Tesla fell 9.46% to $348.74 as of 10:00 AM ET Thursday and is down 22.45% year to date, with no Tesla-specific catalyst found that day. The drop followed a second day of broad tech and AI-linked selling after Democrats swept the midterm elections. Tesla is a 1.87% holding in SPY but a major part of the Consumer Discretionary Select Sector SPDR Fund (XLY), where Tesla is held at $4.44 billion, and the article says it made up a significant portion of XLY’s Thursday decline. Splitting money equally across SPY, QQQ and XLY would put Tesla at about 8.3% of the combined portfolio, more than four times its SPY weight. The stock trades at a P/E of about 401, and third-quarter operating income fell to $718 million from $1.62 billion as R&D rose to $2.76 billion.
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Related tickers and likely impact
TSLA
▼ Likely negativeTesla, Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.6T |
| Close on 11/04/2026 | 385.30 |
| Change that session | -3.31% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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