Tesla Stock Trends Update

Tesla stock is expected to open positively on Friday after breaking a three-day streak of closing in the red during the previous session. The electric-vehicle maker's shares saw a 0.9% increase in the premarket, following a 1.2% rise to $178.65 on Thursday. Futures on the S&P 500 rose by 1% and on the Nasdaq Composite climbed by 1.5%.

Market Value Dynamics

The stock movement coincides with Novo Nordisk surpassing Tesla's market value on Thursday. Despite Tesla holding a market value of $569 billion, Novo Nordisk, the maker of obesity drug Wegovy, saw its U.S.-listed and Danish stocks combined reaching approximately $604 billion in market capitalization. Novo Nordisk's impressive 9% jump to $125.92 on Thursday came as the company reported positive trial results for its new weight-loss drug.

Peer Comparison

On the other hand, Tesla's peers experienced mixed results in Friday's early trading. NIO stock was down by 1.2%, Ford Motor shares dropped by 0.2%, General Motors stock rose by 0.2%, Lucid shares saw a 1.6% increase in premarket trading, and Rivian shares surged by 2.6%.

Tesla Stock Performance

Tesla's stock currently stands below its 52-week high of $299.29 set last summer. With a trading volume of 102.13 million shares at Thursday's close, it remains slightly lower than its 65-day average volume of 109 million shares.