Tesla Inc TSLA shares are trading lower, reversing following earlier strength, by 5.51% to $158.58 Tuesday afternoon. The stock was initially trading higher during Tuesday's pre-market session as investors reacted to lower-than-expected November Core CPI data. Fed monetary policy tightening could begin to taper off as inflation cools down, which would positively benefit growth stocks.
Contributing to the weakness could be potentially a weakness in consumer sentiment surrounding the brand. Tesla's approval rating reportedly fell according to a YouGov survey report. The stock may also be under pressure amid reactions to CEO Elon Musk's Twitter acquisition and social media activity...Read More
What's Going On With CPI Data?
The headline CPI rose 7.1% in November, down from 7.7% in October, according to data from the U.S. Bureau of Labor Statistics.
The November CPI reading came in below average economist estimates of 7.3%.
Tuesday's highly anticipated CPI inflation reading comes just a day ahead of the Federal Reserve's final meeting of the year...Read More
See Also: Inflation Slows Significantly In November, Sending Stocks Higher: What You Need To Know
According to data from Benzinga Pro, Tesla has a 52-week high of $402.67 and a 52-week low of $166.18.
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