TSLA - Why Tesla Fisker and QuantumScape Are Dropping Today
2024-02-20 16:57:45 ET
Electric vehicle stocks are having a rough start to the week as the market drops and investors worry that high-cost purchases are slowing down. Home Depot 's earnings release this morning showed a 4% drop in same-store sales in the U.S., driven by fewer high-priced purchases.
While EV stocks and home improvement companies don't often have a lot in common, if we're seeing consumers pull back on home spending, they will likely also pull back on vehicle spending.
Shares of Tesla (NASDAQ: TSLA) dropped as much as 3.3% today, Fisker (NYSE: FSR) fell 12.3%, and QuantumScape (NYSE: QS) dropped 7.6%. Shares closed down 4.5%, 13.8%, and 6.8%, respectively.
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Why Tesla, Fisker, and QuantumScape Are Dropping Today