Tesla’s Plans to Save Money Are Trouble for These Stocks

Tesla


had bad news for producers of EV raw materials as it offered investors a look at its plans in a widely anticipated three-and-a-half hour presentation on Wednesday evening.

Shares of the rare-earth producer


MP Materials


(ticker: MP) were down 11.2% in premarket trading Thursday, while stocks of companies that make semiconductors using silicon carbide took a hit as well. Futures on the


S&P 500


future were down 0.5%.


Dow Jones Industrial Average


futures gained 0.3%.