Tesla Inc. shares and shares of other electric-vehicle makers underperformed the broader market in midday trading Monday, as worries about China’s COVID lockdowns were back to the forefront and oil futures prices dropped more than 5% to trade at 10-month lows. Tesla shares were on track for their lowest close in two years, down more than 5%. American depositary shares of China-based Nio Inc. were down 5%, and competitor XPeng Inc.’s ADRs fell more than 7%. General Motors Co. and Ford Motor Co. were down 1.2% and 0.4% respectively. The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF looking at a four-week low. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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