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Tesla Shares Drop on Markets' Week-Early open low on U.S. Credit Downgrade

环球市场播报05-19

  gist

  • Moody'sAfter downgrading the U.S. credit rating,TeslaShares fell with the broader market Monday afternoon.
  • Shares of the electric vehicle maker have gained for four consecutive weeks on the back of positive trade news.
  • Encouraging trade news overshadowed bad news such as disappointing Tesla sales and registration figures in Europe and China.
Tesla (TSLA) shares opened the week lower as part of a broader market decline triggered by Moody's downgrade of the U.S. credit rating after Friday's market close.

Several other big tech stocks that performed strongly last week also fell in early week trading.

Monday's decline also bucked Tesla's recent performance, with the electric vehicle maker's stock ending with weekly gains for the past four weeks.

While Tesla's sales and registration figures in several European countries and China were disappointing, upbeat news of recent macro events such as trade negotiations with other countries has pushed Tesla stock up along with the broader market.

Tesla shares fell more than 2% in the first hour of trading on Monday and are still down about 16% from the start of the year.

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