Why Tesla Shares Are Diving Today

Shares of several companies in the auto & auto component space, including Tesla Inc TSLA, are trading lower amid market weakness as traders continue to digest Wednesday’s Fed rate hike announcement. A gain in treasury yields has weighed on technology and growth stocks.

The Federal Reserve last Wednesday raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.

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Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles.

According to data from Benzinga Pro, Tesla has a 52-week high of $1,243.49 and a 52-week low of $546.98.