Tesla fared badly on Wall Street on Friday as New York stock markets fell sharply once again due to recession fears and rising interest rates, with tech companies especially hard hit.
Tesla shares went down by 7.6% and are now worth half of their highest price ever, reached in early November last year.
In addition to tech companies, banks were in the spotlight partly because they have been building buffers in the expectation that customers may no longer be able to pay their loans due to increased interest rates and high inflation.
Some bank shares performed better than expected: JPMorgan Chase's rose by 1.7%, Wells Fargo's by 1.9% and Citigroup's by 0.7%, despite disappointing results.
Investment bank Morgan Stanley, on the other hand, was quoted 5.1% lower. The bank posted 30% less profit in the third quarter as companies have become more cautious about acquisitions, mergers and other deals. Morgan Stanley generally earns good money from advising and guiding such activities.
The bank also earned less on its investments due to the unrest on the stock markets.
The Dow Jones Industrial Average closed 1.3% lower at 29,634.83 points on Friday. The broad S&P 500 lost 2.4% to end on 3,583.07 points and tech gauge Nasdaq fell by 3.1% to 10,321.39 points.
The euro was worth $0.9726, against $0.9736 at the close of the European stock exchanges.
A barrel of US oil cost 3.8% less at $85.77 while the Brent oil price fell by 2.9% to $91.80 a barrel.
