Tesla Inc TSLA shares are trading lower by 2.95% to $295.45 Tuesday morning in sympathy with the broader market after August CPI readings showed inflation came in greater than expected. This has caused economic concerns and has raised expectations for more aggressive Fed policy.
What Happened?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.
Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More
Inflation can negatively impact discretionary spending, as it can result in the reduction of purchasing power of some consumers.
According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $206.86.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.