Tesla's surge is putting Big Tech earnings center stage as investors look to megacaps to lift stocks.
Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla 's cheaper car pledge and waited for the next rush of corporate earnings . The Nasdaq Composite rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average fell 0.1%.
Tesla shares jumped nearly 12% after the EV maker's vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model. The results from the first "Magnificent Seven" to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered.
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