Tesla (TSLA), Nvidia (NVDA) and Constellation Energy Group (CEG) were the top three S&P 500 index losers on the stock market today, as growth stocks led Monday’s declines after soaring the past few weeks.
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The S&P 500 fell 1.3% on Monday, while the Nasdaq composite shed almost 2%, back below its 200-day moving average. TSLA stock and Nvidia are big Nasdaq 100 components.
Tesla stock tumbled 6.3% to 166.66 on Monday. But that was less than half of Friday’s 11% spike, and just a fraction of last week’s 33% surge. TSLA stock had surged 75% from its bear market low of 101.08 to Friday’s close. Shares are still comfortably above the 50-day line, but are still well below their 200-day moving average.
Tesla this month slashed prices worldwide. The move has revived demand for its EVs, though already-falling gross margins will likely take a hit. Tesla on Monday began offering some $3,000 worth of new trade-in incentives for Model S and X vehicles, just over two weeks after slashing prices on those luxury EVs by 9%-15%.
Nvidia stock skidded 5.9% to 191.62. But that’s after surging 47% from a recent low on Dec. 28. NVDA stock is now technically back in buy range from a cup base with a 188 entry.
Constellation Energy stock sank 4.8% to 82.40. Unlike Tesla and Nvidia stock, the nuclear power and renewable energy giant is down 4.4% so far in 2023. CEG stock peaked at 97.89 on Nov. 23. Constellation Energy is in a consolidation with a 97.99 buy point, but the stock is below a now-falling 50-day line.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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