Why Tesla, Broadcom, and Rivian Fell Today as Treasury Yields Shot Higher
Treasury yields continued to surge on sticky inflation data, dragging the market down today. Tech and artificial intelligence (AI) stocks bore the brunt of the sell-off, as the Nasdaq Composite fell nearly 2%, more than the other major market indexes.
Shares of electric vehicle makers Tesla (NASDAQ: TSLA) and Rivian Automotive (NASDAQ: RIVN) fell roughly 4% and 5%, respectively. Meanwhile, shares of artificial intelligence semiconductor company Broadcom (NASDAQ: AVGO) fell 3.3%.
With the first full week of the year underway, economic data is back on the calendar. New data today supports the belief that inflation will remain stickier than expected and perhaps even persistent, making it difficult for the Federal Reserve to continue to lower interest rates.
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