Tesla outperforms broader market ahead of Tuesday’s session:…

Tesla outperforms broader market ahead of Tuesday’s session:…

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Tesla Inc. TSLA Stocks traded higher in the front market Trading on Tuesday, some catalysts may offer support.

What happened: In premarket trading, Tesla was up 1.28% to $185.60 Benzinga Pro data. The stock traded lackluster after that March 1 Investor Day. The stock is currently trading below the high of $217.65 hit on February 16th. Still, the stock is up about 49% year-to-date.

See also: Everything you should know about Tesla stock

On Tuesday, the stock could be inspired by some positive headlines:

  • Increase in insurance filings: Data reported by local media showed this Insurance registrations for Tesla vehicles totaled 18,712 units in the week ended March 19, up from 17,032 units in the previous week. This was the second highest number since the peak in late September. The numbers bode well for Tesla, which is set to announce first-quarter deliveries in early April.
  • Moody’s upgrade: Moody’s upgraded Tesla’s long-term issuer rating to Baa3 while withdrawing the corporate family rating Ba1 and probability of default rating Ba1-PD and liquidity rating SGL-1 speculative grade. The positive opinion was based on the agency’s confidence in the company’s fundamentals.
  • Broader market sentiment may also be supportive for the stock as traders have started to price in a 25 basis point rate hike from the fed funds or even a pause amid the banking crisis. Sentiment could remain upbeat ahead of Wednesday’s interest rate decision.
  • Learn more about Benzinga’s coverage of the future of mobility from follow this link.

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