What Happened? Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 7.4% in the morning session after CEO Elon Musk announced over the weekend his intention to form a new political party, the "America Party.

Chinese electric vehicles are becoming far more attractive, rendering Tesla's cars less appealing, particularly in global markets.

During Tesla's earnings call earlier that month, Musk promised shareholders he would spend more time at HQ in Austin, Texas, this quarter and wrap up his work in Washington. Since that day, the stock has been up double digits,