Nasdaq - US STOCKS-S&P 500, Nasdaq ride higher on Tesla gains

"Is it possible that Tesla provides a short term rally? Yes, absolutely," said Giuseppe Sette, president of the quantitative research firm Toggle.

"However, it seems likely if we are truly in an age of liquidity withdrawal and quantitative tightening, rallies on high-momentum stocks like Tesla might not be secular or cyclical, but just rather short-term."

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