Stock Market Today: Dow Jones Dives 400 Points As Israel Attacks Iran; Nvidia, Tesla Sell Off (Live Coverage)
The Dow Jones plunged 400 points Friday as Israel launched major attacks on Iran. Nvidia and Tesla sold off on the stock market today.
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Yahoo
12 minutes ago
- Yahoo
Trump blocks California's ban on new sales of gas-powered cars
The Brief President Trump has blocked California's 2035 ban on the sale of gas-powered vehicles. In response to his blocking, California has filed a lawsuit challenging the motion. President Donald Trump signed a resolution blocking California's first-in-the-nation rule banning the sale of new gas-powered cars by 2035. The state quickly announced it was challenging the move in court. What we know The resolution was approved by Congress last month and aims to quash the country's most aggressive attempt to phase out gas-powered cars. Trump also signed measures to overturn state policies curbing tailpipe emissions in certain vehicles and smog-forming nitrogen oxide pollution from trucks. Trump called California's regulations "crazy" at a White House ceremony where he signed the resolutions on Thursday. "It's been a disaster for this country," he said. The other side In response to the president's decision, California Attorney General Rob Bonta filed a lawsuit, saying Trump's actions "will have life or death consequences for CA communities breathing dirty, toxic air." "We've filed our lawsuit against the Trump Admin for illegally targeting California's clean vehicles program. CA will fiercely defend ourselves from this lawless federal overreach," Bonta wrote in a post on X. Dig deeper The three resolutions Trump signed will block California's rule phasing out gas-powered cars and end the sale of new ones by 2035. They will also kill rules that phase out the sale of medium- and heavy-duty diesel vehicles and cut tailpipe emissions from trucks. In his remarks at the White House, Trump expressed doubts about the performance and reliability of electric vehicles, though he had some notably positive comments about the company owned by Elon Musk, despite their fractured relationship. "I like Tesla," Trump said. In remarks that often meandered away from the subject at hand, Trump used the East Room ceremony to also muse on windmills, which he claimed "are killing our country," the prospect of getting electrocuted by an electric-powered boat if it sank and whether he'd risk a shark attack by jumping as the boat went down. "I'll take electrocution every single day," the president said. When it comes to cars, Trump said he likes combustion engines but for those that prefer otherwise, "If you want to buy electric, you can buy electric." What they're saying "What this does is it gives us freedom," said Bill Kent, the owner of Kent Kwik convenience stores. Kent, speaking at the White House, said that the California rules would have forced him to install "infrastructure that frankly, is extremely expensive and doesn't give you any return." The Alliance for Automotive Innovation, which represents major car makers, applauded Trump's action. "Everyone agreed these EV sales mandates were never achievable and wildly unrealistic," John Bozzella, the group's president and CEO, said in a statement. Trump's signing of the resolutions comes as he has pledged to revive American auto manufacturing and boost oil and gas drilling. The move follows other steps the Trump administration has taken to roll back rules that aim to protect air and water and reduce emissions that cause climate change. The Environmental Protection Agency on Wednesday proposed repealing rules that limit greenhouse gas emissions from power plants fueled by coal and natural gas. Dan Becker with the Center for Biological Diversity, said the signing of the resolutions was "Trump's latest betrayal of democracy." "Signing this bill is a flagrant abuse of the law to reward Big Oil and Big Auto corporations at the expense of everyday people's health and their wallets," Becker said in a statement. California, which has some of the nation's worst air pollution, has been able to seek waivers for decades from the EPA, allowing it to adopt stricter emissions standards than the federal government. In his first term, Trump revoked California's ability to enforce its standards, but Democratic President Joe Biden reinstated it in 2022. Trump has not yet sought to revoke it again. Republicans have long criticized those waivers and earlier this year opted to use the Congressional Review Act, a law aimed at improving congressional oversight of actions by federal agencies, to try to block the rules. That's despite a finding from the U.S. Government Accountability Office, a nonpartisan congressional watchdog, that California's standards cannot legally be blocked using the Congressional Review Act. The Senate parliamentarian agreed with that finding. California, which makes up roughly 11% of the U.S. car market, has significant power to sway trends in the auto industry. About a dozen states signed on to adopt California's rule phasing out the sale of new gas-powered cars. The Source Information for this story came from President Donald Trump, an X post by AG Rob Bonta, and the Associated Press.
