European and US stocks rise ahead of key inflation data

Pedro Goncalves, reporter for Yahoo Finance UK, has the latest information:

Shares of Elon Musk's electric car maker rose nearly 4% in premarket trading as the company cuts prices to clear its largest inventory in history.

Tesla (TSLA) is cutting the price of its rear-wheel-drive Model Y by $4,600 (£3,643). The Model Y Long Range and Model Y Performance will see their prices cut by $5,000, Bloomberg reports.

Tesla is offering these deals after the company produced 46,561 more vehicles than it delivered in the first quarter, meaning it had more cars in inventory than ever before.

Last quarter, Tesla reported its first decline in sales since the pandemic – a decline that was significantly worse than expected. The company blamed a weak Chinese economy, arson at its German factory and supply shortages due to the escalating conflict in the Middle East.

The stock has fallen 31% this year, making it the second-worst performer in the S&P 500 Index (^GSPC).