For years, the Nasdaq Composite (NASDAQINDEX: ^IXIC) has been an extraordinary performer. Even though it fell more than its peers in the bear market of 2022, it has also rebounded sharply so far in 2023. As the rally appeared to hit a wall, the Nasdaq reversed course on Wednesday, and it was down more than 1% in the early afternoon.

Tesla (NASDAQ: TSLA) was a big drag on the Nasdaq, as a downgrade from a Wall Street analyst sent shares of the electric car stock falling. Yet Peloton Interactive (NASDAQ: PTON) suffered an even more significant decline after professional stock traders weighed in on the interactive fitness specialist as well.

Shares of Tesla were down more than 5% early Wednesday afternoon. After a rally that has seen the electric vehicle pioneer's stock soar by 150% since late December, Tesla now has some investors wondering if the rebound has run its course.

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Source Fool.com