Stock Market Today: Stocks Close Higher as Tesla Extends Win Streak
The electric vehicle maker extended its longest daily win streak since early 2021 after announcing a new deal with GM.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Friday marked another choppy day for stocks as market participants looked ahead to next week's raft of potential volatility-inducing events.
With nothing in the way of earnings or economic reports for investors to take in, single-stock news drove today's price action. Among the most notable moves was Tesla (TSLA) stock, which hit some major milestones following news of a big partnership with General Motors (GM).
Under the terms of the deal that was announced late Thursday, GM will have access to Tesla's network of electric vehicle (EV) charging stations across Northern America. General Motors CEO Mary Barra told CNBC that the agreement will save the Detroit-based automaker up to $400 billion of a previously estimated $750 billion it had earmarked to build out its own EV charging infrastructure. Tesla has a similar deal in place with Ford Motors (F, +1.2%).
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"After signing EV charging partnerships with the two largest domestic auto manufacturers by volume in a few short weeks, Tesla Superchargers have essentially become the industry standard for EV charging," says CFRA Research analyst Garrett Nelson. "While we expect some frustration from Tesla vehicle owners due to increased congestion, higher network utilization rates should boost its bottom line," the analyst adds.
GM shares climbed 1.1% today, while TSLA rose 4.1% to $244.40 – its highest close since October 4. What's more, this marked the 11th straight gain for Tesla stock, its longest daily win streak since January 2021, according to Morningstar.
Big gains for TSLA and GM helped consumer discretionary stocks (+0.5%) outperform today, with tech stocks (+0.5%) coming in a close second. At the other end of the sector spectrum were real estate (-0.5%) and materials stocks (-0.8%).
As for the major indexes, the Nasdaq Composite rose 0.2% to 13,259, the S&P 500 added 0.1% to 4,298, and the Dow Jones Industrial Average gained 0.1% to 33,876.
Will the Fed pause or hike?
Will the Federal Reserve hike interest rates again or will it pause? That's the question on everyone's mind ahead of the next Fed meeting, which kicks off on Tuesday and wraps up Wednesday afternoon.
"If the Fed is truly data dependent and using their prior metrics, then they should raise rates by a further 25 basis points, given sticky inflation and a labor market that continues to produce jobs," says James Demmert, chief investment officer at Main Street Research. However, Demmert adds that the central bank has a long history of "placating markets" and could pause hiking this time around to satisfy investors.
Barclays economists, meanwhile, think it's "too close to call," and that the decision will likely hinge on the May consumer price index (CPI) report, which will be released ahead of Tuesday's open. "In our view, an outcome for Tuesday's May core CPI inflation exceeding the consensus of 0.4% month-over-month would likely be sufficient for a hike, depending on the composition across volatile and persistent components," the team wrote in a note to clients.
Related Content
-
Dow Leads in Mixed Session on Amgen Earnings: Stock Market TodayThe rest of Wall Street struggled as Advanced Micro Devices earnings caused a chip-stock sell-off.
-
How to Watch the 2026 Winter Olympics Without OverpayingHere’s how to stream the 2026 Winter Olympics live, including low-cost viewing options, Peacock access and ways to catch your favorite athletes and events from anywhere.
-
Here’s How to Stream the Super Bowl for LessWe'll show you the least expensive ways to stream football's biggest event.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
S&P 500 Hits New High Before Big Tech Earnings, Fed: Stock Market TodayThe tech-heavy Nasdaq also shone in Tuesday's session, while UnitedHealth dragged on the blue-chip Dow Jones Industrial Average.
-
Dow Rises 313 Points to Begin a Big Week: Stock Market TodayThe S&P 500 is within 50 points of crossing 7,000 for the first time, and Papa Dow is lurking just below its own new all-time high.
-
Nasdaq Leads Ahead of Big Tech Earnings: Stock Market TodayPresident Donald Trump is making markets move based on personal and political as well as financial and economic priorities.
-
11 Stock Picks Beyond the Magnificent 7With my Mag-7-Plus strategy, you can own the mega caps individually or in ETFs and add in some smaller tech stocks to benefit from AI and other innovations.
-
If You'd Put $1,000 Into UPS Stock 20 Years Ago, Here's What You'd Have TodayUnited Parcel Service stock has been a massive long-term laggard.
-
How the Stock Market Performed in the First Year of Trump's Second TermSix months after President Donald Trump's inauguration, take a look at how the stock market has performed.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
