Stocks Fall Sharply in Early Trading as Big-Tech Tumbles

Tesla Levels to Watch as Investors Await Q4 Deliveries Report

1 hr 25 min ago

Tesla (TSLA) shares are down in premarket trading after logging two consecutive days of losses, as investors reassess the stock’s extended post-election rally and look ahead to the EV maker’s fourth-quarter deliveries report.

Analysts predict the deliveries number, which is expected to be released on Thursday, to come in around 510,000 units, which would represent 10% growth from the prior quarter and a 5% improvement from a year earlier.

Since the presidential election, Tesla shares have surged more than 70% on expectations that CEO Elon Musk’s ties with President-elect Donald Trump and growing influence in Washington will benefit the automaker’s autonomous driving ambitions.

Tesla shares were down 3% at around $419 in recent premarket trading, after falling nearly 7% over the previous two sessions.

The stock has consolidated within a pennant, a chart pattern that signals a continuation of the current uptrend.

A measured move, which calculates the distance in points of the impulsive move higher that preceded the pennant and adds that amount to the pattern’s top trendline, forecasts a price target of $615.

During pullbacks, investors should watch key support levels on Tesla’s chart around $360 and $300.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Stock Futures Lose Ground

2 hr 12 min ago

Futures tied to the Dow Jones Industrial Average were down 0.6% in recent trading.

S&P 500 futures were down 0.8%.

Nasdaq 100 futures were also off 0.8%.