Name: Tesla drops as much as 13%, turns negative for the year
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Tesla drops as much as 13%, turns negative for the year

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Key PointsIn this articleHere's why Tesla shares are falling after a strong 2020 suffered steep losses at the opening bell on Tuesday as investors rotated out of high-flying tech names, although throughout the session Tesla, in addition to Big Tech, clawed back the majority of the day's early losses.Shares of the electric vehicle maker dipped as much as 13% — the stock's worst day since September — before bouncing back from the low. Shares finished the session 2.19% lower.a day agoTesla on Monday. With Tuesday's losses, Tesla turned negative for 2021.The car maker is the poster child for disruptive tech stocks, which investors favored in the depths of the pandemic. However, the prospects of new stimulus measures and a widescale vaccine rollout have recently made beaten-down and cyclical sectors more attractive to investors.Tesla is on track for its third straight week of losses. The stock also broke below its 50-day moving average for the first time since November. Moving averages are technical indicators used to determine momentum.The company is also now after buying . Bitcoin has dropped 10% in the last 24 hours to , according to data from Coin Metrics.Tesla finished 2020 as one of the top-performing stocks of the year. That momentum carried into 2021, with the stock hitting an all-time high on Jan. 25. However, since that high, the stock has tumbled 28%.Elon Musk's former number two hopes to disrupt the battery industryThe company is not the only tech name that's experienced selling pressure in recent sessions.On Monday, the tech-heavy dropped 2.5% as , and fell more than 2%. The Nasdaq added to those losses on Tuesday, dropping 1.7%.Subscribe for exclusive insights and analysis, and live business day programming from around the world.

Key PointsIn this articleHere's why Tesla shares are falling after a strong 2020 suffered steep losses at the opening bell on Tuesday as investors rotated out of high-flying tech names, although throughout the session Tesla, in addition to Big Tech, clawed back the majority of the day's early losses.Shares of the electric vehicle maker dipped as much as 13% — the stock's worst day since September — before bouncing back from the low. Shares finished the session 2.19% lower.a day agoTesla on Monday. With Tuesday's losses, Tesla turned negative for 2021.The car maker is the poster child for...

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Pippa Stevens

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Tesla drops as much as 13%, turns negative for the year

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