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Tesla (TSLA) stock is 0.65% down at the moment of writing, or $511.00. Tesla still remains one of the best performers on the market. In the past week alone, its shares moved over 40%.
After falling on Friday, Tesla Inc (NASDAQ: TSLA) stock is down again in the pre-market trade today.
On Friday, March 27, Tesla stock closed at $514.36, or 2.61% down. After hours, the car manufacturer’s shares lost another 1.04%, trading at $509.00. The drop was accompanied by a decline in the overall market. United Airlines Holdings Inc (NASDAQ: UAL), Delta Air Lines Inc (NYSE: DAL), American Airlines Group Inc (NASDAQ: AAL) tanked. Besides, the stock market indices significantly climbed down on Friday. For example, at 10:29 a.m. ET the Dow Jones Industrial Average was down 916.19 points from the previous close, or 4.06%, at 21,635.98. The S&P 500 was down 96.72 points, or 3.68%, at 2,533.35. The Nasdaq Composite was also down 278.50 points, or 3.57%, at 7,519.04.
The trading session today has not yet started but the pre-market prices are already known. TSLA stock is 0.65% down at the moment of writing, or $511.00. Notably, even with the plunge, Tesla still remains one of the best performers on the market. In the past week alone, its shares moved over 40%. Such an equally spirited recovery proves investors’ loyalty to the carmaker.
This week, Tesla is expected to release its monthly or quarterly report which will also influence Tesla (TSLA) stock price.
As for indices, they are down in the pre-market. By the moment of writing, Dow Jones fell 0.37% to 21,556.60. S&P 500 plunged 0.28% to 2,534.29. And Nasdaq Composite dropped by 0.01% to 7,587.89.
Tesla to Fight Coronavirus Outbreak
The US has already surpassed China in the number of coronavirus cases. As of today, there are 735,010 coronavirus cases, 34,804 deaths, 156,122 have recovered. Therefore, more measures to protect Americans are necessary, both regulatory actions and voluntary efforts from those who can help. Companies from various industries do what they can to somehow support the county in this difficult situation. Tesla is no exception.
On March 22, the U.S. President Donald Trump asked Tesla, as well as General Motors Company (NYSE: GM), and Ford Motor Company (NYSE: F) to come into rescue by producing much-needed ventilators. Previously, Elon Musk tweeted that he had a fruitful discussion with Medtronic on the production of ventilators. He also announced reopening the New York Gigafactory for manufacturing.
Ventilators are the medical equipment essential to help coronavirus patients. Currently, there are about 162,000 ventilators in the United States. An additional 12,700 are in the emergency medical supplies reserves.
Because of COVID-19, Tesla had to reduce the number of employees at its Fremont California facility. Earlier, the Bay Area’s local sheriffs’ department called this factory a “nonessential business.”