- Wednesday, October 16, 2024
Shares of Tesla Inc. (TSLA) continued their upward trajectory in premarket trading on Wednesday, extending a four-day winning streak. However, gains were slightly tempered after the release of favorable inflation data.
Tesla's stock saw an initial increase of 2.2% just before the announcement of wholesale inflation data, which indicated the largest decrease since the onset of the COVID-19 pandemic. However, it later settled at a 0.9% gain. This follows a similar pattern from the previous day when the stock rose 1.8% before the release of mild consumer inflation data, eventually closing with a remarkable 6.1% increase.
Over the past three sessions leading up to Tuesday, Tesla shares surged by an impressive 13.1%, marking its best three-day performance since a 15.4% surge at the end of January. The latest data indicating lower inflation is seen as favorable for consumer spending on discretionary items rather than necessities, and Tesla's stock is a crucial player in the consumer discretionary sector.
Thus far in 2021, Tesla's stock has surged by a staggering 92.7%, outperforming both the Consumer Discretionary Select Sector SPDR ETF (XLY) which experienced a 29.7% rally, and the S&P 500 (SPX) which advanced by 17.1%.
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