Latest news with #Subsidies
Business Times
2 days ago
- Business
- Business Times
Trump is not interested in talking to Musk, White House official says
[WASHINGTON] US President Donald Trump is not interested in talking with his former ally Elon Musk, amid a bitter feud over the president's sweeping tax-cut bill, a White House official said on Friday (Jun 6), adding that no phone call between the two men is planned for the day. A separate White House official had said earlier that Trump and Musk were going to talk to each other on Friday. Trump, the world's most powerful leader, and Musk, the world's richest man, conducted an extraordinary day of hostilities on Thursday – largely over social media – marking a stark end to a close alliance. Shares in Musk's Tesla closed down 14 per cent on Thursday, losing about US$150 billion in market value in the largest single-day decline in value in the electric vehicle maker's history. In pre-market trading on Friday they pared some of those losses, rising as much as 5 per cent after the early news that the two men were scheduled to speak. Musk had bankrolled a large part of Trump's presidential campaign and was then brought as one of the president's most visible advisers, heading up a sweeping and controversial effort to downsize the federal workforce and slash spending. The verbal punches erupted on Thursday after Trump criticised Musk in the Oval Office and the pair then traded barbs on their social media platforms: Trump's Truth Social and Musk's X. The falling-out had begun brewing days ago when Musk, who left his role as head of the Department of government Efficiency a week ago, denounced Trump's sweeping tax-cut and spending bill. The president initially stayed quiet while Musk campaigned to torpedo the bill, saying it would add too much to the nation's US$36.2 trillion in debt. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump broke his silence on Thursday, telling reporters he was 'very disappointed' in Musk. 'Look, Elon and I had a great relationship. I don't know if we will anymore,' Trump said. As Trump spoke, Musk responded on X. 'Without me, Trump would have lost the election,' wrote Musk, who spent nearly US$300 million backing Trump and other Republicans in last year's election. In another post, Musk asserted that Trump's signature import tariffs would push the US into a recession later this year. 'The easiest way to save money in our Budget, billions and billions of US dollars, is to terminate Elon's governmental Subsidies and Contracts,' Trump posted. Minutes after the closing bell, Musk replied, 'Yes,' to a post on X saying Trump should be impeached, something that would be highly unlikely given Trump's Republicans hold majorities in both chambers of Congress. Space business Musk's businesses also include rocket company and government contractor SpaceX and its satellite unit Starlink. Musk, whose space business plays a critical role in the US government's space programme, said on Thursday that as a result of Trump's threats he would begin decommissioning SpaceX's Dragon spacecraft. Dragon is the only US spacecraft capable of sending astronauts to the International Space Station. Late in the day, Musk backed off the threat. In another sign of a possible detente to come, Musk subsequently wrote: 'You're not wrong,' in response to billionaire investor bill Ackman saying Trump and Musk should make peace. Trump and Musk are both political fighters with a penchant for using social media to attack their perceived enemies, and many observers had predicted a falling-out. Musk hit at the heart of Trump's agenda earlier this week when he targeted what Trump has named his 'big, beautiful bill', calling it a 'disgusting abomination' that would deepen the federal deficit. His attacks amplified a rift within the Republican Party that could threaten the bill's prospects in the Senate. Nonpartisan analysts say Trump's bill could add US$2.4 trillion to US$5 trillion to the nation's US$36.2 trillion in debt. A prolonged feud between the pair could make it harder for Republicans to keep control of Congress in next year's midterm. REUTERS
Int'l Business Times
3 days ago
- Business
- Int'l Business Times
MAGA Pleads With Trump to End Feud With Musk: 'America Needs Both of You'
MAGA supporters are pleading with President Donald Trump to end his feud with Elon Musk as the two engaged in an ongoing social media public spat Thursday. The back-and-forth intensified when the president shared in a Truth Social post that the "easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts." "I was always surprised that Biden didn't do it!" Trump added. The breakdown between Trump and Musk began after the world's richest man criticized the "Big, Beautiful Bill," calling it "disappointing." His comment seemingly triggered the end of his relationship with Trump, leading to his swift departure from the Department of Government Efficiency (DOGE). While most of the internet reveled in the breakdown, many MAGA supporters took to Truth Social to beg the president to end the feud, with some reminding Trump it was he who gave Musk the platform throughout his campaign and at the start of his presidency. "Not a good look Trump," one Truth Social user wrote. "I