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Tesla shares are trading higher by 3.6% during Thursday’s session. The stock is up after strong retail sales, hinting at higher consumer demand and possible vehicle sales growth.
Tesla Inc (NASDAQ:TSLA) shares are trading higher by 5.77% to $213 during Thursday's session. The stock is trading higher after stronger-than-expected retail sales, potentially signaling increased consumer demand and confidence, which may boost expectations for higher vehicle sales.
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The strong retail sales data indicates that consumers are willing and able to spend more, which bodes well for high-ticket items like electric vehicles (EVs). Tesla, as a leader in the EV market, could benefit from increased demand for its cars, driving higher sales and revenue.
Among the spending categories highlighted in the report, motor vehicle and parts dealers saw a 3.6% increase, which suggests growing consumer interest in purchasing vehicles. As consumers increasingly prioritize environmentally friendly options, Tesla stands to capture a large share of this increased demand for vehicles.
Additionally, a strong labor market, indicated by lower-than-expected jobless claims, supports economic stability, which can translate into greater consumer confidence in making significant purchases like cars. Tesla's premium products are more likely to see sustained or increased sales in such an environment.
The rise in major indexes Thursday, such as the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) and SPDR S&P 500 ETF Trust (NYSE:SPY), also often lifts individual stocks within these indices. Tesla, being a significant component of these indices, could see its stock rise in tandem with broader market gains as investors move into riskier assets like tech stocks during times of economic optimism.
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How To Buy TSLA Stock
By now you’re likely curious about how to participate in the market for Tesla – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share. For example, some stocks, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the case of Tesla, which is trading at $201.38 as of publishing time, $100 would buy you 0.5 shares of stock.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to ‘go short’ a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, TSLA has a 52-week high of $278.98 and a 52-week low of $138.80.
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This article What's Going On With Tesla Stock Today originally appeared on Benzinga.com