Why Tesla Stock Is Moving Higher Today

Tesla, Inc. TSLA shares are trading higher amid overall market strength following a drop in Treasury yields from the release of new U.S. economic data.

The Details:

Treasury yields fell on Tuesday after July job openings data fell 338,000 to 8.827 million at the end of July. The larger-than-expected drop gives hope that the Federal Reserve may pause interest rate hikes and is driving a drop in Treasury yields.

Tesla shares are moving higher on above-average trading volume. According to Benzinga Pro, more than 67.3 million shares have already been traded in the session, compared to TSLA's 100-day average of 131.521 million shares.

Tesla continues to capture the attention of retail investors with TSLA landing among the top trending stocks on WallStreetBets.

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TSLA Price Action: According to Benzinga Pro, Tesla shares are up more than 6% at $253.26 at the time of publication.

Image: Courtesy of Tesla, Inc.