Tesla Inc. shares on Monday were poised to end at a fresh two-year low, with shares of other electric-vehicle makers also underperforming the broader equity market as worries about China’s COVID-19 lockdowns re-emerged and oil futures prices dropped to their lowest level since January.
Shares of Tesla
extended their losing streak to a fourth session and were on track for their lowest close since Nov. 20, 2020, when they closed at $163.20. The stock was the 10th worst performer in the S&P 500 index
and fourth worst in the Nasdaq 100
— and the most active stock on both exchanges.
American depositary shares of several China-based EV makers, including Nio Inc.
and XPeng Inc.
also underperformed the broader market. In contrast, shares of General Motors Co.
and Ford Motor Co.
merely edged lower.
The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF
looking at a four-week low.
Related: GM’s EV roadmap is ‘ambitious,’ but Wall Street doesn’t give it full credit just yet
Tesla’s underperformance as compared with the broader indexes holds on a monthly and yearly basis as well. The stock is down more than 25% so far in November and 52% this year.
If the trend continues, this would be the worst yearly performance for the stock on record.
The S&P has lost about 17% year to date and has clawed back to a 2% gain so far in November.