Market Open: U.S. Job Data Silences Futures
Market Numbers (Futures)
TSX : Up ( 0.05%) 26,869.66TSXV: Up (2.52%) 751.85DOW: Up (0.13%) 44,832.00NASDAQ: Up (0.10%) 22,866.50
FTSE: Up(0.51%) 8,819.69
In the Headlines:
Bombardier shares jumped after landing a blockbuster deal to sell 50 jets worth US$1.7 billion, marking a major boost for the Canadian aerospace giant
And Tesla sales sank 13% in Q2 as the anti-Musk boycott persisted and rivals capitalized on the fallout.
Currencies Update: (Futures)
The loonie is flat this morning at 0.01% to $0.7357 U.S., inched up against the Euro by 0.10% to $0.6249 and Bitcoin lifted by another 2.18% to CDN$148,933.73
Commodities: (Futures)
Natural Gas: Up (0.82%), 3.52WTI: Down (0.16%), 67.34Gold: Down (0.82%), 3,329.78
Copper: Down (0.05%) 6.23
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Globe and Mail
4 hours ago
- Globe and Mail
Where Will Tesla Stock Be in 3 Years?
Key Points The "One, Big, Beautiful Bill" legislation could have a crushing impact on Tesla and the EV industry as a whole. Has Elon Musk become a political liability for the company? With shares down 21% year to date, Tesla (NASDAQ: TSLA) is reeling from a combination of weakening electric vehicle (EV) demand, political uncertainty, and a CEO who seems to have misplaced priorities. The next three years will be a make-or-break period for the company as it attempts to roll out its robotaxis across American cities, while dealing with the potential fallout of unfavorable Trump administration policies. Let's dig deeper to see how this story might play out for Tesla shareholders. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Is Elon Musk propping up Tesla's valuation? It's impossible to analyze Tesla without considering its controversial CEO, Elon Musk, who plays a significant role in its stock's perception, even if he isn't necessarily involved with all its day-to-day decision-making. Love him or hate him, Musk is an incredibly skilled executive. He has a track record of involvement in successful companies ranging from PayPal to Starlink, and typically aims to tackle massive world-changing topics like clean energy, space travel, and brain implants. The market seems to appreciate Musk's bold risk-taking leadership style, which helps explain why Tesla still enjoys an incredibly high valuation, despite its increasingly lackluster fundamentals. With a price-to-earnings (P/E) multiple of 172, the stock trades at a substantial premium over the S&P 500 average of 30 despite posting lackluster operating results. First-quarter revenue dropped 9% year over year to $19.3 million, while operating income collapsed by 66% to just $399 million. With these weak fundamentals, Tesla should probably be cheaper than it is, but the market still has faith in Musk. A political liability Over time, it is becoming clear that Tesla's "Musk premium" is eroding and may soon become a liability. The CEO's managerial skills have not translated to political acumen. In fact, his antics usually seem to minimize results while maximizing the potential for backlash. A great example of this is the flare-up over the "One, Big, Beautiful Bill" legislation, which passed the U.S. Senate on July 1 and is expected to become law later this month despite Musk's vocal opposition on social media. Now, Musk-affiliated companies must face a double whammy over the potential for political retaliation (this may come in the form of regulatory challenges) while also dealing with the contents of the bill itself. The bill could be a crushing burden on a U.S. EV industry that is already struggling with consumer fatigue, high interest rates, and tariffs on imported components. Although the final version is yet to be approved, the Senate has agreed to eliminate the $7,500 tax credit on electric vehicle purchases, while also ending support for residential solar and rolling back vehicle emissions regulations on Tesla's gas-powered rivals. These headwinds come at a time when Tesla's overseas operations are struggling because of political backlash and new, low-cost rivals from China, which often enjoy open support from their government. What comes next for Tesla? The next three years will be incredibly challenging for Tesla as the impacts of the act could potentially weaken the market for its products in the U.S. Musk's political antics could make things worse by alienating some consumers and drawing potential political retaliation from President Donald Trump and his allies as it attempts to pioneer regulatorily-sensitive business ventures like artificial intelligence and self-driving cars. Historically, it hasn't been a good idea to bet against Musk because he usually proves his naysayers wrong. That said, these current challenges look daunting, even for him. And they could easily put pressure on Tesla's sky-high valuation. Investors may want to stay away from the stock until more information becomes available. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $413,238!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,540!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $699,558!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of June 30, 2025 Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal and Tesla. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.
