Tesla shares opened September 29 around $358 and traded near $353 midday amid a roughly 1% intraday decline, extending the prior session’s 3.9% drop to $357.45. Recent pressure stems from softer automotive gross margins in Q2 results, where revenue beat estimates but operating profit fell sharply year-over-year, alongside elevated valuation multiples above 300 times trailing earnings. Broader sentiment reflects mixed signals on vehicle demand, Cybercab timelines, and the early Semi ramp, offset by energy storage growth and FSD subscriber expansion. Traders are also monitoring the October 28 earnings release and any final-hour market or sector moves that could set the closing level.