Why Shares of Tesla Are Beating the Market Today
Shares of the electric carmaker Tesla (NASDAQ: TSLA) traded 4.3% higher today, as of 2:34 p.m. ET, well ahead of major market indexes. Tesla CEO Elon Musk reportedly told company employees in a meeting earlier today to "hang on to their stock."After a major rally following President Donald Trump's election win, Tesla stock is down about 35% this year. Not only is Musk telling employees to hang in there, but officials in the Trump administration are also trying to rally investors to buy the dip. U.S. Commerce Secretary Howard Lutnick, who previously ran the investment bank Cantor Fitzgerald, urged investors to buy Tesla stock during a television interview on Fox News Wednesday night.Retail investors seem to be listening. Bloomberg reported today that retail traders bought more shares than they sold for 13 straight trading days through yesterday, equating to about $8 billion of inflows, according to data from JPMorgan Chase. This is the largest amount of consecutive buying of the stock since 2015.Continue reading
Shares of the electric carmaker Tesla (NASDAQ: TSLA) traded 4.3% higher today, as of 2:34 p.m. ET, well ahead of major market indexes. Tesla CEO Elon Musk reportedly told company employees in a meeting earlier today to "hang on to their stock."
After a major rally following President Donald Trump's election win, Tesla stock is down about 35% this year. Not only is Musk telling employees to hang in there, but officials in the Trump administration are also trying to rally investors to buy the dip. U.S. Commerce Secretary Howard Lutnick, who previously ran the investment bank Cantor Fitzgerald, urged investors to buy Tesla stock during a television interview on Fox News Wednesday night.
Retail investors seem to be listening. Bloomberg reported today that retail traders bought more shares than they sold for 13 straight trading days through yesterday, equating to about $8 billion of inflows, according to data from JPMorgan Chase. This is the largest amount of consecutive buying of the stock since 2015.
