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

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Shares of Ford Motor Co.

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.

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.

slid 2.6% toward their first decline in nine sessions, Lucid Group Inc.

fell 1.6% and Rivian Automotive Inc.

shed 2.8%, while Nikola Corp.

gained 1.6%. Meanwhile, futures

for the S&P 500

eased 0.1%.

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