The Nasdaq plunged over 2% as U.S. tech stocks tumbled. Tesla shares fell more than 3%, while Rivian gained 1.75%, reflecting mixed performance in the American electric vehicle sector.
Tesla dropped 3.04% on Thursday, and Lucid declined 1.11% in New York trading. Rivian, however, bucked the trend, rising 1.75%.
Tesla’s stock fell 3.04% to close at $281.95, marking another sharp decline.
There were no specific negative catalysts for Tesla on this day. Instead, the broader tech sell-off appears to have been triggered by Nvidia’s steep 8% drop, which sent shockwaves through the sector.
This follows Tesla’s 4% decline the previous day. Over the past five trading sessions, Tesla has plunged 20.44%, with a 29.01% drop over the past month and a 30.18% year-to-date decline.
As a result, Tesla’s market capitalization has shrunk to $906.8 billion, putting it in ninth place among U.S. companies. Just a week ago, it ranked seventh in market cap.
In sympathy with Tesla’s decline, Lucid slipped 1.11%, closing at $2.23.
Rivian, on the other hand, managed to rise 1.75%, closing at $11.60.
Market analysts suggest that Rivian’s uptick may be due to bargain hunters stepping in after the stock’s recent sharp decline.