Stocks on Wall Street continued hitting new highs last week, with the S&P 500 rocketing above the 4,000-rates for the first time in history, as the economic outlook seemed to be more than positive.
In addition to another piece of crucial economic data, as well as the release of the minutes of the Federal Reserve’s policy meeting is showing that we are going to have another busy week on Wall Street.
It doesn’t matter which direction the market will take, below is analyzed one stock that is likely to be in demand during the week.
Please bear in mind though that our time frame is just for this week.
Stock to Add to Your Portfolio: Tesla
Tesla (NASDAQ:TSLA) shares are likely to take advantage from boosted buying activity in the week ahead after the Elon Musk-managed electric automaker released record high first-quarter vehicle delivery data during the weekend, once again surprising the skeptics and bears.
The EV ground-breaking company announced on Friday it delivered 184,800 vehicles over the three months ending in March, up an astonishing 109% from the same time frame last year, amidst strong demand for its Model 3 and Model Y vehicles.
General estimates called for deliveries of 168,000 vehicles.
The Q1 numbers demonstrate a new record for the world’s most estimated automaker. The previous high was notched in the fourth quarter of 2020, when Tesla delivered 180,570 vehicles. Additionally, the Palo Alto, California-headquartered company said it delivered 180,338 cars in the first three months of 2021.
In addition to those strong numbers, Apple (NASDAQ:AAPL) said last week that it intends to apply Tesla batteries at its innovative renewable energy storage in California. Tesla is going to supply 85 Megapack battery energy storage systems to the project, which bodes well for the future as it could reveal a strengthening relationship between the two tech behemoths than previously thought.
TSLA shares closed Thursday’s trade at $661.75, around 26.5% below their record of $900.13 reached on Jan. 25, providing the company with a market cap of $635.1 billion.
The flourishing electric vehicle sector was one of the best-performing area over the last year. After hitting a gain of more than 740% in 2020, TSLA shares are trending down 6% as for now.