Shares of Tesla moved higher on Monday, amid a broad rally in the technology sector.
Tesla shares jumped more than 9% on Monday amid a broad-based rally in the technology sector, and as Goldman Sachs said that demand is picking up in China.
"Tesla global weekly app downloads have recently been tracking up on a year-over-year basis, with the most recent full week of global data up about 20% yoy," the firm said in a note to clients Monday, while noting that the company typically has "much stronger deliveries in the last month of each quarter."
Monday's move continues a period of volatility for the stock, which has seen it swing between sharp gains and losses. Last Tuesday shares dropped 21% for their worst day on record after S&P Dow Jones Indices decided against adding the stock to the S&P 500. The very next day, the stock jumped nearly 11%.Monday's move also came on the heels of strength in the broad technology sector. The Nasdaq Composite advanced 2%, after posting its worst week since March.
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