Joby Aviation Inc (NYSE: JOBY) closed at $17.37, down 8.14%, with a trading volume of 112 million shares, three times its three-month average. U.S. markets saw gains with the S&P 500 rising 0.58% and Nasdaq Composite up 1.12%, driven by technology and growth stocks.

In the eVTOL sector, Archer Aviation Inc (NYSE: ACHR) fell 0.16% to $12.46, and Vertical Aerospace Ltd (NYSE: EVTL) dropped 1.34% to $5.87. Joby’s stock decline followed Tesla’s event focusing on cars, leading to a 11% drop after a public share offering priced at $16.85.

Investors may watch Joby Aviation’s cash position after a $514 million share offering to support manufacturing, certification, and vertiport operations. Despite recent aircraft progress, concerns about dilution and cooling eVTOL enthusiasm led to Joby’s stock decline. The Motley Fool highlighted 10 potential high-return stocks, with Joby Aviation not included.

Read more at Nasdaq: Stock Market Today: Joby Drops After Discounted Offering and Fading Tesla Buzz