Ford stock falls, set to snap record win streak in wake of Tesla price cuts

Shares of Ford Motor Co.
F,
+1.59%
dropped 3.5% in premarket trading Friday, putting them on track for their first loss in 11 sessions, to snap a record-long win streak. The automaker’s stock had soared 22.6% during the 10-day streak, which started after the stock closed at a 22-month low of $10.95 on Nov. 28. Friday’s pullback comes after electric vehicle maker Tesla Inc.
TSLA,
+0.28%
said late Thursday it was cutting prices on several models, with some models seeing discounts of nearly 20%. Tesla’s stock slumped 5.2% ahead of Friday’s open. Among other automakers, shares of General Motors Co.
GM,
+1.35%
slid 2.6% toward their first decline in nine sessions, Lucid Group Inc.
LCID,
+4.79%
fell 1.6% and Rivian Automotive Inc.
RIVN,
+2.93%
shed 2.8%, while Nikola Corp.
NKLA,
+5.02%
gained 1.6%. Meanwhile, futures
ES00,
-0.38%
for the S&P 500
SPX,
+0.34%
eased 0.1%.