TSLA: Tesla Stock Races to Top Spot in S&P 500 but Still Trades Within Recent Range

EV maker was the biggest winner in S&P 500 on Wednesday, bouncing back from a 1.6% loss the day before.

• Tesla stock TSLA was the best-performing stock in the broad-based S&P 500 on Wednesday — a day without much movement, which saw some of the tech highflyers dive under the flatline. The EV manufacturer led by the eccentric billionaire and meme king added 4.2%. On par with the same increase was snack and beverage maker Mondelez MDLZ. The gains weren’t enough to lift the S&P 500, leading to the index’s 0.2% drop on the day.
• Shares of Tesla erased a pre-market loss and pared back a 1.6% Tuesday drop to notch the third positive day of the past four sessions. But it hasn’t been an easy year for the electric car maker. The company’s shares are down more than 10% on the year. At one point the stock was down more than 40%, a drop which was masterfully recovered. Over the past couple months, Tesla has been trading in a range of $200 to $220 as investors await fresh updates to yank it out of the consolidation zone.
• The Oct. 10 robotaxi event might be an opportunity for Elon Musk to bring back the spark. Tesla has ramped up its spending on AI and robot making, flaring up investor anxiety as the focus has shifted from profit-making car sales to risky ventures into uncharted territory. The company’s earnings report for the third quarter is coming a couple of weeks after the robotaxi unveiling.