Tesla Stock Falls as Markets Open Week Lower Following US Credit Downgrade
Key Takeaways
- Tesla shares fell on Monday morning amid a broader market decline after Moody's cut its rating of U.S. credit.
- Shares of the EV maker have risen for four straight weeks amid positive trade news.
- The encouraging trade news has outweighed downbeat news about Tesla like disappointing sales and registration figures in Europe and China.
Tesla (TSLA) shares fell to open the week as part of a broader market decline that comes after Moody's Ratings downgraded its view of the United States' creditworthiness after markets closed on Friday.
Several other large tech stocks were down in early Monday trading (follow Investopedia's coverage of the day's market moves here) after strong performances last week.
A Monday decline would also be a departure from Tesla's recent performance, as the electric vehicle maker's stock has ended the week higher than where it started in each of the last four weeks.
Upbeat news about macro events like trade negotiations with other countries has boosted Tesla stock along with the larger market in recent weeks, despite disappointing sales and registration figures coming out for Tesla across a number of European countries and China.
Tesla shares were down more than 2% in the first hour of Monday trading, and are still down some 16% since the start of the year.
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