Tesla slipped 0.3% ahead of results expected after the bell. Its strategy to boost sales through price cuts is likely to have powered its strongest revenue growth in five quarters while dragging down margins to a three-year low in the April-June period.
"The question is whether Tesla can continue to drive high volumes, as it becomes much busier on the EV highway ahead, with more big players accelerating their manufacturing efforts," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. The electric carmaker will kick off the earnings season for megacap growth and technology companies whose outsized gains have driven the tech-heavy Nasdaq up 37.2% so far in 2023.
Credit Suisse raised its year-end target on the benchmark S&P 500 to 4,700 from 4,050, citing a decline in the near-term U.S. recession risk and a stronger earnings outlook for the largest technology-related companies.
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