What happened
Shares of Tesla (TSLA 0.66%) fell on Monday, declining as much as 7.2%. As of 10:45 a.m. EST, however, the stock was down 4%.
The growth stock's decline is likely primarily due to a bearish day in the overall market. In addition, shares are taking a breather after a huge run-up since Christmas.
Image source: Getty Images.
So what
Shares of Tesla have risen every trading day since Christmas, giving the stock more than a record 11-session winning streak. Even including today's decline, shares are up nearly 29% since Christmas. Capturing the stock's incredible momentum, Tesla's market capitalization has risen from about $670 billion to more than $800 billion in 2021 alone.
It's natural for shares to pull back after such a wild move higher.
Also weighing on the stock is likely a down day in the overall market. As of this writing, the S&P 500 and Nasdaq Composite are down 0.5% and 0.8%, respectively.
Now what
Investors will get more meaningful news on Tesla when the company reports earnings for its most recent quarter. Tesla typically reports fourth-quarter results toward the end of January. Investors will be looking to see how the company's record vehicle deliveries for the period translated to its financial results. Investors will also look for management to guide for full-year 2021 deliveries to be substantially higher than the nearly half a million vehicles Tesla delivered in 2020.
