Shares of Tesla (TSLA) fell below $400 for the first time this year as the stock got caught up in a sell-off of technology names.
There was also some drama on Capitol Hill when Senator Ted Cruz, chair of the Committee on Commerce, Science, and Transportation, noted during a Congressional hearing that the automobile industry needs a federal standard for self-driving cars to ensure that the potentially life-saving technology is rolled out responsibly. While a federal standard could be a general positive for robotaxi rollouts, it could also slow down the timeline on large-scale adoption as rules are hammered out.
Tesla (TSLA) recovered from its low point of $399.19 and was swapping hands at $407.95 late in the session. The stock is threatening to close at its 2026 low and is more than 20% below its 52-week high.
On Seeking Alpha, the vibe from analysts is cautious, with the last four articles including either a Sell or Strong Sell rating. On Wall Street, the bears also rule the day, with 25 Sell-equivalent ratings stacking up against 8 Hold-equivalent ratings and 9 Buy-equivalent ratings.