Shares Tesla (TSLA 0.27%) slipped Monday morning, falling as much as 3.7%. They have recovered some since, and as of 11:20 a.m. EDT today, shares were down approximately 2%.
The stock's drop, followed by a partial recovery, seems to coincide with pricing trends of other growth stocks on Monday. Broader-market trends, therefore, are likely the main reason for the stock's volatility today.
As of this writing, the S&P 500 is about flat and the Dow Jones Industrial Average is up 0.6%. But the tech-heavy Nasdaq Composite is lagging both indexes, off about 0.5%. Many growth stocks like Tesla are down several percentage points or more.
Pressure on growth stocks extends negative trends from last week, when the S&P 500 suffered its most significant losing streak since February, with many growth stocks getting hit harder than the overall market.
Tesla investors are likely looking ahead to the end of the quarter, as the EV maker is slated to report its third-quarter deliveries during the first few days of October. It's tough to estimate where deliveries will fall for the period, since the auto industry has been facing unusual supply shortages, particularly for semiconductors.