Tesla shares zoomed nearly 5% in Friday’s midday trade amid a broader surge in stocks following Powell’s speech.
U.S. equities surged in Friday’s midday trade as investor sentiment buoyed following Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole summit, which raised hopes of an interest rate cut.
The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was up 1.44% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq, gained 1.38%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which mirrors the Dow Jones Industrial Average, rose over 2% after DJIA surged to a record high on Friday, before paring some of the gains at the time of writing.
Here are the top stocks making the biggest moves in Friday’s midday trade:
Tesla Inc. (TSLA)
Tesla shares zoomed nearly 5% in Friday’s midday trade amid a broader surge in stocks following Powell’s speech. The company also raised prices of the high-end version of Cybertruck to $114,990, from $99,990. The truck now has a “Luxe Package” that comprises full self-driving (FSD) subscription, four-year wheel and tire protection, and free supercharging access.
TSLA stock is down 17% year-to-date.
Zoom Communications Inc. (ZM)
Zoom shares surged by more than 10% after the company reported earnings per share (EPS) of $1.53 in the second quarter (Q2), beating Wall Street expectations of an EPS of $1.38, according to Stocktwits data.
ZM stock is down 1% year-to-date.
Nio Inc. (NIO)
Nio shares skyrocketed over 19% on Friday, continuing to surge following its announcement of the ES8 sports utility vehicle (SUV) to take on Tesla’s Model Y L. Nio began accepting pre-orders for the ES8 this week, with prices starting at $58,000.
NIO stock is up 50% year-to-date.
Tempus AI Inc. (TEM)
Tempus AI shares surged more than 8% on Friday after the health technology company announced the acquisition of Paige, an AI company specializing in digital pathology, for $81.25 million.
TEM stock is up 146% year-to-date.
Ubiquiti Inc. (UI)
Ubiquiti shares soared more than 27% after the company’s fourth-quarter (Q4) results surpassed Wall Street expectations. Ubiquiti posted an EPS of $3.54 on revenue of $759 million, while analysts expected an EPS of $2.23 on revenue of $635 million, according to Stocktwits data.
UI stock is up 47% year-to-date.
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