The news cheered up investors who were bracing for the worst after a tumultuous week at Tesla that saw big layoffs, executive exits, price cuts and the postponement of a highly touted meeting with the Indian prime minister. It also helped Wall Street shrug off the company's weak results that included its first quarterly revenue decline in nearly four years and a lower-than-expected profit. "First impression for us is CEO Elon Musk is appeasing the market by accelerating new product launches," Jefferies analysts, led by Philippe Houchois, said in a note.
A rally attempt is underway. Tesla revved higher on plans for "affordable" EVs. Meta and ServiceNow earnings loom tonight.
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