Tesla News Slams Stocks in MP Materials, Wolfspeed


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%.