US stock markets faced renewed selling pressure on Tuesday, driven by a combination of rising oil prices and weakness in the technology sector.
The Nasdaq Composite (^IXIC) led the decline, reflecting investor caution as energy costs threaten to weigh on corporate margins and consumer spending.
Tesla (TSLA) emerged as the day’s worst performer, tumbling more than 10% in a sharp extension of its recent downturn.
Tesla (TSLA) emerged as the day’s worst performer, tumbling more than 10% in a sharp extension of its recent downturn.
The electric vehicle maker’s shares have been under sustained pressure following second-quarter earnings that missed analyst expectations, with the stock previously dropping 8.3% to $390 in Thursday trading. The latest slide underscores lingering investor skepticism about the company’s near-term growth trajectory and margin outlook.
Broader market sentiment was further dampened by higher crude oil prices, which added to inflationary concerns and weighed on risk appetite.
Alphabet (GOOGL) also posted significant losses, joining Tesla in dragging down major indices.