Tesla leads electric vehicle sector down as investors test drive value stocksFebruary 23, 2021
- Tesla (NASDAQ:TSLA) ends the day down 8.6% on a day that other electric vehicle stocks like GreenPower Motor Company (NASDAQ:GP) -10.5%, Lordstown Motors (NASDAQ:RIDE) -8.2%, XPeng (NYSE:XPEV) -6.9%, Canoo (NASDAQ:GOEV) -4.3% and Li Auto (NASDAQ:LI) -6.7% were also in reverse.
- The positive sentiment on the stock market in general swung away from growth stocks to value stocks as the tech sector underperformed. The Nasdaq Composite recorded its worst day in four weeks, while the Nasdaq 100, which Tesla has the 4th biggest component weight, fell 2.6%. The Dow scratched out a small gain.
- Massive EV disruption and huge valuations marks are expected to keep testing investors.