Tesla TSLA has been a polarizing stock over the last decade, delivering massive gains for investors as we increasingly shift toward EVs.
The 'Fast Money' traders talk Pres. Trump and Elon Musk's public feud and what it means for markets as Tesla stock takes a big hit.
Major U.S. equities indexes moved lower Thursday after the Labor Department reported an uptick in initial claims for unemployment benefits, amplifying concerns about the labor market ahead of Friday morning's jobs report.
US stocks closed Thursday's session lower amid President Trump's phone call with Chinese President Xi Jinping, and the president's social media spats with Tesla CEO Elon Musk. Yahoo Finance senior markets reporter Josh Schafer comes on Asking for a Trend to highlight the trading day's biggest themes, including the stock reaction from Tesla and other companies tied to the Trump Trade.
Options traders piled into bearish bets on Tesla Inc. stock on Thursday at the fastest pace on record as a feud between President Trump and Tesla CEO Elon Musk escalated, causing the electric-vehicle maker to tally its biggest drop in market capitalization on record.
Tesla, Inc.'s Model Y Juniper refresh is driving some sales gains, but global Tesla sales remain under pressure, especially in Europe and China. Tesla's investment case now hinges more on the upcoming robotaxi launch and FSD progress than on immediate vehicle sales numbers. Multiple upcoming catalysts—robotaxi, Model Q, energy expansion, and Optimus—could reignite positive sentiment and drive the stock higher.
Rising jobless claims and a sharp decline in imports raised the specter of slowing economic growth.
"The quickly deteriorating friendship and now ‘major beef' between Musk and Trump is jaw dropping and a shock to the market, putting major fear for Tesla investors on what is ahead," Wedbush analyst Dan Ives explained in a note to clients.
Tesla's (TSLA) massive slide to the downside pulled the SPX down with it. However, as Kevin Green points out, a bounce off the lows kept the worst possible technical scenario off the table.
$17.2 billion. That's how much was cut from Musk's fortune amid Tesla's stock slide, bringing his net worth below $400 billion to $398 billion, according to Forbes' estimates.
$17.2 billion. That's how much was cut from Musk's fortune amid Tesla's stock slide, bringing his net worth below $400 billion to $398 billion, according to Forbes' estimates.
President Donald Trump lashed out on Thursday against Elon Musk, saying he was "disappointed" by the billionaire's public opposition to the sweeping tax-cut and spending bill that is at the heart of Trump's agenda.