Tesla Worst Performing S&P 500 Stock Year-To-Date: Analyst Warns More Trouble Ahead With ‘Slower EV Demand’
Electric vehicle leader Tesla Inc (NASDAQ:TSLA) has been one of the leading producers of EVs over the last five years.
After a strong recovery for its stock in 2023, Tesla shares have turned into one of the worst performers over the last three months.
What Happened: The S&P 500 Index has been setting new all-time high records in 2024 passing the 5,000 level.
The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the index, is up 33.6% over the last year and up 8.3% year-to-date in 2024. The index and ETF have been helped by the performance of the Magnificent 7 stocks.
The seven stocks of Amazon.com Inc (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL), NVIDIA Corporation (NASDAQ:NVDA) and Tesla have helped boost the S&P 500 over the last year.
Year-to-date though, two of the seven key stocks are negative with Apple down 9.9% and Tesla down 34.4%. Overall, the SPDR S&P 500 ETF Trust is up 8.3% year-to-date in 2024.
Turns out Tesla isn’t just underperforming as a member of the Magnificent 7, the stock is also underperforming in the S&P 500 Index.
As of Thursday, the stock is now the worst performer in the S&P 500 Index year-to-date.
Compare that to top performers like Nvidia …
Full story available on Benzinga.com
