Tesla Inc TSLA shares are trading lower by 1.80% to $192.33 Monday morning. The stock may be trading lower amid weakness and profit taking in tech stocks following last week's rally. Major indicies gained sharply last week following key U.S. economic data, which showed a slowdown in inflation and a rise in jobless claims. This data has alleviated some concerns of high inflation and a tight labor market.
Additionally, Tesla on Sunday said it will support a probe carried out by Chinese authorities into a crash that killed two people in the country's southern Guangdong province on Nov. 5.
Tesla shares also experienced volatility last week after CEO Elon Musk disclosed the sale of nearly $4 billion in stock following his recent acquisition of Twitter.
What Happened With CPI Data Last Week?
The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.
The October CPI reading came in below average economist estimates of 8%.
Thursday's highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation...Read More
According to data from Benzinga Pro, TSLA has a 52-week high of $402.67 and a 52-week low of $177.12.
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