Tesla’s stock is on the rise, marking a positive turn after a series of declines. The company’s shares increased by 0.9% in early trading, following a 1.2% rise to close at $178.65 on Thursday. This comes amidst a general uptick in the market, with the S&P 500 and Nasdaq Composite futures also seeing gains.
In a notable shift, Novo Nordisk, known for its obesity medication Wegovy, has surpassed Tesla in market valuation. While Tesla’s market worth stands at $569 billion, Novo Nordisk’s valuation, combining its U.S. and Danish listed shares converted to dollars, reaches approximately $604 billion, as reported by FactSet.
This development was propelled by Novo Nordisk’s 9% surge to a record high of $125.92 on Thursday, following optimistic outcomes from trials of a new weight-loss drug.
Meanwhile, stocks of companies similar to Tesla also saw movement. NIO’s shares dropped by 1.2% early on, with Ford Motor’s shares decreasing slightly by 0.2%. In contrast, General Motors experienced a minor increase of 0.2%, Lucid’s shares went up by 1.6%, and Rivian’s stock saw a 2.6% rise in early trading.
Currently, Tesla’s stock is significantly lower than its 52-week peak of $299.29 achieved last summer. The trading volume at the close of Thursday was 102.13 million, which is nearly 7 million below its 65-day average trading volume of 109 million.
