Tesla Inc TSLA shares are trading lower Monday amid overall market weakness as broader economic concerns ahead of this week's CPI report weigh on market sentiment.
Several economists expect another strong inflation print this week. Consensus estimates point to CPI levels nearing 9% in June, which would be another tick up from the 8.6% reading in May. CPI data from May was above estimates and represented the highest reading in more than 40 years.
Tesla shares have also been volatile amid CEO Elon Musk's ongoing discussions to acquire Twitter Inc TWTR. Musk on Friday filed to terminate his proposed deal with the social media company. However, Twitter has said it will pursue legal action to enforce the agreement.
See Also: Tesla Model 3 Sets New Record In 1,000 KM Challenge: Here's Why It's Important
The stock may also be seeing selling pressure after Wells Fargo analyst Colin Langan maintained Tesla with an Equal-Weight rating and lowered the price target to $820 from $900.
TSLA Price Action: Tesla has a 52-week high of $1,243.49 and a 52-week low of $620.46.
The stock was down 6.3% at $704.92 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
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