Tesla was due to report results after the bell Tuesday. Stocks have been trading higher early this week on the back of strong corporate earnings.
U.S. stocks continued their rally on Tuesday, with all the major indexes closing higher on a series of strong earnings reports.
The Dow Jones Industrial Average closed up 250 points or about 0.7 percent, the S&P 500 gained more than 1 percent, and the Nasdaq popped 1.6 percent.
Spotify was one of the day’s biggest gainers, climbing 14 percent after the audio streaming giant reported a quarterly profit of 197 million euros—Spotify trades on the New York Stock Exchange but is based in Sweden. The company reported 615 million monthly active users (MAUs), up 19 percent but short of its guidance of 618 million. Premium subscribers, which make up the bulk of Spotify’s revenue, rose 14 percent to 239 million.
After a period of wild growth and spending—illustrated by Joe Rogan’s $250 million podcast deal—the streamer has been in cost-cutting mode, marked by deep layoffs and a focus on profitability.
