Why Tesla Stock Was Up This Morning
Shares of Tesla (NASDAQ: TSLA) were up by more than 3% soon after the market opened Tuesday, but as of 1 p.m. ET, the shares were up by about 0.8%. The stock moved higher after a Reuters article reported that the electric vehicle leader could begin mass production of its Cybertruck by the end of 2023.
Also boosting Tesla's stock price was a report Monday from JPMorgan Chase's top market strategist predicting that the Federal Reserve could be nearly finished with its interest rate hikes. Rising interest rates have weighed on tech stock valuations throughout 2022, and Tesla is down 35% year to date.
CEO Elon Musk previously said that the Cybertruck could be the company's "best product ever." He originally unveiled the vehicle in 2019, but delays have pushed back its production. On the third-quarter earnings call in October, Musk said the company was in the "final lap" with the Cybertruck.
Source Fool.com
