Stock market today: Tesla shares pop as Elon Musk's promise of cheaper EVs charms investors

• Tesla shares jumped ahead of the opening bell Wednesday after months of declines.

• The EV maker posted disappointing quarterly earnings, but talk of new models excited investors.

• Meanwhile, Nasdaq futures rose 0.6% and S&P 500 futures ticked up 0.2%.

Tesla's stock rallied before the opening bell on Wednesday as investors reacted to the electric car maker's first-quarter earnings report.

Shares rose as high as 13% in premarket trading and were still up 10% shortly after 5 a.m. ET, putting the company's valuation on course to rise by about $45 billion.

The gains came after Tesla's earnings of $0.45 per share for the three months ending March 31 missed analysts' expectations.

Traders appeared to shrug off those disappointing results and instead focus on the "Magnificent Seven" company's promise of producing new, more affordable EVs from next year.