A Tesla car in London.

SOPA Pictures | LightRocket | Getty Images

You’re here The recent slide continued on Tuesday, as investors pulled back from high-tech names.

Actions of the electric vehicle manufacturer fell 6% during pre-market trading on Tuesday, after losing 8.55% on Monday for its biggest daily loss since seven.

Tesla is the poster child for disruptive tech stocks, which investors have favored amid the pandemic. The tech sector drove the market out of the pandemic-induced rout last year, but more recently investors have looked elsewhere. Amid the stimulus and large-scale vaccine rollout, some of the poorest and most cyclical sectors now appear more attractive.

Tesla has just had its third consecutive week of losses, and amid recent weakness, the stock fell below its 50-day moving average on Monday for the first time since November. Moving averages are a technical indicator used to determine momentum.

The Elon Musk-led company ended 2020 as one of the top-performing stocks, and that momentum continued into 2021, with the stock reaching an all-time high on January 25. But from that high level, the stock has fallen 20%.

The company isn’t the only tech name to have come under selling pressure in recent sessions.

On Monday, the highly technological Nasdaq Composite fell 2.46%, with Apple, Amazon and Microsoft all falling more than 2%.

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