Wall Street has run out of power. The techs backed off as Tesla sank
US stock markets ended lower, in a session where the technology sector caused more negative pressure.
Andrew Kelly/Reuters
Major indices tumbled on the other side of the Atlantic, in a session as investors were digesting fresh economic data and quarterly accounts. Tesla’s poor performance has hit the tech sector.
The Dow Jones Industrial Average fell by 0.33%, to 33,786.62 points, while the S&P 500 fell by 0.60%, to 4,129.79 points.
The Nasdaq Technology Composite Index closed down 0.80%, at 12,059.56 points.
Tesla closed down 9.75%, at $162.99, after falling 11%. The pressure on the electric car maker was the announcement that it would continue to reduce the prices of its cars to boost demand — even though that strategy had already reduced the company’s gross margin by 10 percentage points in the first quarter of this year compared to the same period this year. 2022.
It was a black day for Elon Musk, who also witnessed his Starship rocket — from SpaceX, a company he co-founded and led — explode shortly after launch.
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