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Tesla Stock Poised To Underperform Broader Market: 3 Factors Investors Should Watch Monday

Published 13/03/2023, 11:32
Updated 13/03/2023, 12:40
© Reuters.  Tesla Stock Poised To Underperform Broader Market: 3 Factors Investors Should Watch Monday

© Reuters. Tesla Stock Poised To Underperform Broader Market: 3 Factors Investors Should Watch Monday

Benzinga - Tesla Inc. (NASDAQ: TSLA) shares were moderately lower in premarket trading on Monday following the 12.3% decline seen in the past week.

What Happened: Futures trading, however, signals a positive start for the tech sector and the broader market. The Nasdaq and S&P 500 futures advanced 1.40% and 0.89%, respectively.

Here are some of the factors that could weigh against the stock of the electric vehicle maker:

Tesla shares are seeing a negative momentum, having declined in all but one session of the week that ended March 10.

Wolf Research analyst Rod Lache downgraded the stock from Outperform to Peer Perform, citing macro pressures stemming from the collapse of Silicon Valley Bank.

Risk aversion could come into play as traders look ahead to the week’s key economic data and the continuing inflow of headlines on SVB’s collapse and the ramifications.

The stock could find support around Friday’s intraday low of $168.44. Any break below the level could accelerate the sell-off.

Price Action: In premarket trading, Tesla shares dipped 0.26%, to $172.93, according to Benzinga Pro data.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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