Stock Market Today, April 17: Tesla Rises Again to Break Losing Streak
Tesla (NASDAQ:TSLA) closed Friday at $400.62, up 3.01%. The stock moved higher during Friday’s session as reports linked renewed EV enthusiasm to high oil prices and company-specific AI and robotaxi developments. Shareholders are relieved to see an eight-week losing streak end, and are now watching for the next quarterly update on April 22.
Trading volume reached 88.9 million shares, coming in about 41% above its three-month average of 62.9 million shares. Tesla IPO'd in 2010 and has grown 25,096% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 1.20% to finish Friday at 7,126 — its first close over 7,100. The Nasdaq Composite (NASDAQINDEX:^IXIC) rose 1.52% to close at 24,468. Among automobiles names, General Motors (NYSE:GM) closed at $81.30 (+4.16%) and Ford Motor Company (NYSE:F) finished at $12.88 (+3.50%), reinforcing strength across major auto makers.
What this means for investors
Rising oil prices tied to the war in Iran have improved the relative of appeal of electric vehicles (EVs). Yet Tesla shares have been on an eight-week losing streak before investors boosted shares again today leading into the company’s earnings report next week.
Investors will closely monitor that April 22 report for signs of progress in the company’s robotaxi program as well as its AI chip production.
Tesla’s Q1 production and delivery update earlier this month showed over 358,000 units delivered, with 8.8 GWh of energy storage deployed. Those figures disappointed investors, though, so more color on Tesla’s robotaxi rollout will be what’s needed to improve sentiment.
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Howard Smith has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy.
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