Tesla Weekly Decline Hits 18%, SpaceX Drops 7% Amid Semiconductor Sector Sell-Off

Tesla suffers its largest weekly drop in 2022 with an 18% decline, while SpaceX falls over 7%. Semiconductor stocks lead broader market losses.

Woofun AI reports, Woofun AI data shows that the U.S. stock market closed mixed on Friday, with the Dow Jones rising 0.46% and the S&P 500 up 0.05%, while the Nasdaq fell 0.64%. The Philadelphia Semiconductor Index dropped significantly by 4.25%, leading declines in individual chip stocks including SanDisk, Coherent, SK hynix, and Kioxia ADR.

Tesla shares fell over 2% to mark an 18% weekly decline, the largest drop of 2022. SpaceX stock also hit new lows, recording a cumulative weekly decrease of more than 7%.