Tesla is slated to report second-quarter results after the market closes on Wednesday, after deliveries fell short of estimates earlier this month.

Tesla's shares sank nearly 7% in premarket trading as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.

Dow Jones pulled back as IBM declined by 7.8%. The stock suffered a sell-off despite the better-than-expected quarterly report. The company’s software revenue missed analyst estimates.

Analysts estimate that Tesla will report an earnings per share (EPS) of $0.37. Tesla bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.

AI positivity drove Alphabet's shares to new heights, but Musk's "rough quarters" warning saw Tesla's share price slump

S&P 500 and Nasdaq hit record highs, helped by Alphabet's results and raised spending plan. Dow falls. Earnings, trade deals, Fed's Powell in focus

Tesla is expected to report deliveries for the second quarter on Wednesday, with analysts anticipating another double-digit decline from a year ago.

Tesla reported second-quarter results after Wednesday's closing bell, unveiling profits and sales in line with Wall Street expectations. Losses mounted for the stock, however, as the company's call with analysts sowed more doubts than offered answers about Tesla's prospects and Chief Executive Elon Musk said he could see potential for "a few rough quarters" ahead.