that made him a household name in the first place.

Case-Shiller Recap, In Depth

A half hour before today’s opening bell, “new” Case-Shiller Home Price Index data came out for October, to +9.2% for the month from the +10.7% the previous month. We’re now at levels not seen since March of this year, and well off the June peak, by -4.6%. All cities in both the 10-city and 20-city surveys saw lower price increases month over month.

The 10-city came in +8.0% year over year, but down 160 bps month on month. The 20-city reached +8.6%, down nearly 2% from the +10.4% reported for September. As in other monthly housing figures we’ve seen recently, it’s clear interest rate policy has helped roll back housing prices, at least from peak highs mid-year, with the trajectory continuing to point the same direction.

As with the past couple Case-Shiller reports, Miami and Tampa Bay led the way in home price growth, +21% and 20.5%, respectively. Charlotte was third place, +15.0%, followed by Atlanta at +14.9% and Dallas +13.5%. Obviously, the Southeast and the South were by far the strongest sectors, +17.9% and +17.0%, respectively. The worst-performing cities, San Francisco (+0.6%) and Seattle (+4.5%), are both -10% from their peak in May of this year.

November Pending Home Sales will be released tomorrow morning, adding to the housing market narrative. Expectations are for losses to tighten from the previous month. Other than that, weekly jobless claims and Chicago PMI are the only economic reports hitting the tape for the rest of the week. We may see some tax-related equity reshuffling before the markets put a wrap on 2022 1pm ET Friday, but other than that, we’re pretty quiet.

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