Tesla's Stock Streak Ends At 13 Days: Unlucky Number, Powell To Blame And A Look At Investment Returns
Portfolio Pulse from Chris Katje
Tesla's 13-day stock market streak ended on June 14, with shares closing at $256.79, down 0.74%. The decline coincided with Federal Reserve Chairman Jerome Powell's announcement that interest rates would remain steady, causing the overall market to dip. Tesla's shares are up over 130% year-to-date in 2023.
June 14, 2023 | 10:05 pm
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POSITIVE IMPACT
Tesla announced partnerships with Ford Motor Co. (NYSE:F) over the use of Tesla's North American Charging Standard.
The partnership between Tesla and Ford Motor Co. over the use of Tesla's North American Charging Standard is a positive development for Ford. This collaboration could lead to increased adoption of electric vehicles and charging infrastructure, benefiting Ford in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Tesla announced partnerships with General Motors Co (NYSE:GM) over the use of Tesla's North American Charging Standard.
The partnership between Tesla and General Motors Co. over the use of Tesla's North American Charging Standard is a positive development for General Motors. This collaboration could lead to increased adoption of electric vehicles and charging infrastructure, benefiting General Motors in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) dropped to intraday lows of $433.59 after the Fed's announcement to hold interest rates steady. However, it rebounded and closed up 0.12% to $437.17 for the day.
The SPDR S&P 500 ETF Trust was impacted by the Fed's announcement to hold interest rates steady, causing it to drop to intraday lows. However, it managed to rebound and close up for the day, indicating a neutral short-term impact on the ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla's 13-day stock market streak ended, with shares down 0.74%. The decline coincided with the Fed's decision to hold interest rates steady. Tesla's shares are up over 130% year-to-date in 2023.
Tesla's stock price decline is directly related to the Federal Reserve's decision to hold interest rates steady, which caused the overall market to dip. Despite the end of the streak, Tesla's shares are still up significantly year-to-date, indicating strong performance overall. The short-term impact is negative due to the market reaction to the Fed's announcement.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100