Tesla Inc (NASDAQ:TSLA) shares are trading lower by 3.08% to $216.09 going into the close of Tuesday’s trading session. The stock is trading lower despite a lack of company-specific news from the session.
What’s Going On In The Broader Market?
Shares of several auto & auto component companies are trading lower amid raised fears of an economic slowdown in recent sessions and amid overall market weakness following better-than-expected U.S. unemployment data released last Friday. This data has raised concerns over a tight labor market and dimmed the outlook for a Federal Reserve policy pivot.
A recent, marked rise in treasury yields has also weighed on equities. The 10-year U.S. note is hovering around 4.0% during Tuesday’s session, representing a near decade high. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
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According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $206.86.
