November 25, 2020

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Tesla’s market value soars to $500bn ahead of S&P 500 debut

Tesla’s market value has soared to $500bn in the latest leg of a rally sparked by a jolt of buying ahead of the electric automaker’s upcoming debut on the blue-chip S&P 500 stock index.

Shares in the company founded by Elon Musk have risen more than six-fold this year, topping $540 on Tuesday. A decision last week by S&P Dow Jones indices to include the group on the US stocks benchmark has stoked the price rise, with the shares jumping a third over the past eight days.

“Tesla shares have been one of the remarkable stories of 2020,” said David Kostin, Goldman Sachs chief US equity strategist in a note to the Wall Street bank’s clients, adding investors had been “focused” on its hefty rise in market capitalisation this year.

Mr Musk’s net worth has climbed in tandem with the stock, swelling by $100bn since the end of last year to $127.9bn, according to Bloomberg data.

Tesla’s debut on the S&P 500 next month will be the biggest on record, instantly making the company one of the largest weights on the index.

A boom in passive investing — in which funds seek to reflect the performance of an index —

Tesla, Dollar Tree, Carnival, Best Buy and more

A salesman carries a Best Buy shopping basket in San Francisco, California.

Getty Images

Check out the companies making headlines in midday trading.

American Airlines, United Airlines, Carnival — Airlines and cruise stocks surged on Tuesday as stocks tied to an economic recovery continued to rise after a series of positive vaccine announcements. Shares of American and United both jumped more than 6{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803}, while Carnival led the way for cruise stocks with an 8.5{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} gain.

Tesla – Shares of the electric vehicle company jumped more than 4{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} to hit a record high as investors continue to favor the stock. The move pushed Tesla’s market cap above $500 billion for the first time on record. Shares have gained more than 550{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} this year.

Best Buy – Shares of Best Buy dropped more than 5{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} after the retailer sounded alarms on the headwinds from higher shipping costs, inventory challenges and lower-margin holiday sales. Best Buy also declined to provide guidance for the fourth quarter due to the uncertainties from the pandemic. The company reported better-than-expected earnings amid strong online sales in the third quarter.

Dollar Tree — Shares of the discount retailer jumped more than 10{6b17707e448e34f54d6d1a9e433426abf2addbba8938cba1c35a09fc0ada7803} on the back of