Investors have seen a topsy-turvy stock market so far in 2023, with early gains in January giving way to more anxiety in February. After seeing solid gains during the first few days of March, market participants came back from the weekend uncertain about what the future will bring. Stock index futures on the Nasdaq Composite (^IXIC -0.58%) were roughly unchanged a couple of hours before the beginning of the regular trading session as a result.

As is often the case, electric vehicle (EV) manufacturer Tesla (TSLA -0.32%) got some attention on Monday morning, as the automaker once again took steps to try to bolster demand in the face of tough macroeconomic conditions. However, another stock listed on the Nasdaq enjoyed much more significant gains, with shareholders benefiting from a well-known effect that often helps to boost stocks of companies in similar situations. Read on to learn more about what Tesla did and to discover the name of this rising Nasdaq energy stock.

Tesla turns to price cuts one more time

Shares of Tesla were little changed early Monday morning. The automaker made more moves to bolster demand of its EVs by making them more affordable, but this time, Tesla focused on the higher end of its product line to make price cuts.

Tesla reduced the prices of its luxury Model S and Model X vehicles for buyers in the U.S. market, according to multiple sources. The Model S got a $5,000 price cut, bringing the price of the all-wheel-drive version of the electric sedan to $89,990 and the Plaid version down to $109,990. Model X buyers got even bigger breaks, with a $10,000 reduction in price. That brought the current cost to $99,990 for the regular all-wheel drive version of the electric SUV and $109,990 for the Model X Plaid.

Investors remain divided about what Tesla's price cuts mean for its longer-term prospects. Some believe that the moves are negative for Tesla, arguing that they prove the automaker's need to reduce revenue in order to sustain demand and high delivery numbers. Competition is increasingly important as well, especially in the battleground EV market in China, where one rival already sells more vehicles than Tesla and others occupy key niches.

Others, though, believe Tesla's ability to cut prices will give it competitive advantages over would-be rivals, potentially giving it more market share. With massive margins already in place, Tesla can arguably afford to give up some of its profits in the short run in order to give itself a more commanding position in the market in the years to come.

Chord Energy gets an index invitation

Those looking for a bigger share-price move took note of Chord Energy (CHRD -2.00%) on Monday morning. The energy company jumped nearly 6% in premarket trading, as investors reacted to the inclusion of its stock in a popular market index.

Chord got an invitation from S&P Dow Jones Indices to join the S&P MidCap 400 index effective March 20. The move comes as the index manager makes its quarterly rebalancing trades, with the idea being for its indexes to reflect their respective market capitalization ranges in a more representative manner. Chord was among 10 companies making the move into the S&P MidCap 400, replacing companies that will be moving lower into the S&P SmallCap 600 index.

Chord Energy might not be familiar to some investors, because it's the new post-merger name for two companies that combined in mid-2022. Both Whiting Petroleum and Oasis Petroleum were major producers in the Williston Basin area centered on western North Dakota, and combining forces enabled them to enjoy greater efficiency and cut costs. Along with higher energy prices, that has helped Chord pay an impressive 7.5% dividend yield.

Many stocks -- including Tesla -- have benefited when they've been able to join high-profile stock indexes. Chord Energy isn't huge, but it will still get some new attention from investors as a result of its being part of the S&P MidCap 400.