Shares of electric-car maker Tesla (NASDAQ:TSLA) tumbled on Tuesday, declining as much as 9.7%. As of 12:23 p.m. EDT, however, the stock was down 6.7%.
The primary reason for the stock's decline is bearishness in the overall market. A sell-off in the broader market on Tuesday is hitting growth stocks like Tesla particularly hard.
The S&P 500 index was down 3% as of this writing, with many growth stocks getting hit even harder. The market seems to be taking a breather this week after quickly recovering some of the ground it lost in the coronavirus market sell-off in late February and the first few weeks of March.
The decline in the electric-car company's share price adds to weakness in the stock this week following wild gains in recent weeks. Even including today's pullback, the stock is up 93% since March 18.
Investors will have a close eye on Tesla this month, as the company is scheduled to report its first-quarter results on April 29. The Street will be watching to see how the coronavirus pandemic has impacted the company.