Current prices put the auto maker’s market value below $1 trillion. The stock needed to maintain a share price of about $311 to keep that mark.

Tesla's stock tumbled 8% on Tuesday, pushing its market value below $1 trillion for the first time since November after data showed the electric car maker's sales slumped in Europe in January. The European Automobile Manufacturers Association reported that Tesla sales dropped 45% in Europe,

Shares of the US electric vehicle pioneer Tesla slumped as much as nine percent Tuesday, as investors digested disappointing European sales and chief executive Elon Musk's aggressive foray into politics.

Nvidia has grown into the 2nd largest company on Wall Street, so the stock’s movement carries more weight on the S&P 500 than every company except Apple.

For the first time since 2022, Nvidia stock is falling in the weeks leading up to the chip giant's earnings report. Since the end of last quarter, Nvidia stock has dropped 5.8%, including a 2.9% decline Tuesday.