October 25, 2024

Tesla's Stock Taps the Brakes, But It's Still Rising—And So Is the Magnificent Seven

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Yesterday’s hit stock has cooled a bit today—but it’s still working its way higher.

Shares of EV maker Tesla (TSLA) were up nearly 3% in early trading Friday to around $268, outperforming the benchmark S&P 500. (Read today’s markets coverage here.) That’s less dramatic than the numbers the stock turned in Thursday as the company saw its shares rise 22%, its biggest percentage gain in more than a decade, on the back of an earnings report and outlook investors cheered.

Today’s move has the stock on track for a weekly gain of about 21% from last Friday’s close of $220.70. It has the company’s market capitalization at around $840 billion, according to Visible Alpha data. Analysts tracked by Visible Alpha have yet to catch up to Tesla’s latest ride higher, with their mean price target at about $232.

It also comes as the other six of the so-called Magnificent Seven megacap tech shares—Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT) and Nvidia (NVDA)—rose, with all but Apple up more than 1% in recent trading.

That would point toward general optimism ahead of quarterly financial results from Apple, Alphabet, Microsoft, and Meta that are expected next week.

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