Tesla Boosts Megacap Momentum Amid Market Uncertainty

Tesla's optimistic sales forecast drives a positive turn for megacap stocks, lifting S&P 500 and Nasdaq 100 futures. With major indices recovering from recent declines, traders focus on Federal Reserve decisions and upcoming U.S. elections. Elsewhere, Boeing faces continued strikes and IBM reports revenue shortfalls.

Tesla's robust growth prediction for the coming year has sparked a rally in megacap stocks, particularly boosting S&P 500 and Nasdaq 100 futures in early Thursday trading. This comes as investors eagerly await further reports from the Magnificent Seven group.

Following a period of decline in major U.S. stock indexes, the market shifted its focus to Tesla's positive third-quarter results. Nvidia, Amazon, and Meta Platforms also saw gains, suggesting a renewed market optimism despite broader economic concerns.

Meanwhile, Wall Street's recent sell-off reflects investor apprehension about Federal Reserve rate decisions and U.S. election outcomes. Compounded losses, such as Boeing's prolonged strike and IBM's revenue miss, further underscore the complexity of current market dynamics.

(With inputs from agencies.)