Elon Musk

Tesla Stock TSLA Leads Market Skyrocket After SpaceX Historical Launch

Tesla Stock TSLA Leads Market Skyrocket After SpaceX Historical Launch

Fetured image: liv3fast | NASA space flight | Tesmanian

The historic event took place on May 30 for both Americans and all of humanity. But the launch of astronauts into space by SpaceX is also important for Tesla.

Both companies are created and run by the great engineer Elon Musk. Of course, the successful first SpaceX flight with astronauts on board had a positive effect on Tesla’s image, which had a positive effect on the company's stock.

Dow Jones futures were little changed Monday morning, along with S&P 500 futures and Nasdaq futures. Last week, the rally in the stock market had some strong intraday fluctuations, but ultimately ended in significant growth. The Dow Jones and S&P 500 index led, but the Nasdaq reasserted leadership on Friday. The wild action showed the importance of having a market rally game plan ahead of time.

Tesla stock, Microsoft stock, UnitedHealth stock and Domino's stock are all above some buy points. Tesla stock is on the Leaderboard watchlist.

TSLA stock jumped 3.6% on Friday to $835, if it become a real winner, it should be able to power through these other levels. In early premarket trading, Tesla stock rose nearly 3% to $857, which would be above the $843.29 entry. At the time of writing the article, stocks are trading at $878 per share and rose nearly 5%.

Source: Investor's Business Daily

The normally volatile Tesla stock has been trading unusually tight in the past few weeks and this is a bullish sign.

Tesla also recently lowered prices for models 3, S and X in the US and Europe, as well as for models S and X in China. Deliveries of Model Y, currently only in the USA, are now much faster after orders. These measures should stimulate sales growth in the market, which is now still affected by the coronavirus crisis.

"Tesla stock, meanwhile, is on a tear in 2020, up more than 90%, crushing comparable returns of the S&P 500 and Dow Jones Industrial Average over the same span," writes Barrons. "GM and Ford shares, on the other hand, are down about 24% and 36% year to date, respectively. In addition, Tesla trades for about 70 times estimated 2021 earnings. Ford and GM, on a combined basis, trade for less than 10 times."

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This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Eva Fox holds zero share of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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