September 14, 2020 at 06:56PM
Tesla shares jumped more than 9% on Monday amid a broad-based rebound in the technology sector, and as Goldman Sachs said that demand is picking up in China. “Tesla global weekly app downloads have recently been tracking up on a year-over-year basis, with the most recent full week of global data up about 20% yoy,” the firm said in a note to clients Monday, while noting that the company typically has “much stronger deliveries in the last month of each quarter.”
Monday’s move continues a period of volatility for the stock, which has seen it swing between sharp gains and losses. Last Tuesday shares dropped 21% for their worst day on record after S&P Dow Jones Indices decided against adding the stock to the S&P 500. The very next day, the stock jumped nearly 11%.
Monday’s move also came on the heels of strength in the broad technology sector. The Nasdaq Composite advanced 2%, after posting its worst week since March. Apple gained more than 2%, while Amazon, Microsoft and Alphabet were each up more than 1%. Tesla shares are up roughly 380% this year, but they’re also about 20% below their record high from Sept. 1.
Tesla shares jump 9% amid tech rebound, Goldman comments, CNBC, Sep 14
From: The FxPro News Team https://fxpro.news/daily-forex-outlook/tesla-shares-jump-9-20200914/
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