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US stocks secured gains across the board on Tuesday, as tech-focused investors prepared for a fresh wave of earnings highlighted by struggling Tesla (TSLA).
The tech-heavy Nasdaq Composite (^IXIC) led the trading day, surging about 1.6%. The benchmark S&P 500 (^GSPC) rose about 1.2% after staging a comeback from a six-day run of losses on Monday. The Dow Jones Industrial Average (^DJI) climbed roughly 0.7%.
Tesla rose as much as 8% in after-hours trading after the company suggested its future vehicle lineup would include more affordable models. The update comes as the electric vehicle giant missed earnings expectations on both the top and bottom lines. Gross margins came in above estimates of 16.5% to hit 17.4% in the quarter.
Tesla’s earnings will likely be a catalyst for the S&P 500, given the stock’s weight in the index. Shares have been hit hard after a disappointing delivery outlook, the cancellation of plans for a long-awaited sub-$30,000 model, and a strategy switch to robotaxis, among other headwinds.
As the first "Magnificent Seven" to report, Tesla sets the stage for highly anticipated results from Meta (META), Microsoft (MSFT), and Alphabet (GOOG) later in the week, though some suspect the megacaps’ momentum is fading.
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