TSLA Stock News: Tesla inches higher despite broader weakness in big tech stocks

  • NASDAQ: TSLA gained 0.2% during Thursday’s trading session.
  • Tesla’s Model Y leads the way for new European car registrations.
  • Investors look forward as Musk’s deal with Twitter is expected to close on Friday.

Tesla (TSLA) managed to avoid the chaos that was left behind following a major miss on earnings by big tech companies earlier in the week. On Thursday, shares of TSLA added 0.2% and closed the trading session at a price of $225.09. It was another volatile day on Wall Street as the dust settled on another massive sell-off for Meta Platforms (META). Earlier in the day, GDP data showed the US economy grew more than expected in the third quarter, but it was not enough to account for the selling pressure on tech stocks. Overall, the Dow Jones managed to gain 0.6%, the S&P 500 fell by 0.6%, and the Nasdaq was the laggard, falling by 1.6% during the session. 

Tesla stock news

For the first time ever, the Tesla Model Y led the way for new registrations in Europe for the month of September. A total of 29,367 Model Ys were registered during the month, which is good for a 227% YoY rise from 2021. The Model Y is fast becoming the world’s most popular electric vehicle, and the new Berlin GigaFactory is clearly already paying dividends on the continent. 

Investors seem to be resigned to the fact that CEO Elon Musk’s deal to acquire Twitter (TWTR) will likely close on Friday. While the acquisition was a point of contention earlier in the year, Tesla shareholders are already used to the enigmatic CEO having his attention diverted down multiple different avenues. It remains unseen if this will have any impact on Tesla in the long run, but we can likely expect Musk to be focusing on Twitter in the near-term future. 

TSLA 5-minute chart 10/27/22

Leave a Reply

Your email address will not be published. Required fields are marked *