Toronto Sun
5 hours ago
- Toronto Sun
GUNTER: Carney taking lessons from Trump bad for Canada's bottom line
This is a problematic approach, given the Liberal government's penchant for spending. President Donald Trump meets Canadian Prime Minister Mark Carney in the Oval Office of the White House, Tuesday, May 6, 2025, in Washington. Photo by Evan Vucci / AP As much as U.S. President Donald Trump loves to exercise power by executive order, rather than leaving lawmaking up to the U.S. Congress, it is becoming increasingly obvious that Canada's very own Prime Minister Mark Carney loves governing by the Canadian equivalent – the order-in-council. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Consider for a minute Carney's refusal to have Finance Minister François-Philippe Champagne bring down a budget until November or December. Rather than a budget and enabling legislation to authorize nearly half a trillion dollars in spending, Carney prefers to rule (and spend) by cabinet decree. Before April's election, parliamentary budget officer Yves Giroux estimated the federal deficit for the current fiscal year would be just about $47 billion. That's bad enough, but a significant decrease from the $62-billion deficit that the Liberals had to admit to before Christmas for last year. But as Giroux pointed out at the time, his sum was only 'a baseline.' His number was only what the deficit would be before any of the political promises the winning party carried through on. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Since the Liberals were re-elected, Giroux has estimated for reporters that the Carney government's campaign goodies would raise the 2025-26 deficit to between $60 billion and $70 billion 'in the absence of spending cuts elsewhere.' That, of course, is as bad or worse than last year's Liberal amount. Mark Carney intends for his government to spend more money than Justin Trudeau's, and without a budget or proper accountability to Parliament. But even Giroux's latest guestimate doesn't include measures the Carney Liberals have taken since the end of May without recourse to the House of Commons or a budget. Enter Toronto's C.D. Howe Institute. The non-partisan think tank calculates that with measures announced by the Liberals since the election (right up to the cancellation of the digital services tax last weekend), the deficit this year will be $92 billion in the current fiscal year, $75 billion next year, $73 billion the year after that and $71 billion in 2028-29. This advertisement has not loaded yet, but your article continues below. That's a total of $311 billion in extra public debt in just four years. It took the Trudeau government 10 years to add $600 billion. That's a rate of extra debt about 20 per cent faster than the rate built up by Justin Trudeau and his cabinets. You may take comfort in the fact that Carney is a former central banker and international financier. I don't. Canada already has a higher-than-average debt-to-GDP ratio for a developed nation. Carney's orgy of spending will only make it worse. You may agree with some of the Liberals' fiscal policies. I do. They've cancelled the planned capital gains tax hike, lowered the basic income tax rate to 14%, cancelled the digital services tax and dramatically increased defence spending. All good things. This advertisement has not loaded yet, but your article continues below. But they do not appear to be ready to make any spending cuts. What about the 100,000 new federal government employees added during the Trudeau years? Payroll and payments to individuals, such as pensions, are Ottawa's two biggest outlays, but Carney plans no cuts to either. Without spending cuts to balance off all the Libs' new spending, the red ink will continue to tsunami through Canada and cause higher interest rates, higher inflation and less affordability for ordinary Canadians. And all of this is being done without a budget or Parliamentary scrutiny. Another example of how Carney, like Trump, is trying to circumvent democracy and rule by decree is Bill C-5, the recently passed law to fast-track 'national interest' megaprojects. This advertisement has not loaded yet, but your article continues below. The bill allows cabinet to decide which projects should be fast-tracked, thereby evading all the regulations that will continue to govern every other company and project in Canada. In short, C-5 repeals no environmental regulations imposed by the Trudeau Liberals. Rather, it allows the Carney Liberals to pick and choose which companies enjoy cabinet's favouritism and which must muck about in the mire. And all by order-in-council rather than parliamentary debate. Canada's economy lost nearly $400 billion in investment during the Trudeau years. That trend will continue under Carney. Read More Bookmark our website and support our journalism: Don't miss the news you need to know — add and to your bookmarks and sign up for our newsletters here. You can also support our journalism by becoming a digital subscriber. Subscribers gain unlimited access to The Edmonton Journal, Edmonton Sun, National Post and 13 other Canadian news sites. Support us by subscribing today: The Edmonton Journal | The Edmonton Sun. Crime Toronto & GTA Columnists Editorial Cartoons Columnists
Globe and Mail
6 hours ago
- Globe and Mail
Elon Musk says new U.S. political party formed, named ‘America Party'
A day after asking his followers on X whether a new U.S. political party should be created, Elon Musk said on Saturday that the 'America Party is formed.' 'By a factor of 2 to 1, you want a new political party and you shall have it!' he said in a post on X. 'Today, the America Party is formed to give you back your freedom.' The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed. Musk spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill. Opinion: In battle of billionaire egos, Trump-Musk bromance was always doomed Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
