S&P 500 gains on Tuesday as it heads for best January since 2019 - CNBC

The electric vehicle maker rallied 43% Friday on the back of reports indicating Saudi Arabia's Public Investment Fund was considering buying the more than 30% of shares it does not already own.

But analyst Adam Jonas expects the stock to hit $5 in the next 12 months — meaning it would fall 57.4% from where it closed Monday and reach a new all-time low — due to what he sees as a tough road ahead.

Nasdaq 100 futures are down 29% from the peak and now large speculators have flipped to their most aggressive short position in over two years, analyst Rob Ginsberg wrote in a note Monday.

"While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight," CEO Darren Woods said in a statement.

In its latest economic update, the IMF said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October.

"There are cyclicals that are so cheap, they can improve their balance sheets in this eroding backdrop," such as pharmaceuticals, metals, consumer finance and energy stocks, said Parker.