Tesla Inc. shares fell 4.5% in premarket trading on Monday as the electric vehicle maker marks its trading debut on the S&P 500 Index.
Its shares have catapulted 731% this year in anticipation of the historic inclusion, making it the biggest company ever to be added to the benchmark. The EV pioneer will also be joining the S&P 100, replacing oil and gas firm Occidental Petroleum Corp., which fell 7.5% premarket.
“Welcome to the S&P 500 Club,” said Wedbush analyst Daniel Ives in a report. The index addition marks a “defining chapter of success” for the company he said.
Futures contracts on the S&P 500 were trading down 0.5%, following European stocks lower after several major countries moved to suspend travel from the U.K. amid concerns about a new strain of Covid-19.
Traders who spent most of the year pushing up shares of Tesla in anticipation of surging demand from … Read More