Tesla leads US stocks lower with a nearly 11% decline

Tesla has been the big winner of the US election so far, rising 70% from election night. But the spell on the equity market may have cracked today.

Shares hit a fresh record at $488.54 shortly after the US equity open today but have since reversed hard and are now down nearly 11% and are the worst performing large-cap on the Nasdaq. If it closes here, this would also paint a three-candle reversal on the chart.

Worsening the decline may have been a report yesterday that Trump’s transition team plans a ‘sweeping rollback’ of EV and emissions plans, including eliminating federal plans to buy EVs for both civilian and military uses and instituting tariffs on “EV supply chain” imports including batteries, critical minerals and charging components.

While all this is happening, Elon is playing politics.

This article was written by Adam Button at www.forexlive.com.