Tesla Stock Falls Amid Price Cuts in China

Shares of electric vehicle giant Tesla Inc. (TSLA) dropped 5.0% in afternoon trading, making it one of the losers in the S&P 500's consumer discretionary sector. This decline follows reports of price cuts in China, marking the second time in two weeks that Tesla has reduced its prices in the country.

Volatility and Roller Coaster Rides

Tesla's stock has experienced a roller coaster ride over the past few months. After soaring 66% in just two months and reaching a 10-month high of $293.34 on July 18, it then took a plunge of 26.5%, closing at an 11-week low of $215.49 on August 18. However, it managed to bounce back with a surge of 19.8%, closing at $258.08 on Thursday.

Just Missed the Bull-Market Threshold

Despite the recent ups and downs, Tesla's stock is still up by a staggering 99.0% year to date. It came very close to hitting the bull-market threshold, which is defined as a rally of at least 20% off a bear-market low, following a drop of at least 20% from a significant peak.

Comparing Tesla's Performance

In comparison, the Consumer Discretionary Select Sector SPDR ETF (XLY) has rallied 31.1%, while the Global X Autonomous and Electric Vehicles ETF (DRIV) has climbed 26.0%. Additionally, the broader market represented by the S&P 500 (SPX) has gained 17.5%.

Tesla's stock will surely face more twists and turns in the coming days, but one thing remains certain - it has shown remarkable growth this year.