U.S. Stocks Open Lower on Tuesday; Tesla Stock Jumps Another 3%

Tiger Newspress12-17

The Dow Jones Industrial Average was threatening to enter the history books on Tuesday with its first 9-day losing streak since the 1970s in sight.

The 30-stock average shed 215 points, or 0.5%. The S&P 500 lost 0.5% along with the Nasdaq Composite.

The Dow’s losing streak began the day after it closed above 45,000 for the first time ever earlier in the month.

Tesla gained another 3% in morning trading on Tuesday. The shares jumped 6.1% to a fresh all-time high on Monday.

Mizuho analyst Vijay Rakesh upgraded the electric vehicle maker to outperform, and after staying on the sidelines, he also lifted his price target by $285 to $515. That implies 11.2% upside from Monday’s close.

The electric-vehicle company rose 4.3% on Friday after Reuters reported President-elect Donald Trump probably would end a program requiring auto makers to report accidents that occur while vehicles are using advanced-driver-assistance systems.

On Sunday, Wedbush analyst Dan Ives raised his price target on the stock to a Wall Street-high of $515 a share, up from $400, saying the “autonomous future is coming sooner.” He expects Trump to fast track initiatives that makes launching self-driving cars easier.

The analysts argued that Tesla could have a $2 trillion market cap by the end of 2025 as the self-driving vision takes shape, and because of an expected jump in deliveries of EVs in China.

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