tesla Shares Surge on Rate Cut Hopes

Tesla (TSLA) shares soared Friday amid a broader market rally spurred by comments from Federal Reserve Chair jerome Powell that indicated interest rate cuts could be on the horizon.

The EV maker’s stock jumped over 6% to close around $340,making it the top gainer among shares of the world’s most valuable technology companies,which rallied Friday after being under pressure most of the week. Tesla was also among the top-performing stocks in the S&P 500 and Nasdaq 100 today.

Tesla stands to benefit from an environment of lower interest rates, which would make it easier for consumers to finance big-ticket purchases such as autos.