Why Tesla Stock Sank Today

Shares of (NASDAQ: TSLA) fell on Wednesday, dipping as much as 4.5% before recovering and finishing the day down 1.6%. The drop came as the S 500 lost 0.2% and the Nasdaq Composite lost 0.7%.

Tesla stock is sliding as part of a larger sell-off in tech driven by macroeconomic concerns. It's also being reported that Tesla's Cybertruck has sold just 52,000 units in the two years it's been on the market, despite having 1 million reservations before it was released.

The latest jobs data was doing little to reassure investors, and now, in a week full of consumer-facing company earnings, the results show weakness in the broader economy. At the same time, investors are awaiting news of the Federal Reserve's strategy moving forward. Given the poor economic indicators, many are anticipating a rate cut; however, the Fed is also battling sticky inflation that could get worse as the effects of tariffs are felt.

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Source Fool.com