US Stock Market Move | Tesla, Inc. (TSLA.US) opened higher and climbed further, rising over 2.6%, with its market capitalization approaching US$1.6 trillion.

On Tuesday, Tesla, Inc. (TSLA.US) opened higher and climbed further. As of press time, it was up about 2.6%, returning above US$400, with a total market capitalization approaching US$1.6 trillion. Since August, the stock has gained more than 30% cumulatively. On the news front, market speculation about a potential merger between Tesla, Inc. and SpaceX continues to heat up. Musk confirmed at SpaceX's earnings call on October 20 that the two sides have set up a dedicated committee to explore the merger, but no specific transaction plan has been finalized. Barclays upgraded Tesla, Inc. to "Overweight" and raised its target price from US$370 to US$450. The core rationale is the strategic premium released by a potential merger between Tesla, Inc. and SpaceX. Barclays believes the two sides may announce a deal before Tesla, Inc.'s annual shareholder meeting on December 3. Cathie Wood, founder of Ark Invest, said Tesla, Inc. and SpaceX are leading the US economy toward real GDP growth of as much as 9%; at the same time, if the two companies merge, it could bring considerable gains to shareholders of both. She noted that the growing business overlap between Tesla, Inc. and SpaceX provides a stronger financial rationale for a merger.