Shares of Tesla Inc.
TSLA,
jumped 4.0% in afternoon trading Wednesday, putting them on track for their best day this month and the first gain in eight sessions. The electric vehicle maker’s stock had plunged 30.8% amid a seven-day losing streak through Tuesday, which lead to a deeply oversold technical condition. Even with the stock’s bounce on Wednesday, which would be the biggest one-day gain since it climbed 7.7% on Nov. 30, it was still headed for the worst monthly performance — down 41.8% — since it went public in June 2010, amid concerns over production challenges in China, weakening demand and a distracted chief executive after Elon Musk bought Twitter. The previous record monthly decline was 24.6% in December 2010. The stock, which has tumbled 67.8% year to date, is headed for just the second yearly decline in its history. In the only other yearly decline, the stock fell 11.0% in 2016. Meanwhile, the S&P 500
SPX,
has shed 20.6% in 2022.
