Tesla (TSLA) had a very up-and-down October, with mixed results throughout the month. Tesla shares dropped almost 9% after its October 10 Robotaxi Day failed to meet lofty expectations. However, shares jumped about 22% after the company reported better-than-expected third-quarter numbers on October 23, just two weeks later. TSLA shares finished October down, dropping 3% to $249.85.
Several reasons are behind Tesla’s rough October performance. Not only did the automaker take a hit last month, but the entire stock market performed rather poorly. The S&P 500 and Dow Jones Industrial Average fell 1.9% and 0.9% in October, respectively. Other major players like Microsoft and Uber also saw shares take a hit in October, even with positive earnings reports.
Through Thursday trading to close out the month, Tesla stock was up about 1% year to date. Since October 1, TSLA is down 6%. Despite that lack of movement, shares have been extremely volatile in 2024. TSLA was up about 80% from an intraday 52-week low reached in April. Shares were down about 9% from an intraday 52-week high reached just after third-quarter earnings were reported.
Will Tesla Rebound This Month? Q4 Outlook
Also Read: Tesla (TSLA): Stock Continues To Rise Thanks To New Models
Looking ahead, shares are trying to break above resistance of about $265 a share. Getting through that resistance can mean a breakout with more gains ahead. Tesla stock closed at $269.19 a share last Friday after earnings. Market analysts would like to see another close above resistance to believe the breakout was real, and bring forth better gains this November.
Speaking of November, one factor outside of Tesla’s production could affect the stock this month, and it has something to do with its billionaire CEO Elon Musk. Musk will reportedly be a part of Donald Trump’s administration if he is elected President on November 5. The outcome of the US election will affect the US stock market and economy. For Tesla stock in particular, it could be affected if Elon Musk is indeed a part of Trump’s team and makes a decision regarding the future of Tesla.
Some analysts predict a big Q4 and upcoming calendar year for Tesla. After its solid earnings report and Elon Musk’s production promises, TSLA has been on the rise. The outcome of Q4 earnings could not just shape Tesla’s 2024 outlook, but how the stock performs in 2025.