Tesla’s premium valuation, long supported by high growth rates, disruptive technology, and Musk’s personal brand, is looking increasingly difficult to defend.

Tesla stock edged into the red Thursday, one day after gaining 5% following the company’s second-quarter delivery report. Shares of Tesla were up most of the shortened pre-July 4 holiday trading session,

Investors were increasingly anticipating a bad number, given several recent reports of sales weakness in Europe and China. To add to the anxiety, Tesla Chief Executive Elon Musk renewed his feud with President Donald Trump this week by criticizing the budget bill that barely passed the Senate.