Concerns Over Intensified Competition Weigh on Tesla ↓‥US Stock Market Closes with Reduced Losses

Tesla Stock Falls 2.69%... Tesla Lowers Model S Price Amid Lucid's Price War

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower due to negative factors such as an increase in new unemployment claims, delays in economic stimulus measures, and concerns over the spread of the novel coronavirus infection (COVID-19). However, the decline was smaller than in the early session.

Lucid's electric car 'Air'

On the 15th (local time), the Dow Jones Industrial Average closed at 28,494.20, down 0.07% from the previous day; the S&P 500 index closed at 3,483.34, down 0.15%; and the Nasdaq index closed at 11,713.87, down 0.47%.

The early session saw declines of more than 1%. The Dow fell 1.1%, while the S&P 500 and Nasdaq started down 1.2% and 1.4%, respectively. However, the losses narrowed as time passed. The Dow even rose during the session.

On this day, the stock price of electric vehicle maker Tesla notably declined. Tesla's stock fell 2.69%, interpreted as concerns over intensifying competition in the electric vehicle market.

A day earlier, Tesla’s competitor Lucid announced that the base price of its upcoming 'Air' vehicle would be $69,900. In response, Tesla CEO Elon Musk stated, "Tonight, the price of the 'Model S' will be changed to $69,420."

Tesla had earlier this week reduced the price of the Model S in the U.S. from $74,990 to $71,990. The Model S is Tesla’s most expensive passenger car model.

Amazon, which concluded its two-day 'Prime Day' sale event, fell 0.75%.

West Texas Intermediate (WTI) crude oil for November delivery closed at $40.96 per barrel, down 0.2% ($0.08) from the previous day. December delivery gold closed at $1,908.90 per ounce, up 0.1% ($1.60).