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Tesla Reports Significant Profit Increase, Stock Surges 14%

An electronic stock board showing Japan's Nikkei index at a securities firm is seen near a pedestrian crossing Thursday, Oct. 24, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Trading on Wall Street was mixed in the early going following a third straight losing session, as major U.S. companies continued to report their most recent financial results. Futures for the S&P 500 rose 0.5% before the bell, while futures for the Dow Jones Industrial Average dipped 0.1%.

Tesla emerged as a big winner overnight, gaining nearly 14% after reporting a jump in third-quarter profit driven by stronger electric vehicle sales. CEO Elon Musk predicted 20% to 30% sales growth for the next year, despite challenges faced by the broader EV sector.

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