Tesla shares slump in S&P 500 debut

After much hype over its entry into the S&P 500, shares of Tesla dropped in their debut on the index Monday...

pulling back from record-high levels as the overall market slumped Monday over worries of a fast-spreading new coronavirus strain in Britain.

Tesla's stock was among the biggest drags on the S&P, down about 5% in morning trade.

Still, on Monday it became he most valuable company ever admitted to Wall Street's main benchmark.

Last Friday, Tesla shares jumped 6% as index-tracking managers rushed to add shares to their funds.

Since mid-November, when Tesla's debut in the S&P 500 was announced, shares have surged some 70% and so far in 2020, they've soared about 700% - putting Tesla's market value at about $630 billion and making it the sixth most valuable publicly listed U.S. company.

Tesla's Monday debut came as all 11 major S&P sectors fell, with energy shares leading declines as crude prices slipped on concerns of waning fuel demand.

Travel stocks also suffered as the new fast-spreading COVID-19 strain in Britain and tighter travel restrictions sparked fears of a slower economic recovery.