Stock Market Today, Oct. 16: Tesla Slips 2% as Roadster Reveal Fades Before Earnings
Tesla (NASDAQ:TSLA), a global EV and energy storage manufacturer, closed at $354.72, down 2.13%. Tesla fell after its Roadster reveal, and investors turned their attention to next week’s earnings. Trading volume reached 61.6M shares, coming in about 64% above its three-month average of 37.5M shares. Tesla IPO’d in 2010 and has grown 22,209% since going public.
S&P 500 (SNPINDEX:^GSPC) closed at 7,661, down 1.07%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) ended at 26,140, down 2.15%. Among electric vehicle and energy generation/storage manufacturing peers, Rivian Automotive (NASDAQ:RIVN) closed at $12.42, down 4.61%, and Lucid Group (NASDAQ:LCID) closed at $3.13, down 10.57%, underscoring weaker trading across EV names.
As interesting as Tesla’s Roadster reveal may have been (if you haven’t seen it yet, you should look it up), most analysts seemed to agree with investor Gene Munster’s consensus that it was an “engineering flex” more than any type of breakthrough for the stock itself.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.