Tesla Inc (NASDAQ:TSLA) shares are trading lower by 3.31% to $255.86 Friday morning. The stock is trading lower amid overall market weakness following Fed Chair Powell’s comments this week suggesting inflationary pressures have continued and further rate hikes are expected by the end of the year.
Tesla shares have otherwise seen marked strength over the trailing month, higher by 37%, amid strength in EV stocks and amid overall market strength following May CPI data. Ford and GM have also recently made deals with the company for EV charging compatibility.
What Happened?
During the House Financial Services Committee session on Wednesday, Federal Reserve Chair Jerome Powell emphasized the distinction between the pace of interest rate movements and the prevailing level of interest rates.
Powell justified the decision to pause in June by highlighting the considerable magnitude and rapidity of interest rate hikes implemented by the Federal Reserve in the past year.
According to the CME Group FedWatch Tool, investors currently assign a 79% probability to a 25-basis-point increase in the Federal Reserve rate in July. This reflects an increase from the 62% probability recorded last week…Read More
According to data from Benzinga Pro, TSLA has a 52-week high of $314.67 and a 52-week low of $101.81.
