Al Root
Tesla stock is trying to close out a tough week for tech with a gain.
In midday trading, shares of the electric vehicle maker were up 3.2% at $410.01. The S&P 500 and Dow Jones Industrial Average were up 1.1% and 1.5%, respectively.
Coming into Friday trading, the stock was down almost 8% for the week. Shares have fallen on three of the past four days and 12 of the past 17 trading sessions.
There hasn't been Tesla-specific news to pin the gainson -- no Wall Street upgrades, or changes to analyst price targets.
Stellantis was the biggest automotive news, writing down EV assets and not paying a dividend this year.
Slowing EV sales, resulting in write-offs, isn't a surprise. Ford Motor and General Motors have done the same. Still, Stellantis shareholders didn't take the news well. Stellantis stock was down 23%.
Earlier in the week, Congress held a hearing on autonomous vehicle standards to try to better understand self-driving technology and how it might be rolled out nationwide.
Representatives from Tesla and Alphabet's Waymo testified. Self-driving cars are important to Tesla. It launched a robo-taxi service in June, competing with Waymo in Austin, Texas. And the EV pioneer plans to be operating in nine cities by midyear.
The biggest reason for the week's losses is probably the tech selloff. Tesla is seen as a tech stock, and the tech-heavy Nasdaq Composite was down almost 4% for the week through Thursday trading.
Alphabet's stock declined after earnings. Amazon.com's stock was down in Friday trading after reporting earnings on Thursday. And software stocks fell on fears that their businesses were being disrupted by AI.
Whatever the reason, Tesla stock is rallying on Friday along with the Nasdaq.
Write to Al Root at allen.root@dowjones.com
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(END) Dow Jones Newswires
February 06, 2026 11:03 ET (16:03 GMT)
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