Tesla Drops 7% in Worst Day in a Year Despite Blowing Past Q2 Delivery Estimates
- TSLA fell about 7.1% to $395.11 on July 2, its worst single-session decline in roughly a year, even after Q2 deliveries of 480,126 vehicles crushed the ~406K Wall Street consensus.
- The 'sell-the-news' reaction reflects elevated expectations and renewed focus on valuation and margin debates, according to MarketWatch and Bloomberg market wraps.
- The drop comes as chip stocks logged a two-day skid to start the third quarter and tech-led selling pulled the Nasdaq lower while the Dow hit a record on softer jobs data.