Tesla drops 6.5% from record high in S&P 500 debut
On Monday trading, Tesla sharply plunged in their debut together with the S&P 500. The sharp decline peaked after news of possible competition with Apple broke out.
After reaching the pedestal on a record high posting in the previous trading session, Tesla culminated Monday trading with a sharp 6.5% fall – the firm’s sharpest one-day drop in more than one week.
Losses accelerated toward the latter part of the session after news came out that Apple plans to manufacture a passenger car by 2024 that could have its own breakthrough battery technology.
Based on Refinitiv data, the plummet in Tesla’s shares made up for nearly 0.1 percentage points off the 0.4% decline of the S&P 500 for the day.
The data also revealed that Tesla is the most traded stock by value on Wall Street by far, with $18 billion worth of its shares exchanged on average in each session over the last year, easily beating Apple, in second place with average daily trades of $14 billion.