The stock market is forward-looking, which is the genesis of the line uttered often by traders, “buy the rumor, sell the news.” That dynamic played out on Tuesday.
Tesla stock closed down 4.4% at $433.09, after unveiling new lower-priced Standard Model 3 and Model Y products. Shares rose more than 5% on Monday after Tesla teased an announcement over the weekend.
The two-day move left Tesla shares up about $3 for the week.