Tesla’s Week to Forget Was Anchor Weighing On S&P 500
- Deliveries miss, Musk’s revived Twitter bid lead to 16% plunge
- Stock’s tumble defies S&P’s first winning week in a month
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For all the stock market gyrations last week, one company’s performance stands out beyond all others: Tesla Inc.
Tesla’s stock has plunged 16% over the five sessions, marking its worst week since March 2020’s Covid-stricken market selloff. Meanwhile, the S&P 500 Index recorded its best week in a month, closing up 1.5% on the strength of powerful rallies last Monday and Tuesday. Tesla was by far the biggest weight on the S&P this week, knocking about 13 points off the index.