Tesla Sees a China Slowdown, but This Nasdaq Stock Is Faring Much Worse
Investors have watched the Federal Reserve closely for signs of just how aggressive it will be in tightening its monetary policy to fight inflation. After initially seeing at least a glimmer of hope that the Fed might not move at breakneck speed with ongoing interest rate increases, the news conference that Fed Chair Jerome Powell gave put to rest any ideas of a near-term tempering of the central bank's resolve. The Nasdaq Composite (NASDAQINDEX: ^IXIC) fell sharply after the announcement, falling more than 1% Thursday morning when regular trading opened.
Electric vehicle (EV) pioneer Tesla (NASDAQ: TSLA) has been a big detractor from the market's performance over the past couple of months, finally succumbing to investor fears about the impact of a global economic downturn on the auto manufacturer. Yet while Tesla's declines Thursday morning were relatively mild, Roku (NASDAQ: ROKU) delivered a financial report that investors found more troubling, and that sent its stock sharply lower in premarket trading.
Shares of Tesla moved lower between 1% and 2% in premarket trading on Thursday morning, adding to a nearly 6% decline on Wednesday. The EV company reported monthly sales figures in the key Chinese market, and even though the numbers were impressive, they failed to live up to the lofty expectations that many shareholders have for Tesla.
Source Fool.com
