Major U.S. indexes surged at midday Wednesday after several big banks reported strong quarterly results and a key measure of inflation came in softer than anticipated.

Tesla Inc.’s stock rose 2% early Tuesday, boosted by expectations that Chief Executive Elon Musk’s close relationship with the new administration will help the electric-vehicle maker, and further buoyed by a bullish note from Piper Sandler.

Tesla, Inc. (NASDAQ: TSLA)’s Cybertruck discounts are bad news for the stock price. The company announced a series of discounts in early January that suggest tepid demand in what should be a growth driver.