TSLA Stock News: Tesla rises as Musk looks for expansion into Canada, Mexico

NASDAQ: TSLA gained 1% during Wednesday’s trading session.
Tesla CEO Elon Musk is looking to expand further into North America.
EV stocks rise despite broader weakness from the tech industry.

Stocks Reporter FXStreet

Tesla (TSLA) rose higher on Wednesday as news of Musk looking for expansion to new markets had investors excited once again. Shares of TSLA rose by 1% and closed the trading session at a price of $224.64. Stocks were volatile on Wednesday following disappointing earnings for Alphabet (GOOGL), Microsoft (MSFT) and Meta Platforms (META) after the markets closed. The Nasdaq was the clear laggard, tumbling by 2%, while the S&P 500 dropped lower by 0.7%. The Dow Jones managed to barely post a gain of just 0.01%, extending its winning streak to four days.

Tesla stock price

Tesla had a couple of conflicting headlines on Wednesday that had an impact on the stock’s performance throughout the day. First, it was revealed that CEO Elon Musk has met with the governor of a northern Mexican state that borders Texas about a potential expansion into the country. Tesla also posted some positions in Quebec, meaning that the much-discussed expansion into Canada could be coming sooner rather than later. On the other side of the coin, Tesla is being investigated by the Department of Justice in a criminal probe about its full self-driving technology.

Electric vehicle stocks were mostly in the green despite weakness in big tech stocks. Not only was Tesla on the rise, but so too were Nio (NIO), XPeng (XPEV), and General Motors (GM). Shares of Ford (F) were down slightly in extended trading as the company reported a net loss in the third quarter due to supply chain issues and investments in the Argo AI project, which it is now shutting down.

TSLA 5-minute chart 10/26/22

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD flirts with three-day lows near 1.1570

EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

XRP rises as crypto market steadies despite Middle East war

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.