Stock Market Today, Oct. 16: Tesla Slips 2% as Roadster Reveal Fades Before Earnings
On Oct. 16, 2026, investors shrugged off Thursday's Roadster demo and SpaceX tie-in, pivoting focus to next week's Q3 results.
On October 16, Tesla's stock price fell 2.13% to $354.72 after its announcement of the Roadster, a vehicle built using SpaceX thrusters. Investors shifted their focus to the company's upcoming earnings report. Trading volume for Tesla surged to 61.6 million shares, nearly double its three-month average of 37.5 million shares. Since going public in 2010, Tesla's stock has increased by 22,209%.
Meanwhile, the S&P 500 and Nasdaq Composite also experienced declines, with the S&P 500 dropping 1.09% to 7,661 and the Nasdaq Composite falling 2.15% to 26,140. Other EV manufacturers, such as Rivian Automotive and Lucid Group, saw significant drops as well, with Rivian down 4.61% to $12.42 and Lucid down 10.57% to $3.13. Despite the Roadster's reveal, most analysts, including Gene Munster, deemed it an engineering showcase rather than a game-changer for Tesla's stock.
The reveal reignited speculation about a potential merger between SpaceX and Tesla, with prediction markets showing a 56% chance of a deal. While some see value in the combined company's presence in space operations, robotics, AI, and autonomous fleets, others view SpaceX as the more compelling standalone entity.
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