) is on the brink of a positive year-to-date performance. Presently priced at $246.39, TSLA stock is at the early January level, 14% above its 52-week average of $215.85 per share.
This would constitute a 24% performance gain from the price level of $241.82 at press time. Tesla is expected to report its Q2 2024 earnings on July 23rd. Powell refrained from setting any specific dates to avoid stirring the market’s animal spirits but fed fund futures priced in three interest rate cuts by the end of the year. According to CME FedWatch, the first one in September has a probability of 80.78% at press time.
However, those shoes may yet drop despite the high probability for rate cuts. According to recent Redfin analysis of the U.S. Census Bureau data, newly built apartments are filling up at the lowest pace since 2020, with less than 47% getting rented. Elon Musk overestimated Full Self-Driving deployment by roughly eight years. Since the autopilot feature was introduced in 2014, it has lingered in the marketing gray zone. Effectively at SAE Level 2, it must reach SAE Level 4 to be accurately described as FSD. At the end of May, first major inkling in that direction was revealed.
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