Global Markets Rally as Tesla Leads Charge with Strong Earnings

European shares and U.S. stock futures rebounded after recent sell-offs, driven by Tesla's strong earnings. The STOXX 600 rose 0.57%, while Nasdaq futures climbed 0.73%. The dollar saw a slight decline as the euro, yen, and pound gained. Rising expectations of trade policies under Donald Trump add market tension.


Devdiscourse News Desk | Updated: 24-10-2024 15:16 IST | Created: 24-10-2024 15:16 IST
Global Markets Rally as Tesla Leads Charge with Strong Earnings
This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

European shares and U.S. stock futures rallied on Thursday, rebounding from earlier sell-offs as investor sentiment improved, partly thanks to Tesla's strong earnings report. The STOXX 600 climbed 0.57% and Britain's FTSE 100 increased by 0.78% after strong performances by Renault, Unilever, and Hermes boosted European markets.

Tesla's robust third-quarter profits and optimistic sales growth forecast of 20-30% for the coming year added fuel to the rally, lifting Nasdaq futures by 0.73%. The automaker's upbeat results were a significant factor in the improved market mood, according to Deutsche Bank's senior strategist Jim Reid.

In the foreign exchange market, the dollar saw a dip as the euro, yen, and pound strengthened. The dollar index slipped 0.23% after hitting a three-month high. Meanwhile, the bond markets experienced fluctuations with the 10-year U.S. Treasury yields falling slightly amid strong economic data causing traders to question the Federal Reserve's future rate cuts.

(With inputs from agencies.)

Give Feedback