Published: September 1, 2023 at 2:06 pm ET
Shares of Tesla Inc. TSLA fell 5.0% in afternoon trading, enough to overtake losers in the S&P 500’s consumer discretionary sector, after reports the electric vehicle giant cut prices in China for the second time in two weeks. The selloff came after the stock closed at a four-week high of $258.08 on Thursday. The stock has experienced something of a roller coaster ride over the past few months. After rising 66% in two months to close at a 10-month high of $293.34 on July 18, it plunged 26.5% to close at an 11-week high on August 18 -Low of $215.49. The stock then shot up 19.8% to close at $258.08 on Thursday, narrowly missing the bull market…
Shares of Tesla Inc. TSLA fell 5.0% in afternoon trading, enough to overtake losers in the S&P 500’s consumer discretionary sector, after reports the electric vehicle giant cut prices in China for the second time in two weeks. The selloff came after the stock closed at a four-week high of $258.08 on Thursday. The stock has experienced something of a roller coaster ride over the past few months. After rising 66% in two months to close at a 10-month high of $293.34 on July 18, it plunged 26.5% to close at an 11-week high on August 18 -Low of $215.49. The stock then shot up 19.8% to close at $258.08 on Thursday, narrowly missing the bull market threshold before falling on Friday. Many on Wall Street define a bull market as a recovery of at least 20% from the low of the bear market, followed by a decline of at least 20% from a significant peak. Despite the recent volatility, Tesla shares are still up 99.0% year to date, while the Consumer Discretionary Select Sector SPDR ETF XLY is up 31.1% and the Global is up 17.5%.