Tesla Jumps 5% to Lead Magnificent Seven in October Rally

Tesla (TSLA) shares surged more than 5% on Monday, their biggest single-day gain since early September, closing at a near-three-month high as the stock broke out of a months-long slump to lead the Magnificent Seven in October. The advance followed a Barclays upgrade, which raised its price target to $450 from $370 on speculation that a merger with SpaceX (SPCX) could deliver an acquisition premium to Tesla shareholders. CEO Elon Musk confirmed last week that both companies have formed separate committees to explore a combination, though no formal deal has been announced. The stock gapped higher at the open, clearing resistance near $386 — its October high and roughly its 200-day moving average. Despite the rally, Tesla remains down double digits year-to-date, still the worst performer among the seven, and trades about 20% below its record closing high. Barclays flagged the $380 area as key support; failure to hold it would suggest the move was a one-day event.