The Tesla selloff steepened after Federal Reserve Chair Jerome Powell said Thursday that inflation will rise as the economy recovers, a development that sent Treasury yields surging–and stocks tumbling. Surprising FactTesla, which carries about 1.5% of the S&P 500’s weight, is the worst-performing top ten stock in the index on Monday. That’s how much market value Tesla has lost since January 26, when the firm was worth about $848 billion. TangentIn February, value stocks outperformed growth stocks like Tesla by the widest margin since the dot-com bubble burst in 2000, Bank of America said in a note to clients last Tuesday. “The difficulty today is that we have the most interest-rate-sensitive stock market in Wall Street history,” Jim Stack, the president of Whitefish, Montana’s InvesTech Research told Forbes in February.

Source: Forbes March 08, 2021 20:36 UTC