We recently compiled a list of the 8 Best Cyclical Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against other best cyclical stocks to buy according to hedge funds.
The major indexes added to strong weekly gains. Tesla and AI chipmakers such as Nvidia and Arm are testing key levels.
Shares of Tesla stock have nearly doubled over the past 12 months, surging 98%, with recent support emerging at the 40-day moving average. However, today's shift lower comes after the EV name said it will be sharply hiking prices in Canada, not long after also increasing costs in China. The equity is on pace to log a third consecutive daily loss.
Tech was headed for a rough start to the week. Futures tracking the Nasdaq 100 tumbled 1.3% as investors fretted that a combination of sticky inflation and a red-hot labor market will mean the Federal Reserve doesn't have to cut interest rates at all in 2025.
Technology stocks struggled across the board on Monday, including declines among all but one of the Magnificent 7 firms and a big hit to quantum computing stocks.
There wasn't much company-specific news today, so the across-the-board rally likely had to do with today's important inflation report. Inflation is a critical factor in demand for autos, as a car is a large-ticket item that is often financed by customers.
Tesla shares have been between $373 and $489 in the past 25 days. Tesla is at $394 per share. In October, Brian predicted that Tesla will reach $1000 by the end of 2025 and would reach $2500 by the end of 2027. In November, Brian predicted that Tesla will reach $450 by Feb 8, 2025. This is not and was not financial advice.
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U.S. stock indexes drifted lower following a mixed set of earnings reports from Morgan Stanley, UnitedHealth Group and other big companies
The major indexes added to strong weekly gains. Tesla and AI chipmakers such as Nvidia and Arm are testing key levels.