Tesla Stock Price and News: TSLA shares fall in pre-market, fire in Fremont factory reported

Teslas shares rally strongly from recent lows as tech recovers.
Tesla shares rebound from below $600 on March 5 to near $700.
Tesla shares suffer in Friday's pre-market as reports of a fire at its Fremont factory.

Ivan Brian FXStreet

Tesla shares have been on a wild ride of late as the tech sector suffered heavy losses at the start of March. Worries about over-inflated valuations, profit-taking and investor fears over inflation all pressured high growth tech stocks lower. Tesla stock has seen an enormous appreciation in 2020 culminating in Tesla shares entering the S&P 500, so some profit-taking was inevitable once a risk-off appetite dominated.

Stay up to speed with hot stocks' news!

Tesla stock dropped from $900.40 on Jan 25 to $539.49 on March 5. Tesla shares struggled as investors also turned away from high-flying growth stocks to more value-based reopening stocks as investors bet on a strong reopening effect in the US economy.

This week tech has finally caught a bid with Tesla stock soaring nearly 20% on Tuesday, adding over $100 billion to its market capitalization on the day.

Tesla Stock News

Reports out overnight indicate a fire in tesla's Fremont factory. It is not clear if production was or will be affected but the fire was in a part of the factory currently under construction according to Reuters, citing Aisha Knowles at the Fremont Fire Department. "The deep-seated fire was contained to a vehicle manufacturing stamping machine", she added. The fire was caused by hydraulic fluid coming in contact with molten aluminum, the spokeswoman said.

Separately Tesla and India's TATA Power are in talks to explore some form of arrangement on charging infrastructure, according to Reuters. Shares in TATA Power have reacted positively to the news.

Also from China Reuters reports that Tesla takes two out of three top spots for new electric vehicle sales in China for February, citing Caixin Global.

Tesla shares dropped 4% in early pre-market trading on Friday, trading at $671.

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.

Errors and omissions excepted.

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.