Tesla Stock Update

Tesla stock continues its downward trend, falling for a third consecutive day with a 3.1% decline on Tuesday. Pre-market trading on Wednesday shows shares of the electric-vehicle maker dropping by 0.4% to $193.34.

Market Overview

During the same period, Nasdaq Composite and S&P 500 futures are down 0.4% and 0.2%, respectively, indicating a broader market downturn.

Shift in Trading Activity

Nvidia has taken over as the most traded stock by value on Wall Street, displacing Tesla. Recent data from Reuters shows around $30 billion worth of Nvidia shares changing hands daily over the past month, surpassing Tesla's $22 billion per day average during the same period.

Peers Performance

Other companies in the electric vehicle industry are also experiencing movement before the market opens. NIO shares are down by 2.5%, while BYD stock has increased by 2.2% in Hong Kong trading. Ford shows a slight dip of 0.2%, and General Motors remains steady.

Earnings Updates

Lucid Group and Rivian are both down slightly ahead of their earnings report after the closing bell—Lucid Group is showing a 1.4% decline, while Rivian is down by 0.2%.

Looking Back

Tesla stock is significantly below its 52-week high of $299.29, reflecting a challenging period for the company. The trading volume sits at 104.6 million shares, slightly below the 65-day average of 113.21 million.