The solid rebound comes a day after the a mixed finish for the group.
The “Magnificent Seven” are so massive in size, their movements carry more weight on the S&P 500 and other indexes than other stocks.
Tesla stock market value has lost nearly $400 billion since the S&P 500 hit a peak on Feb. 19, a stunning 35% plunge. The index, by contrast, has fallen 17%.
Investors pushed Tesla stock to a record high after Donald Trump was elected on hopes Musk’s close ties would help the company. Instead, car buyers angry at Musk’s support for Trump and other right-wing politicians have boycotted his company.
A passing driver signals support to people protesting outside a Tesla dealership as part of a coordinated international day of “Tesla Takedown” protests, Saturday, March 29, 2025, in Miami. (AP Photo/Rebecca Blackwell)
A sharp decline Monday put Tesla’s stock at $233.29 and below its price on March 19, a key date. That is when Commerce Secretary Howard Lutnick made a surprising endorsement, urging Fox TV viewers to buy the stock in violation of a federal law banning government officials from endorsing companies.
Shares recovered somewhat in premarket trading Tuesday.
Source link
