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The S&amp;P 500 index saw its first positive close of the week on Thursday, fueled by <a href="https://ceo.ca/@tradingview/full-speed-ahead-teslas-q3-results" rel="noopener noreferrer nofollow">Tesla’s explosive stock performance</a>. The EV maker almost single-handedly powered gains in the broad-market index.
Tesla’s massive single-day surge was its best performance in 11 years, dating back to May 2013. Shares added about $150 billion to the company’s market cap, bringing it to $816 billion. Elon Musk, who holds around 13% of Tesla stock, saw his net worth increase by $33.5 billion, further solidifying his position as the world’s wealthiest person, with an estimated net worth of $270 billion, according to the Bloomberg Billionaires Index.
<a href="https://www.tradingview.com/symbols/NASDAQ-TSLA/" rel="noopener noreferrer nofollow">Tesla stock</a> returned to meme-stock-like momentum, jumping a staggering 22%. This surge appeared to be fueled by pent-up demand, with traders quick to jump in at the first sign of positive news — specifically, earnings data showing growth and forward-looking guidance pointing to more growth ahead.
The EV maker reported surprisingly strong earnings and revenue for the third quarter. But more importantly, Elon Musk provided an optimistic (though somewhat vague and informal) forecast of “vehicle growth” in the range of 20% to 30% for 2025
Stocks overall enjoyed steady buying momentum, with the Nasdaq Composite rising 0.8%, while the Dow Jones Industrial Average slipped 0.3%. It wasn’t a day for traditional “real economy” stand out, as investors anticipate big tech earnings next week.&nbsp;
<img decoding="async" loading="lazy" class="aligncenter wp-image-54633 size-full" src="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView.jpg" alt="" width="1835" height="834" srcset="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView.jpg 1835w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView-300x136.jpg 300w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView-1024x465.jpg 1024w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView-768x349.jpg 768w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/SPX-Chart-by-TradingView-1536x698.jpg 1536w" sizes="(max-width: 1835px) 100vw, 1835px">
Looking ahead, markets are likely to get increasingly tense in the run-up to <a href="https://www.forex.com/en-us/news-and-analysis/nasdaq-100-forecast-magnificent-seven-q3-2024-earnings-preview/" rel="noopener noreferrer nofollow">next week’s reports from the Magnificent Seven</a>.
The pressure is building for tech giants like Microsoft, Meta, and Apple to post impressive earnings, driven by solid demand for AI-related products. However, the broader earnings environment has been somewhat lackluster. About 160 S&amp;P 500 companies have reported earnings, with many falling short of expectations, stirring some anxiety in the stock market.

Tesla Drives Upside Swing for the S&P 500

WalletInvestor

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