Tesla Leads Nasdaq, TSLA Stock Climbs Above $310 on Musk’s Announcement
Markets soared to new records as Tesla's rally boosted investor optimism, even with labor market cooling in focus.
Quick overview
- Tesla's remarkable rebound propelled the Nasdaq Composite to new record highs, closing at $309.87 after a significant recovery from earlier losses.
- The broader market also saw gains, with the S&P 500 and Dow Jones Industrial Average reaching all-time highs, driven by optimism in technology stocks.
- Investor excitement surged following CEO Elon Musk's announcement of the expansion of Tesla's Robotaxi service, reigniting hopes for advancements in autonomous driving.
- Despite the market rally, investors remain cautious about the cooling labor market, monitoring job data for potential impacts on hiring momentum.
Live TSLA Chart
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Markets soared to new records as Tesla’s rally boosted investor optimism, even with labor market cooling in focus.
Tesla’s Stunning Rebound Sparks Market Euphoria
Tesla (NASDAQ: TSLA) delivered a dramatic turnaround on Thursday, powering the Nasdaq Composite to fresh record highs. After suffering a sharp 7% drop at Monday’s open that briefly dragged the stock to $300, Tesla roared back with remarkable strength.
The stock closed at $309.87 in New York, holding gains throughout the day after opening well above $300 compared to yesterday’s closing price of $295. Investor enthusiasm remained robust after the bell, with TSLA shares climbing past $316 in after-hours trading, underscoring the electric vehicle giant’s outsized influence on broader market sentiment.
Broader Market Sets New Highs on Tech Strength
Tesla’s rebound came on a day of solid gains across IT and growth stocks, pushing both the S&P 500 and Nasdaq Composite to new all-time closing highs. The Dow Jones Industrial Average also participated in the rally, rising around 0.5%, buoyed by optimism over corporate earnings, steady consumer spending, and continued investor appetite for technology names.
Tesla stood out as a key driver of Thursday’s rally, showcasing the company’s power to shape market mood, especially given its prominence in growth and momentum trading strategies.
Robotaxi Expansion Stokes Optimism
Investor excitement intensified following comments from CEO Elon Musk. On Wednesday evening, Musk announced via his social media platform X that Tesla’s much-anticipated ride-hailing service, Robotaxi, would expand to cover a “larger service area in Austin this weekend.” He also hinted at plans for Model Y robotaxis to begin operating soon in California’s Bay Area.
This news reignited investor hopes for Tesla’s autonomous driving roadmap, highlighting the company’s ambition to redefine mobility and unlock new revenue streams beyond traditional vehicle sales.
Tesla Chart Weekly – Impressive Recovery After Early-Year Slump
Tesla’s latest surge continues a remarkable comeback story. After plunging to around $220 in early April amid concerns over EV demand and rising competition, TSLA has climbed over 60% in less than three months, hitting an intraday high of $335.50 in May.
Contributing to the recovery has been renewed optimism about global trade stability, signs of improving electric vehicle demand in key markets, and growing excitement over Tesla’s advancements in autonomous driving technology. Today’s powerful move reinforces the company’s return to a broader upward trend.
Labor Market Context: Investors Still Watching Jobs Data
While Wall Street celebrated Tesla’s rebound and the broader tech-led surge, investors remain attuned to the health of the US labor market. Recent jobless claims have pointed to a gradual cooling, with the four-week moving average ticking slightly higher year-over-year.
Analysts warn that although layoffs remain historically low, a steady rise in continuing claims could indicate longer search times for displaced workers, potentially signaling slower hiring momentum. With the Federal Reserve still weighing policy moves, markets will watch upcoming unemployment data for signs that the jobs market may be losing steam.
Conclusion: Tesla’s dramatic rally on Thursday underscored the tech sector’s leadership in this year’s bull market, pushing major indices to fresh record highs even as the labor market shows hints of softening. With traders balancing optimism around innovation with caution over employment trends, Wall Street heads into the second half of the year with both confidence and vigilance.
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