Tesla Shares Drop 6.5% as Nasdaq Falls 1,121 Points on Rate-Hike Fears
TSLA•Tesla shares plunged 6.5% as the Nasdaq Composite tumbled 1,121 points (4.2%) following a stronger-than-expected May payrolls report that sparked Fed rate-hike concerns. The Nasdaq 100 tech sector fell 6.68%, with semiconductor names like Intel down 11% and Broadcom off nearly 8%, deepening the sell-off in megacap stocks.
1. Market Tumble Overview
Thursday’s session saw the Nasdaq Composite fall 1,121 points, a 4.2% decline, marking the steepest drop since April of last year as a hotter-than-expected May payrolls report heightened fears of further Fed rate increases.
2. Tesla’s Stock Decline
Tesla shares tumbled 6.5%, placing the EV maker among the largest losers in the megacap cohort and extending its recent volatility.
3. Semiconductor and Tech Pressure
Broad tech selling dragged the Nasdaq 100 down 6.68%, with semiconductor peers Intel and Broadcom off 11% and 8%, respectively, amplifying pressure on Tesla stock.
