Shares of Tesla Inc. rallied 7.36% to $243.92 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index rising 2.51% to 18,013.98 and the Dow Jones Industrial Average rising 1.

Shares of electric vehicle maker Tesla, Inc. (NASDAQ:TSLA) advanced strongly in the premarket session on Thursday. The upside is in line with the buoyancy shown by the index futures, which are up sharply early Thursday.

It’s Fed day and Tesla shareholders will be watching at 2 p.m. Eastern time to see what Federal Reserve chair Jerome Powell has to say about short-term interest rates. Investors should brace for volatility.