Tesla shares slump in S&P 500 debut

After much hype about getting into the S&P 500, Tesla stocks fell on their index debut Monday ...
Setting record highs as the overall market slumped on Monday on worries over a fast-spreading new strain of coronavirus in the UK.
Tesla's stock was among the S&P’s biggest detractors, down about 5% in morning trading.
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Still, on Monday it became the most valuable company ever admitted to Wall Street's most important benchmark.
Last Friday, Tesla shares rose 6% as index tracking managers rushed to add stocks to their funds.
Since mid-November, when Tesla's debut in the S&P 500 was announced, stocks have risen around 70%, and by 2020 they are up around 700%. This puts Tesla's market value at around $ 630 billion, making it the sixth largest publicly traded US company.
Tesla's debut on Monday came as all eleven major S&P sectors fell, with energy stocks dragging lower as crude oil prices slid on concerns about dwindling fuel demand.
Travel stocks also suffered as the new fast-spreading strain of COVID-19 in the UK and tighter travel restrictions sparked fears of a slower economic recovery.
Video transcript
- After much hype about joining the S&P 500, Tesla's shares fell on their index debut Monday, pulling back from their record high as the overall market fell in on Monday amid concerns about a rapidly spreading new strain of coronavirus Britain fell. Tesla's stock was among the S&P’s biggest detractors, falling about 5% in morning trading. Still, on Monday it became the most valuable company ever to be admitted to Wall Street's main benchmark.
Last Friday, Tesla shares rose 6% as index tracking managers rushed to add stocks to their funds. Since mid-November, when Tesla's debut in the S&P 500 was announced, stocks have risen around 70%. So far they have increased by around 700% in 2020. Tesla's market value is around $ 630 billion, making it the sixth most valued US company listed on the stock exchange. Tesla's debut on Monday came when all eleven major S&P sectors fell and energy stocks fell as crude oil prices slid on concerns about dwindling fuel demand. Travel stocks also suffered as the new fast-spreading strain of COVID-19 in the UK and tighter travel restrictions sparked fears of a slower economic recovery.

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