Tech stocks underperform as Tesla faces criticism

  • Tesla stock broke its four-day rally and closed down 2.8% at $188.13
  • The fall continued into Tuesday, with the stock down 0.4% at $187.45 in premarket
  • Jim Reid, an analyst at Deutsche Bank, noted that Tesla underperformed along with other tech stocks
  • Tesla is now the second worst performer in the S&P 500 so far in 2024, down -24.3%
  • The week started with criticism of Tesla during the Super Bowl, urging drivers to boycott its self-driving technology
  • Shares of Tesla’s peers, such as Lucid Group, NIO, and BYD, were also moving
  • Tesla’s trading volume remained below its average daily volume

Tesla stock broke its four-day rally on Monday, closing down 2.8% at $188.13. The fall continued into Tuesday, with the stock down 0.4% at $187.45 in premarket. Analysts noted that Tesla, along with other tech stocks, underperformed during this period. In fact, Tesla is now the second worst performer in the S&P 500 so far in 2024, down -24.3%. The week started with criticism of Tesla during the Super Bowl, where commercials urged drivers to boycott its self-driving technology. Shares of Tesla’s peers, including Lucid Group, NIO, and BYD, were also moving. Despite the decline, Tesla’s trading volume remained below its average daily volume.

Public Companies: Tesla (TSLA), Lucid Group (LCID), NIO (NIO), BYD (BYDDF), General Motors (GM)
Private Companies:
Key People: Jim Reid (Analyst at Deutsche Bank), Dan O’Dowd (Technology Entrepreneur)

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Factuality Level: 7
Justification: The article provides information about the decline in Tesla stock and the reasons behind it, including an analyst’s note and criticism of the company during the Super Bowl. The information seems to be based on factual events and statements from sources. However, the article lacks in-depth analysis and context, and it includes some repetitive information.

Noise Level: 3
Justification: The article contains some repetitive information and irrelevant details, such as the mention of the Super Bowl commercials and the trading volume. It lacks thoughtful analysis, scientific rigor, and actionable insights.

Financial Relevance: Yes
Financial Markets Impacted: Tesla stock

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the performance of Tesla stock and its decline in value. There is no mention of any extreme event or impact on financial markets or companies.

Reported publicly: www.marketwatch.com