Tesla stock in focus as CPI and earnings season begin
Tesla is entering one of the most important periods of the quarter. The release of U.S. inflation data and the start of earnings season could significantly increase the stock's volatility in the coming days.
The key event for the U.S. stock market today is the release of the June CPI report. The inflation data will play a major role in shaping expectations for the Federal Reserve's monetary policy and the outlook for interest rates over the coming months.
Another source of volatility for Tesla is the start of the earnings season. Major U.S. banks traditionally kicked off the reporting period and, overall, delivered better-than-expected results. However, several bank stocks are trading lower in pre-market trading despite those strong earnings, suggesting that investor expectations remain exceptionally high and that many traders are willing to take profits even after positive reports.
Tesla's next move depends on holding $390
Tesla shares once again failed to establish themselves above the 50-day simple moving average (SMA) near $409.50. As a result, the stock pulled back toward the key $390 support level highlighted previously. Another test of this area is expected during today's session.
If the shares fail to hold above $390, the probability of a decline toward the next support level around $382 will increase significantly.
Trading volumes are expected to gradually recover as earnings season gains momentum. As a result, investors should be prepared for elevated volatility over the coming weeks.
Will Tesla face a Sell the News reaction?
The market's mixed reaction to strong earnings from major banks highlights just how elevated investor expectations have become. As a result, even a solid earnings report from Tesla on July 22 may not be enough to trigger a sustained rally.
By the end of the week, investors should have a much clearer picture of whether the current sell-the-news pattern is likely to persist throughout the earnings season.
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