"The move higher in Tesla shares bore no relation whatsoever to the company's financial performance in the quarter," JPMorgan wrote.

Apple stock was up in premarket trading after the iPhone maker posted first-quarter earnings results that beat expectations.

Tesla, IBM and Meta Platforms helped lead most U.S. stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.

Tesla said it sold 1.79 million vehicles in 2024, the first drop in more than a dozen years despite offers of 0% financing, free charging and low-priced leases