Tesla’s stock reverses higher to buck the broader-market selloff

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Shares of Tesla Inc. rallied 2.1% in premarket trading Monday, to buck the selloff in the broader stock market, as investors gear up for the much-anticipated Battery Day and amid troubles as fellow electric vehicle maker Nikola Corp. . The stock’s gains reverses an earlier decline of as much as 2.1%. The bounces comes as Nikola’s stock plunges 26.6% ahead of the open, after the company said Founder Trevor Milton stepped down as chairman, in the aftermath of reports of investigations by U.S. regulators. Tesla’s Battery Day is scheduled for Tuesday, with many expecting the unveiling of batteries with ramped up capacity and lower costs. Tesla’s stock had gained 4.4% on Friday, and has run up 33.9% since Sept. 8, after falling 33.7% from Aug. 31 through Sept. 8. Monday’s early rally comes as futures for the S&P 500 drop 1.9%.
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