Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

» Published: March 20 2025

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold
Photo: Richard Vogel/AP/TT

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Leading indexes on the New York stock exchange turned downward on Thursday after the previous day's rise, as the US central bank Federal Reserve announced that the interest rate would remain unchanged for the coming months.

The broad S&P 500 index fell by 0.2 percent and Nasdaq's technology-heavy composite index by 0.3 percent, while the Dow Jones industrial index closed unchanged.

Among individual stocks, electric car manufacturer Tesla was noted after the announcement that the company would recall 46,000 units of the Cybertruck model, essentially all vehicles produced so far for the American market. The reason is problems with a decorative strip that may come loose from the car. Tesla estimates, however, that only one percent of the cars pose a risk. The stock initially lost over 1 percent but recovered and closed with a gain of 0.2 percent.

Also among the winners was discount chain Five Below, whose profit and revenue for the previous quarter exceeded analysts' forecasts. The company also announced that it plans to open 150 new stores this year. The stock rose 0.7 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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