Tesla stock still feeling positive effects from Musk pay package

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Tesla stock surged yesterday, outpacing the Nasdaq Composite with a 5.3% rise to $187.44, while the S&P 500 and Nasdaq gained 0.8% and 1%, respectively. The main catalyst was the re-approval of CEO Elon Musk's 2018 pay package, which grants him 300 million stock options. This revote was necessary after a court ruling invalidated the original approval due to disclosure issues. Announced on Musk's social-media platform X, the renewed approval received about 72% support.

Analysts believe this resolution could lift Tesla's stock to around $200, a significant resistance level. Breaking this level could indicate positive momentum. Key upcoming events include the second-quarter delivery report in early July, with expectations of 450,000 deliveries, and the August 8 robotaxi unveiling, which will feature a new vehicle and updates on autonomous-driving software. These factors, along with potential market-moving announcements from Musk, will be crucial for Tesla's stock in the coming weeks.

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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