wish President Trump and Musk would not trade public barbs like this. It diminished both of your accomplishments and makes you look like high school girls in a social media fight. Please, guys. Rein [sic] it in. We are so proud of you of both of you!" Patriot Grandma wrote. "I'm not sure you're gonna see this. I really hope and pray that you do! The country needs you and Elon so if you two could just work out your differences that would be fantastic," another begged. Other Truth Social users defended Musk and his accomplishments in the White House as the head of DOGE. "Elon makes more sense than you do, Donald. I supported you - YOU brought Elon to the table and he produced. Now you want to pass yet another bogus bill which does very little to cut govt waste - And your targeted 'suggestion' is not what needs to be cut here and YOU KNOW IT," one user wrote. "Why are you picking a fight with one of your best allies. So stupid," another echoed. "Oh man, don't jump all over Elon," a third advised. "What is wrong with you??? Please stop," a fourth Truth Social user stated. "As my first comment on this platform I can say in a bipartisan manner, quit being an ungrateful douchebag Mr. President," another added. "You are making a terrible mistake! Elon and Doge was about saving money, lots of it! What good is saving $1 Trillion if you raise the debt ceiling $4 Trillion? Think clearly about this. Congress is playing you like a fiddle!" one user warned. Many criticized both parties for not addressing their issues outside of the public eye. "Please just shut up about issues that should be addressed man to man," a user stated. "America needs both of you or the corrupt will destroy our country," another added. "I am disappointed in the blowup between you and Elon. Together you were an unbeatable force. Apart, you are both weakened - something that makes our enemies very happy," a third wrote. "We love you POTUS, but we love Elon as well. We're a team, stop the infighting," another stated. "Please don't display your differences on social media," a fourth advised. "Pretty sure that infighting isn't what the people voted for," a fifth added. "Wtf are you doing dude... stop blasting your infighting over social media... this isn't 'mean girls,'" another Truth Social user wrote. While the feud shows not signs of slowing down, Musk has taken aim at Trump's alleged involvement in the Epstein files. Trump claimed he doesn't "mind Elon turning against me," and Steve Bannon chimed in to call for the Tesla CEO's deportation. Originally published on Latin Times
Yahoo
3 days ago
- Business
- Yahoo
Stock market today: S&P 500, Nasdaq slip as Tesla dives on Trump-Musk escalation
US stocks wiped out gains on Thursday as escalating tensions between President Trump and Tesla CEO Elon Musk overshadowed a phone conversation between Trump and China's Xi Jinping, which had lifted investor optimism that a strained US-China relationship could be thawing. Trump's spat with Tesla (TSLA) CEO Elon Musk also burst into the open Thursday after days of Musk-led criticism of his giant tax-and-spending bill working its way through Congress. Trump posted on Truth Social that "the easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts." Tesla stock fell more than 16% amid the spat, leading the broader tech trade lower. The Dow Jones Industrial Average (^DJI) was just below the flat line after the blue-chip index snapped a four-day win streak on Wednesday. The S&P 500 (^GSPC) was down about 0.4% and the tech-heavy Nasdaq Composite (^IXIC) was off about 0.6%. Trump confirmed a phone call with China's Xi after Chinese state media said the two leaders spoke on Thursday at Trump's request. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," Trump wrote on social media on Thursday morning. "Our respective teams will be meeting shortly at a location to be determined." Read more: The latest on Trump's tariffs Department of Labor data out Thursday showed weekly claims for unemployment benefits hit their highest level in eight months during the final full week of May. Meanwhile, the tally of continuing claims continued to hover near the highest level in nearly four years, as the US labor market continues to show signs of slowing. Investors now await Friday's release of the closely watched May jobs report, which economists say will offer the "first real look at how the labor market is faring under a rapidly changing trade environment." In other corporate news, shares of stablecoin firm Circle (CRCL) exploded higher in its market debut. President Trump took to his social media platform Truth Social Thursday afternoon to continue an ongoing feud with Tesla (TSLA) CEO Elon Musk, who recently left his post with the Department of Government Efficiency (DOGE). "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!," Trump wrote on Truth Social. In a separate post, Trump said the easiest way money in the budget is to "terminate Elon's Governmental Subsidies and Contracts." Tesla stock quickly extended losses, and was down more than 12% just after Trump posted the comments. Read more about the ongoing feud here. Mortgage rates fell for the first time in a month, following a sharp move lower in Treasury yields. At around 6.9%, relatively high rates have depressed mortgage and homebuying activity throughout the critical spring season. Yahoo Finance's Claire Boston reports: Read more here. Palantir (PLTR) shares fell as much as 5% in afternoon trading as Semafor reported Republican privacy advocates in Congress are criticizing the Trump administration's work with the defense technology company. Multiple Congress members expressed privacy concerns regarding Palantir's collection of a "massive pool of government data on Americans." Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Stablecoin issuer Circle Internet Group (CRCL) shares are soaring just after the company began trading at $69. The stock quickly hit $92 after several trading halts. Shares are now up more than 200% from the companies IPO price of $31 per share. Read more here. The S&P 500 (^GSPC) came close to touching 6,000 on Thursday, its highest level since February. The broad-based index touched a session high of 5,999.70 after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. Yahoo Finance's Jen Schonberger reports: Read more here. Trump Media and Technology (DJT) took a key step toward launching a publicly traded crypto investment product Thursday morning. The newly formed Truth Social Bitcoin ETF business trust filed its S-1 with the US Securities and Exchange Commission to register the new exchange-traded fund licensing Trump Media's social media brand. The ETF will trade on the NYSE Arca. Thursday's filing is a significant step for Trump Media's move into the cryptocurrency space. Shares of DJT were down just over 1% late Thursday morning. Read the full story here. President Trump posted on social media that he had a 'very good phone call' with Chinese leader Xi Jinping over trade. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump wrote on Truth Social on Thursday morning. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," he added. Trump said each country's respective teams will be meeting shortly at a location to be determined. The president also said there "should no longer be any questions respecting the complexity of Rare Earth products." The issue of rare earth minerals, crucial components for manufacturing, has come to the forefront in recent weeks as China has made moves to restrict their exports to the US, in retaliation against US trade policy. This week, a group representing US auto suppliers called on Wednesday warned that the issue could quickly disrupt auto parts production Read more here. Tesla (TSLA) stock fell more than 5% on Thursday, extending declines from the previous session following an increasingly public policy blowout between President Trump and Tesla CEO Elon Musk "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Musk added, "If the massive deficit spending continues, there will only be money for interest payments and nothing else!" EV tax credits could also be at risk after a report from Bloomberg suggests that Musk's new tack to destroy the bill comes after his lobbying to save the tax credits was unsuccessful. Amazon (AMZN) stock gained as much as 2% on Thursday morning after Chinese state media said President Trump and Chinese leader Xi Jinping spoke on Thursday, at the request of the US president. Amazon, which sells many products sourced in China, rose following the announcement. US stocks opened higher on Thursday after Chinese media reported a conversation between President Trump and Chinese leader Xi. This raised investor hopes that the two countries could be coming closer to a lasting trade agreement. The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) rose slightly. The tech-heavy Nasdaq Composite (^IXIC) also gained 0.2%. Chinese state media said Trump and Chinese leader Xi Jinping spoke on Thursday at the US president's request. Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill. "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past. Yahoo Finance's Pras Subramanian reports: Read more here. Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000. Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong. Bloomberg reports: Read more here. As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress. Not, however, for bonds, notes Yahoo Finance's Hamza Shaban: Read more here in today's Morning Brief. Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO) Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final) Here are some of the biggest stories you may have missed overnight and early this morning: Bonds are 'boring' — but they're critical to focus on right now US plans wider China tech curbs targeting subsidiaries 401(k) savings rate hit a record in first quarter: Fidelity US business optimism slumps in 'clear pivot' from Trump election Tesla: Musk may be changing his tune on EV tax credits Trump tariffs: China's rare-earth broadside hits its target Tide maker Procter & Gamble is slashing 7,000 jobs Amazon tests humanoid robots to replace delivery workers: Report Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers. The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported. Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company. Yahoo Finance's Brian Sozzi reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X. PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs. Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business." Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday. Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today. Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months. Bloomberg reports: Read more here. President Trump took to his social media platform Truth Social Thursday afternoon to continue an ongoing feud with Tesla (TSLA) CEO Elon Musk, who recently left his post with the Department of Government Efficiency (DOGE). "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!," Trump wrote on Truth Social. In a separate post, Trump said the easiest way money in the budget is to "terminate Elon's Governmental Subsidies and Contracts." Tesla stock quickly extended losses, and was down more than 12% just after Trump posted the comments. Read more about the ongoing feud here. Mortgage rates fell for the first time in a month, following a sharp move lower in Treasury yields. At around 6.9%, relatively high rates have depressed mortgage and homebuying activity throughout the critical spring season. Yahoo Finance's Claire Boston reports: Read more here. Palantir (PLTR) shares fell as much as 5% in afternoon trading as Semafor reported Republican privacy advocates in Congress are criticizing the Trump administration's work with the defense technology company. Multiple Congress members expressed privacy concerns regarding Palantir's collection of a "massive pool of government data on Americans." Read more here. Yahoo Finance's Pras Subramanian reports: Read more here. Stablecoin issuer Circle Internet Group (CRCL) shares are soaring just after the company began trading at $69. The stock quickly hit $92 after several trading halts. Shares are now up more than 200% from the companies IPO price of $31 per share. Read more here. The S&P 500 (^GSPC) came close to touching 6,000 on Thursday, its highest level since February. The broad-based index touched a session high of 5,999.70 after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. Yahoo Finance's Jen Schonberger reports: Read more here. Trump Media and Technology (DJT) took a key step toward launching a publicly traded crypto investment product Thursday morning. The newly formed Truth Social Bitcoin ETF business trust filed its S-1 with the US Securities and Exchange Commission to register the new exchange-traded fund licensing Trump Media's social media brand. The ETF will trade on the NYSE Arca. Thursday's filing is a significant step for Trump Media's move into the cryptocurrency space. Shares of DJT were down just over 1% late Thursday morning. Read the full story here. President Trump posted on social media that he had a 'very good phone call' with Chinese leader Xi Jinping over trade. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump wrote on Truth Social on Thursday morning. "The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries," he added. Trump said each country's respective teams will be meeting shortly at a location to be determined. The president also said there "should no longer be any questions respecting the complexity of Rare Earth products." The issue of rare earth minerals, crucial components for manufacturing, has come to the forefront in recent weeks as China has made moves to restrict their exports to the US, in retaliation against US trade policy. This week, a group representing US auto suppliers called on Wednesday warned that the issue could quickly disrupt auto parts production Read more here. Tesla (TSLA) stock fell more than 5% on Thursday, extending declines from the previous session following an increasingly public policy blowout between President Trump and Tesla CEO Elon Musk "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Musk added, "If the massive deficit spending continues, there will only be money for interest payments and nothing else!" EV tax credits could also be at risk after a report from Bloomberg suggests that Musk's new tack to destroy the bill comes after his lobbying to save the tax credits was unsuccessful. Amazon (AMZN) stock gained as much as 2% on Thursday morning after Chinese state media said President Trump and Chinese leader Xi Jinping spoke on Thursday, at the request of the US president. Amazon, which sells many products sourced in China, rose following the announcement. US stocks opened higher on Thursday after Chinese media reported a conversation between President Trump and Chinese leader Xi. This raised investor hopes that the two countries could be coming closer to a lasting trade agreement. The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) rose slightly. The tech-heavy Nasdaq Composite (^IXIC) also gained 0.2%. Chinese state media said Trump and Chinese leader Xi Jinping spoke on Thursday at the US president's request. Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill. "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday. Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past. Yahoo Finance's Pras Subramanian reports: Read more here. Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000. Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong. Bloomberg reports: Read more here. As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress. Not, however, for bonds, notes Yahoo Finance's Hamza Shaban: Read more here in today's Morning Brief. Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO) Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final) Here are some of the biggest stories you may have missed overnight and early this morning: Bonds are 'boring' — but they're critical to focus on right now US plans wider China tech curbs targeting subsidiaries 401(k) savings rate hit a record in first quarter: Fidelity US business optimism slumps in 'clear pivot' from Trump election Tesla: Musk may be changing his tune on EV tax credits Trump tariffs: China's rare-earth broadside hits its target Tide maker Procter & Gamble is slashing 7,000 jobs Amazon tests humanoid robots to replace delivery workers: Report Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers. The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported. Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company. Yahoo Finance's Brian Sozzi reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X. PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs. Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business." Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday. Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today. Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months. Bloomberg reports: Read more here. 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Yahoo
3 days ago
- Automotive
- Yahoo
Tesla stock slides as 'disappointed' Trump, Musk trade insults after Musk bashes megabill
Tesla (TSLA) stock extended a two-day slide on Thursday as the very public fallout between its CEO Elon Musk and President Trump escalated. "I'm very disappointed, because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people," Trump said to reporters in the Oval Office on Thursday. "All of a sudden he had a problem, and he only developed the problem when he found out that we're going to have to have to cut the EV mandate." "Elon and I had a great relationship. I don't know if we will anymore. I was surprised," Trump added. Tesla stock fell to session lows on Thursday afternoon as Musk reacted in real-time to Trump's comments, falling over 11% near 2:45 p.m. ET. Musk posted on X, the social media platform he owns, in apparent response to Trump's comments: "Whatever." He continued aiming at the president and the bill in a subsequent barrage of posts over several hours. That prompted another response from Trump, who posted on Truth Social, the platform that he owns. Trump said he "asked" must to leave his government post, charging that he was "wearing thin." He also seemed to question the purpose of Musk's department. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" Trump wrote. Trump's comments amounted to an extraordinary public rebuke of Musk, who went from Trump booster and Republican Party megadonor during the 2024 campaign, to the head of the Trump-created Department of Government Efficiency (DOGE) with a mission to cut spending. Musk kicked off the complaints over the bill earlier this week, calling it a "disgusting abomination" on Tuesday. The billionaire ramped up his barbs on Wednesday, telling users on X to, "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL." The Wall Street Journal also reported that the strain between the two was amplified by the White House's move to nix the nomination of Jared Isaacman for NASA administrator. Musk, a close ally of Isaacman, had advocated for him to get the job, sources told the Journal. Bloomberg reported that Musk's ire may also be directed at the fact that the federal EV tax credit is being phased out by the bill, as he fought hard to keep it in place as a key driver for Tesla's business. The Big Beautiful Bill faces an uncertain future in the Senate, with a Congressional Budget Office estimation of its impact on the deficit adding fuel to Musk's line of argument. The nonpartisan office projected the House-passed version of the bill would add $2.4 trillion to deficits over the next 10 years. DOGE itself, once led by Musk, has been criticized for not producing the budgetary cuts Musk touted it could find — and the cuts it has produced have been deeply unpopular. Musk's ties to the Trump administration had been seen as a boon for his broader business interests, given SpaceX's close work with NASA and regulatory levers the National Highway Traffic Safety Administration could pull in getting autonomous driving rules in place for Tesla's robotaxi testing. Read more: How to avoid the sticker shock on Tesla car insurance But demand weakness in the EU and recent protests at US Tesla showrooms have followed Musk's controversial foray into politics, causing some Tesla owners to become alienated by Musk, specifically by his right-leaning tendencies, DOGE, and outward support of President Trump. Tesla's big robotaxi test is slated for June 12 in Austin. Much of the company's value is tied to whether it can fully unlock autonomous driving for robotaxi purposes and individual owners. Meanwhile, Alphabet's (GOOG, GOOGL) Waymo continues to plow ahead and is essentially the leader in the space, accumulating 250,000 robotaxi trips per week. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
