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Tesla Drags Indices Lower

EQUITIES

Tesla had a double-digit % drop in about 10 minutes after the cash open, which per Bloomberg was the biggest intraday drop in 8 months for the stock.

  • Came alongside large selling in Tesla share blocks at the market cash open, with large S&P emini futures selling volumes (140k ESZ1 in last 15mins from 4695 to 4669)
  • Tesla's drop appears to be the catalyst for the overall market losses, with S&P futures off 0.7% since the cash open. TSLA is about a 2.5% weighting in the S&P (and per WSJ, contributed to nearly 1/4 of S&P total return over the prior two weeks).
  • And of course this comes after the weekend's news that Tesla CEO Musk said he'd sell a 10% stake in the company after a Twitter poll on the subject.
  • S&P eminis last trading 4675; next support at 4650.75/4586.50 (Low Nov 4 / Low Nov 1)
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