Tesla Shares Drop 3.7% After Deadly Crash

Tech stocks led Wall Street pullback
By Newser Editors and Wire Services
Posted Apr 19, 2021 4:02 PM CDT
Tesla Shares Drop 3.7% After Deadly Crash
Earnings are front and center on Wall Street this week.   (AP Photo/Mark Lennihan, File)

Stocks closed broadly lower on Wall Street Monday, pulling major indexes below the record highs they reached last week. The S&P 500 fell 0.5% and the tech-heavy Nasdaq lost 1%. Small-company stocks did worse than the rest of the market. Technology stocks had some of the biggest pullbacks, but the losses were shared broadly by a mix of banks, energy companies and others that depend on spending by consumers, the AP reports. The S&P 500 fell 22.21 points to 4,163.26. The Dow Jones Industrial Average fell 123.04 points, or 0.4%, to 34,077.63. The Nasdaq fell 137.58 points to 13,914.77. The Russell 2000 index of smaller companies fell 30.67 points, or 1.4% to 2,232.

Tesla dropped 3.7% after two people were killed in Texas in a crash of one of its models. Authorities say there was no one in the driver’s seat at the time of the crash. It's not clear whether the car’s driver-assist system was being used. Peloton slid 7.4% after regulators issued a safety notice over the exercise equipment company's new treadmill. The company hasn't been forced to recall the treadmill. Investors are turning their focus to company earnings reports, and looking to see if the upbeat forecasts for strong results hold true. Eighty-one out of the 500 members of the S&P 500 will report this week, as well as 10 out the 30 members of the Dow, including Johnson & Johnson, Verizon Communications, and Intel. (More stock market stories.)

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