Analysts say Tesla's core business is worth far less than the company's $1 trillion market cap, leading to some tough questions.

The S&P 500 was up 0.3% in afternoon trading and on track to set a record for the third time in four days. The Dow Jones Industrial Average was down 50 points, or 0.1%, as of 1:49 p.m. Eastern time, and the Nasdaq composite was 0.