Tesla Inc (NASDAQ:TSLA) yesterday released disappointing second-quarter financial results that, paired with Alphabet's (GOOGL) release, sent the tech sector spiraling. What's more, the results dragged the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) to their worst single-session performances since September 2022.
When we last checked in on the electric vehicle (EV) sector, the U.S. Environmental Protection Agency (EPA) had just released new pollution standards. Investors are now focusing on earnings, especially the latest report from Tesla. As such, we're going to check back in on TSLA, as well as Rivian Automotive (NASDAQ:RIVN) and General Motors Co (NYSE:GM).
After shedding 12.3% in response to the report, TSLA is attempting to rally today, last seen up 3.6% at $223.71. On the charts, the security is now trading well beneath its recently supportive 20-day moving average. What's more, Tesla stock is now trading in the red on a year-to-date basis, and just extended its year-over-year deficit to nearly 15%.
Rivian Automotive stock also had a negative reaction to Tesla's results, losing 7% during yesterday's session. The equity is rallying today as well, last seen 2.6% higher to trade at $16.69, especially after CEO RJ Scaringe said Tesla's market share is shrinking. Over the last 12 months, RIVN is 38.3% lower, though its just recaptured support from its 240-day moving average.
However, it's also worth noting that the company is going to trial after allegations arose that Rivian encouraged its employees that moved to Tesla to steal trade secrets. So, prudent investors should keep an eye on how the lawsuit shakes out.
General Motors stock, meanwhile, is up 24.1% since the start of 2024, possibly due to the fact that its name isn't typically associated with EVs, though it continues to make moves in the sector. GM was able to shake off the negative report from Tesla, but earlier today fell to its lowest mark since May 31, after Ford (F) missed second-quarter profit estimates.
Last seen 4.1% lower at $44.60,General Motors stock is 4.2% lower for the quarter. The equity is extending its fall from the $50.50 level -- its highest level of trading since February 2022 -- but its 120-day moving average that coincides with the $44 area is helping to contain today's drop.
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