CNBC Daily Open: Triple whammy for Tesla
The electric vehicle company on Wednesday reported a second consecutive quarter of declining auto sales. In Europe, Tesla's market share fell for the sixth straight month to 2.8% in June from 3.4% a year ago.
The Trump administration's plans to reportedly roll back the U.S.' push for cleaner vehicles will probably hit Tesla further.
A $7,500 EV tax credit in the U.S. will expire at the end of September, indirectly raising the cost of Tesla vehicles. Meanwhile, traditional carmakers will no longer need to purchase EV regulatory credits from Tesla — which receives them for free because its vehicles are completely electric — as the Trump administration intends to stop fining traditional carmakers for missing emission standards. That means Tesla will soon lose a source of revenue.
They say bad things come in threes. Here's the last.
While Tesla's bitcoin holding is currently worth $1.24 billion, according to its investor deck, it could have been worth billions more. In 2022, the company dumped 75% of its bitcoin. The cryptocurrency is trading at roughly $118,000 now. When Tesla sold its holdings, it was trading at around $19,000.
If there's any consolation, even though U.S. President Donald Trump's "big beautiful bill" will affect Tesla, Trump said on Thursday it wasn't a targeted measure. "I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!"
Whether Trump's sentiments can help pave a smoother road for Tesla, though, is another matter.Trump spars with Powell during Fed visit. The U.S. President went back and forth with the Federal Reserve chair over Trump's claims about cost overruns at the Fed headquarters. But Trump said he doesn't think it's "necessary" to fire Powell.
The S&P 500 and Nasdaq Composite close at new records. Both indexes were rose Thursday despite an 8% plunge in Tesla shares. On Friday, Asia-Pacific markets fell. Hong Kong's Hang Seng Index led losses as of 1:30 a.m. ET.
Intel's second-quarter revenue beats estimates. But the chipmaker reported a net loss of $2.9 billion due to an $800 million impairment charge. Intel's new CEO Lip-Bu Tan also announced big spending cuts in the company's foundry business.
India expects "preferential" tariffs from the U.S. That's according to New Delhi's Commerce and Industry Minister Piyush Goyal, who told CNBC that negotiations were "progressing extremely well."
[PRO] An Indian company bets on weight-loss drugs. Expiring patents in Brazil and India mean that this pharma firm has a rare opportunity to be a first mover in dozens of emerging markets.
As Trump visits Scotland, the UK looks to settle some unfinished business
U.S. President Donald Trump is due to visit two Trump-owned golf sites in Turnberry and Aberdeen between Friday and Tuesday, as well as one of his new golf courses that's set to open in August.
He's also due to have an informal meeting with U.K. Prime Minister Keir Starmer. The question is where might we see some "give and take" in the U.S.-UK trade deal, Kallum Pickering, chief economist at Peel Hunt, told CNBC on Wednesday.
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