Why Tesla and Peloton Interactive led the Nasdaq lower Wednesday

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The Nasdaq Composite (INDEX: .IXIC) has led the broader stock market higher for nearly a full year since the coronavirus bear market. On Wednesday, the Nasdaq led the broader market lower, falling almost 1% as of 1:30 p.m. EST even as other stock benchmarks were mixed.

Investors have seen extraordinarily good returns from individual Nasdaq stocks. Two of the biggest standouts have been electric vehicle giant Tesla Inc (NASDAQ: TSLA) and connected fitness equipment manufacturer Peloton Interactive Inc (NASDAQ: PTON), but today, the two high-flying growth stocks were headed lower. Below, we’ll take a closer look at what was…