Why Tesla Shares Fell Sharply This Week - Tesla (NASDAQ:TSLA)


Tesla Inc TSLA shares traded lower by 6.32% to $223.07 to close Friday’s trading session and were lower by 12.30% for the week. Tesla shares were trading lower last week amid overall market weakness after better-than-expected U.S. unemployment data released on Friday dimmed expectations for a Fed policy pivot. Continued hawkish Fed policy could negatively impact growth stocks and the broader EV sector.

Tesla shares additionally saw volatility during Tuesday’s session after CEO Elon Musk made a proposal to buy Twitter for the original deal price of $54.20 per share.

See Also: Is Elon Musk A Winner Or Loser If He Acquires Twitter? 41% Of Benzinga Followers Say…

What’s Going On In The Broader Market?

The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro. 

New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020…Read More

See Also: American Workers Seeing Drop In Real Wages Under Biden Administration: Report

According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $206.86.


Image and article originally from www.benzinga.com. Read the original article here.