By Kris Sayce – Port Phillip Insider (Australia) –
We don’t care what happens next, we’ll take that as a victory.
Our stock nemesis, Tesla Inc [NASDAQ:TSLA] fell US$8.70, or 2.86% overnight.
Forget the fact that we’ve suggested short selling Tesla since it was around US$220 per share. As far as we’re concerned, this is a win [wink].
Anyway, Tesla’s status as North America’s biggest car company didn’t last long. Thanks to Tesla’s stock falling more than General Motors Company’s [NYSE:GM] stock, GM has reclaimed the top spot.
Of course, we only kid.
The fall in Tesla’s share price is puny compared to the fall the entire market could suffer in the weeks and months ahead. That’s especially so based on the market’s reaction to the latest comments from the US Federal Reserve. More below…
Overnight, the Dow Jones Industrial Average fell 41.09 points, or 0.2%.
The S&P 500 fell 7.21 points, for a 0.31% fall.
In Europe, the Euro Stoxx 50 index fell 9.08 points, or 0.26%. Meanwhile, the FTSE 100 gained 0.13%, while Germany’s DAX index fell 0.53%.
In Asian markets, Japan’s Nikkei 225 index is down 285.88 points, or 1.52%. China’s CSI 300 is up 0.32%.
In Australia, the S&P/ASX 200 is down 28.1 points, or 0.48%.