Tesla (NASDAQ: TSLA) stock raced ahead by 7% through 10 a.m. ET Monday after Bloomberg reported that the incoming Trump administration wants to enact "a federal framework for fully self-driving vehicles.

Tesla shares rise after a report says President-elect Trump will seek to set a national standard for self-driving cars.

The Nasdaq and S&P 500 closed higher on Monday, recovering some losses as investors anticipate quarterly earnings from AI leader Nvidia, and Tesla jumped on the prospect of favorable policy changes from the incoming Trump administration.

Artificial intelligence (AI) is proving to be a transformative force across industries, from cloud computing to retail, advertising, and factory automation, and we’re still only at the dawn of this tech revolution.

Nvidia CEO Jensen Huang delivers a speech in Tokyo, Japan on November 13, 2024. Chip design leader Nvidia (NVDA) plans to report earnings for the fiscal third quarter on Wednesday. The chipmaker is expected to report revenues of $33 billion for the third quarter of fiscal year 2025,