Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 4.6% in the morning session after the major indices declined sharply (Nasdaq down 1.9%, S&P 500 down 1.1%) as investors appeared to be locking in some gains in a year marked by significant progress in the Fed's effort to deliver a soft landing—taming inflation without causing more damage to the economy—despite early signs of weakness in the labor market.

Though it isn’t a holding within the portfolio, Tesla continues to be a cult-like stock with weak fundamentals dependent on highly speculative development of autonomous driving technology. The company’s share price moved higher during the quarter after weakness in the year-to-date period.

Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 7.1% in the afternoon session as stocks tumbled (Nasdaq down 2%, S&P 500 down 1.5%) after the Fed signaled that there would be fewer cuts ahead (than expected) during the 2024 FOMC meeting.

Tesla stock declined Friday as interest rates knocked shares of highfliers lower. Shares of the electric-vehicle maker fell 5%, closing at $431.66, while the S&P 500 and Nasdaq Composite dropped 1.1% and 1.

Tesla’s sales of electric cars have stalled. But Wall Street doesn’t seem to be worried. Investors have taken an optimistic view of the company’s progress in autonomous driving and bet that its chief executive,