Tesla stock drops, after just missing bull-market threshold

Shares of Tesla Inc.

dropped 5.0% in afternoon trading, enough to pace the S&P 500’s consumer discretionary sector’s losers, in the wake of reports the electric vehicle giant cut prices in China for the second time in two weeks. The selloff comes after the stock closed at a four-week high of $258.08 on Thursday. The stock has been on a bit of a roller coaster over the past few months. After soaring 66% in two months to close July 18 at a 10-month high of $293.34, it tumbled 26.

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