Tesla stock slid again Tuesday as investors rotated out of high-flying tech names.
Shares of the electric vehicle maker dipped as much as 13% — the stock’s worst day since September — before recovering most of those losses. At 10:30 a.m. on Wall Street, shares were down 3%.
Tesla shed 8.55% on Monday, and the stock is now down more than 15% for the week. With Tuesday’s losses, Tesla turned negative for 2021.
The car maker is the poster child for disruptive tech stocks, which investors favored in the depths of the pandemic. However, the prospects of new stimulus measures and a widescale vaccine rollout have recently made beaten-down and cyclical sectors more attractive to investors.
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Source: CNBC
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