Tesla's stock faced downward pressure on December 18, 2024, as it gapped down before the market opened, following a previous close at $479.86 and opening at $466.50. This decline comes amid a broader market context where the Dow Jones is experiencing its longest losing streak since 1978, and investors are anticipating a Federal Reserve rate cut. Despite Tesla's recent record highs, the stock's performance is being scrutinized, with analysts expressing mixed sentiments. The company's outsized post-election rally is seen as vulnerable, with concerns that optimism about Elon Musk's political connections may not align with the company's earnings reality.
The Graniteshares 2x Long TSLA Daily ETF (TSLR) saw its price fall to $59.67, marking a 4.63% decrease from the previous close.