Tesla Inc TSLA shares are trading higher by 2.90% to $300.90 Wednesday morning. The stock appears to be rebounding following Tuesday's market selloff.
Shares of several companies in the auto & auto component sector, including Tesla, were trading lower Tuesday amid overall market weakness as August CPI readings showed inflation came in greater than expected.
This has caused economic concerns and raised expectations for more aggressive Fed policy, which could negatively impact discretionary spending.
What Happened?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.
Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More
Inflation can negatively impact discretionary spending, as it can result in the reduction of purchasing power of some consumers.
See Also: Why Dogecoin Rival Shiba Inu Is Selling Off
According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $206.86.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
