Tesla Inc TSLA shares are trading higher by 2.87% to $213.23 during Friday’s session. Shares of several companies in the auto & auto component space are trading higher amid overall market strength following a WSJ report suggesting the Federal Reserve may be debating the size of future rate hikes. Fed policy tightening has weighed on consumer spending throughout the year.
Tesla this week also reported third-quarter revenue of $21.45 billion, up 56% year-over-year. The total came in shy of analyst estimates of $21.96 billion. The company also reported automotive revenue of $18.69 billion in the third quarter, up 55% year-over-year.
In the third quarter, Tesla reported record revenue, free cash flow and operating profits despite what the company called “material headwinds.”…Read More
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Per the WSJ article: “Federal Reserve officials are barreling toward another interest-rate rise of 0.75 percentage point at their meeting Nov. 1-2 and are likely to debate then whether and how to signal plans to approve a smaller increase in December.”
The WSJ article also notes that Fed governor Christopher Waller said in a speech earlier this month “We will have a very thoughtful discussion about the pace of tightening at our next meeting”.
Stocks across sectors have otherwise been volatile in recent sessions amid a rise in treasury yields. The weakness may also be in sympathy with the overall market following greater-than-expected September CPI data released earlier in October, which at the time marked a potential sign that the Fed will continue to be aggressive in its fight against runaway inflation.
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According to data from Benzinga Pro, Tesla has a 52-week high of $414.50 and a 52-week low of $202.00.
Image and article originally from www.benzinga.com. Read the original article here.