Tesla Stock Plunges After President Biden Exits 2024 Race – What’s Next for TSLA?

Washington D.C., USA – Dow Jones futures saw a modest increase on Sunday night, alongside S&P 500 futures and Nasdaq futures, following President Joe Biden’s announcement to withdraw from the 2024 election campaign. The upcoming week is set to be busy with earnings reports from companies like Tesla, Alphabet, ServiceNow, and GE Aerospace.

President Biden officially endorsed Vice President Kamala Harris as the Democratic nominee for the upcoming election, a move that could potentially impact the financial markets. Former President Donald Trump’s potential return to the White House has already been factored into the market, but Biden’s exit adds a new level of uncertainty.

In the financial realm, Dow Jones futures rose by 0.2% above fair value, with S&P 500 futures climbing by 0.35% and Nasdaq 100 futures by 0.65%. The oil market saw a slight increase in crude oil futures, while Bitcoin briefly dropped to $65,850 before recovering.

As the stock market rally experienced a rotation into various sectors, Friday marked a broad retreat with notable declines in the Nasdaq and S&P 500 indices. Companies like CrowdStrike and Nvidia experienced setbacks, contributing to the overall market decline.

Looking ahead, Google, ServiceNow, and GE are gearing up for key earnings reports in the tech sector. Other notable companies such as AppFolio, United Rentals, and Tenet Healthcare will also be sharing their financial results, setting the tone for what is anticipated to be a significant earnings week.

For Tesla, the spotlight is on their upcoming earnings report, set for Tuesday night. With expectations of lower earnings but potentially higher revenue, investors will be closely watching for insights from Elon Musk during the conference call.

As the market landscape continues to shift and evolve, it is essential for investors to stay engaged and prepared for potential fluctuations. With earnings season in full swing, being vigilant with watchlists, game plans, and timely decision-making will be crucial in navigating the current market conditions.