Tesla's price cuts will make it harder for everyone else in EVs, says longtime bull Cathie Wood.
For the third day in a row, Tesla (NASDAQ: TSLA) stock is riding higher -- up 4.3% as of 10:10 a.m. ET. The Federal Reserve's decision to raise interest rates only 25 basis points yesterday is probably part of the reason for that -- indeed, growth stocks in general seem happy to run today, with the entire Nasdaq up nearly 2%. Tesla's plan to cut the prices of its electric cars, you see -- not just in the U.S., but in China as well -- is having its intended effect of stoking consumer demand.
After a rough 2022, the S&P 500 has gotten off to a solid start in 2023. The broad-market index rose 6.2% in January as investors responded bullishly to falling inflation and signs the Federal Reserve would start slowing its interest rate hikes. Warner Bros. Discovery (NASDAQ: WBD) shares had a dismal 2022 as AT&T's spinoff of Warner Media and merger with Discovery Communications revealed a number of problems with the new media company.