Business Insider
an hour ago
- Business Insider
Tesla's (TSLA) Full Self-Driving Could Expand in China Due to New Data Export Rules
China has released draft guidelines that could help EV maker Tesla (TSLA) expand its advanced driver-assistance features in the country, according to a Bloomberg report on Friday. For the first time, Beijing has provided clear rules on how data generated in China, including from driver-assistance systems and product development, can be accessed, used, and exported. This is an important step for companies like Tesla, which need to send data abroad in order to improve their systems. Confident Investing Starts Here: The proposed guidelines were published by China's Ministry of Industry and Information Technology, along with seven other government agencies, and are now open for public comment. The framework covers key types of information, such as autonomous driving algorithms, training images, operational data, and vehicle-to-road perception data. These are all critical for developing and improving advanced driver-assistance technologies like Tesla's Full Self-Driving (FSD) system. Being able to export this data is especially valuable for Tesla because the core team working on FSD is based in the U.S., and having access to real-world data from Chinese roads would help optimize the system's performance in China, the world's largest car market. It's worth noting that, until now, strict data controls have been a barrier for foreign automakers. However, the new guidelines could provide Tesla with a clearer path to making its most advanced driver-assistance features more competitive in China. What Is the Prediction for Tesla Stock? Overall, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $285.97 per share implies 12.1% downside risk.
Yahoo
an hour ago
- Yahoo
Think Lucid Group Stock Is Expensive? This 1 Chart Might Change Your Mind.
Lucid Group stock looks expensive. Tesla's history shows Lucid's true potential. 10 stocks we like better than Lucid Group › Everyone wants to invest in the next Tesla (NASDAQ: TSLA), and an examination of analyst predictions suggests Lucid Group (NASDAQ: LCID) has the potential to be it. Sales are expected to grow by 73% this year, with another 96% growth expected in 2026. There's just one problem with buying the stock at the moment: Lucid shares trade at 6.7 times sales, a pricey valuation for a business that might be unprofitable for at least the next several years. If you dig deeper, however, Lucid shares might be wildly undervalued despite the high price-to-sales ratio (P/S). Despite generating less than 1% of Tesla's revenue, Lucid Group still trades at roughly half the valuation of Tesla on a price-to-sales basis. That could all change when the company releases its "mass market" vehicles. Management has previously teased three new vehicle models that will all sell for less than $50,000 a piece. While these vehicles are still a year or two away from production, they should eventually put Lucid's growth in overdrive. Tesla released its Model 3 in 2017, with the Model Y following in 2020. These two affordable vehicles now account for more than 90% of Tesla's sales -- the primary reason that Tesla's sales have gone from a few billion dollars to more than $95 billion today. Lucid has a very long way to go before matching Tesla's revenue numbers. But releasing more affordable models is the key to closing the gap. If management is to be believed, the first of several mass market models will arrive sometime in 2026, with more on the way in 2027 and beyond. It should be stressed that Lucid's financial position isn't incredibly strong right now. It has less than $1.9 billion in cash on the balance sheet, yet it lost nearly $2.4 billion over the last 12 months. More cash will need to be raised to get these new models to market. However, Tesla's success shows Lucid's true potential. Before you buy stock in Lucid Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lucid Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $655,255!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $888,780!* Now, it's worth noting Stock Advisor's total average return is 999% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Think Lucid Group Stock Is Expensive? This 1 Chart Might Change Your Mind. was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
