February 2, 2023

Why Tesla Stock Is Popping Off Today

Tesla Inc TSLA shares are trading higher by 7.30% to $194.65 Thursday afternoon after strong fourth-quarter earnings from Meta Platforms Inc, which has driven a rotation into tech and growth stocks. Growth stocks have also gained following Wednesday’s 25 bps rate hike by the Fed and hopes of easing inflation.

Tesla shares have also seen marked strength after the company last week reported better-than-expected fourth-quarter EPS and sales results. Tesla reported fourth-quarter total vehicle production of 439,701, up some 44% year-over-year. Fourth-quarter deliveries came in at 405,278, up 31% year-over-year.

What Happened With This Week’s FOMC Meeting?

Wednesday’s 0.25% rate hike brings the target fed funds rate to a new range between 4.5% and 4.75%, the highest levels seen since before the 2008 financial crisis.

The move was in line with average economist expectations and comes in the wake of a downshift from the Fed in December. At its last meeting, the central bank opted for a 0.5% hike, which was preceded by four straight 0.75% rate hikes…Read More

See Also: Federal Reserve Downshifts To 0.25%: Central Bank’s Pace Of Interest Rate Hikes Slows With Inflation

TSLA has a 52-week high of $384.29 and a 52-week low of $101.81.

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