Tesla stock is hitting the brakes, but it continues to rise – and so does the Magnificent Seven

Yesterday's hit stocks have cooled off a bit today – but they're still working their way up.

Shares of electric vehicle maker Tesla (TSLA) rose nearly 3% to around $268 in early trading Friday, outperforming the benchmark S&P 500. (Read today's market coverage here.) That's less dramatic than the numbers that the stock recorded on Thursday as the company saw its shares rise 22%, their biggest percentage gain in more than a decade, buoyed by an earnings report and outlook that investors cheered.

With today's move, the stock is on track for a weekly gain of about 21% from last Friday's closing price of $220.70. According to Visible Alpha data, the company's market capitalization is around $840 billion. Analysts tracked by Visible Alpha have not yet caught up with Tesla's recent rise and their average price target is around $232.

This also happened as the other six of the so-called Magnificent Seven megacap tech stocks – Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT) and Nvidia (NVDA) – rose , with all but Apple up more than 1% in recent trading.

That suggests general optimism ahead of quarterly financial results from Apple, Alphabet, Microsoft and Meta, due next week.