Latest news with #Trump-Musk
NDTV
7 hours ago
- Business
- NDTV
"So Tempting To Escalate": Musk Responds To Trump's Deportation Threat
Washington: Billionaire Elon Musk reacted to his simmering feud with US President Donald Trump over the Republican's flagship spending legislation, saying he was "tempted" to escalate the tensions but would "refrain for now". Tech mogul's remarks came after Trump threatened to deport him to South Africa for criticism of the divisive One Big Beautiful Bill-- that was approved by the Senate on Tuesday. "So tempting to escalate this. So, so tempting. But I will refrain for now," Musk wrote on X, reacting to a video of Trump threatening to deport the tech tycoon and strip federal funds from his businesses. So tempting to escalate this. So, so tempting. But I will refrain for now. — Elon Musk (@elonmusk) July 1, 2025 Trump-Musk Feud Musk, the world's richest person, was Trump's biggest political donor in the 2024 election. The two became inseparable allies during Trump's initial months back in the White House as Musk headed the so-called Department of Government Efficiency (DOGE). But since the SpaceX and Tesla boss left his DOGE position in May, he had been threatening to turn his riches against Trump, mulling a rival political party to challenge Republican lawmakers who vote for the president's flagship spending bill. Trump's Threat Trump, 79, reacted vengefully on Tuesday when asked if he would consider deporting Musk, who has held US citizenship since 2002. "We'll have to take a look," he told reporters as he headed to the opening of a new migrant detention centre in Florida dubbed "Alligator Alcatraz." Trump also signalled that he could take aim at the huge contracts and subsidies that Musk's SpaceX rocket and Starlink satellite internet businesses receive from the US government. "We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon," Trump said. Trump added: "I don't think he should be playing that game with me." Trump had made similar comments on Monday, saying Musk was attacking the bill because he was annoyed that it had dropped measures to support the electric vehicles (EV) industry. "Without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump said on his Truth Social network.
AU Financial Review
11 hours ago
- Business
- AU Financial Review
Qantas hacked; Domino's CEO shock exit; Trump-Musk feud reignites
Want to get this in your inbox at lunchtime every weekday? Financial Review subscribers can sign up for The Brief newsletter here. Plus start your day with our Before the Bell newsletter and read a full wrap of the day's news in Market Wrap. In today's news, personal data of 6 million Qantas customers could have been stolen in a cyberattack, Domino's CEO Mark van Dyck makes a sudden exit, and the Trump-Musk feud over the president's big tax and spending bill has erupted again.
Economic Times
21 hours ago
- Business
- Economic Times
US stock market dips today as S&P 500 slips from record high, Nasdaq drops with Tesla tumble amid Trump-Musk clash and looming July 9 tariff threat
US stock market today dips as S&P 500 and Nasdaq retreat, Tesla stock plunges amid Trump-Musk clash, Dow rises, Trump's tax bill and tariff deadline loom, Fed Chair Powell speaks on rates, labor data hints at economic cooling signs. US stock market today: S&P 500, Nasdaq slip as Tesla drops, Trump tariff plan and tax bill take center stage- US stock market today opened mixed on Tuesday as Wall Street closely tracked developments surrounding President Trump's proposed tax and tariff policy, alongside Fed policy signals and labor market updates. While the S&P 500 dipped just 0.1% after breaching the 6,200 level for the first time on Monday, the Nasdaq Composite dropped a sharper 0.5%, weighed down by a notable fall in Tesla stock. In contrast, the Dow Jones Industrial Average rose nearly 0.6% as investors looked for signs of economic strength and progress in global trade talks. Tesla's decline followed renewed tensions between CEO Elon Musk and President Donald Trump, even as market attention remained fixed on the administration's ambitious tax bill and the potential return of reciprocal tariffs set to resume by July 9. S&P 500 Closed slightly lower , slipping from a fresh record high above 6,200 . Pulled back as traders eye tax reforms and tariff uncertainty. Nasdaq Composite Down ~0.5% , pressured by a sharp decline in Tesla stock. Tech sector under pressure due to EV-related policy tensions. Dow Jones Industrial Average Up ~0.6% , outperforming other benchmarks. Led by gains in traditional industrials and energy stocks. Dropped over 6% intraday , one of the worst performers in the S&P 500. , one of the worst performers in the S&P 500. Hit by: Trump's proposed rollback of EV subsidies. Public feud between Elon Musk and Donald Trump. Heaviest drag on Nasdaq. After hitting fresh records on Monday, the S&P 500 backed off slightly on Tuesday, closing down around 0.1%. The Nasdaq Composite, which is heavily weighted in tech stocks, fell by 0.5%, primarily due to a sharp decline in Tesla (TSLA) shares. Tesla's drop came amid heightened political tension, as Elon Musk criticized Trump's administration over tariff policies and interest rate pressure on the Federal Reserve. Meanwhile, the Dow Jones managed a gain of nearly 0.6%, reflecting resilience in more traditional, non-tech-heavy sectors. Investors seemed to rotate out of high-growth tech names and into industrials and consumer staples. Tesla's stock took a noticeable hit on Tuesday as CEO Elon Musk once again clashed with President Trump—this time over trade and economic policy. Musk criticized Trump's ongoing push for tariff escalation and demanded clarity on proposed tax changes aimed at boosting manufacturing. This public friction between Musk and the President triggered concern among investors, especially given Tesla's reliance on international markets and global supply chains. Musk's comments also coincided with a drop in tech confidence overall, dragging the Nasdaq down with it. President Trump's massive tax bill, now moving through the Senate, is being closely watched on Wall Street. The proposal includes broad cuts for both corporations and individuals, and aims to revamp the current code by offering incentives for domestic manufacturing and imposing reciprocal tariffs on countries with high import duties on US goods. With a July 9 deadline approaching, sources cited by the Financial Times say the administration may shift focus from sweeping trade deals to narrower, quicker agreements. This urgency has markets on edge as investors try to price in potential impacts on business costs, supply chains, and earnings. Trump's $3.3 trillion tax-and-spending bill under Senate review. Includes deep cuts to aid programs (Medicaid, food stamps). Massive corporate and income tax cuts. under Senate review. EV subsidy cuts and new tariff proposals threaten tech/EV sectors. Fed Chair Jerome Powell, speaking at a central banking forum in Sintra, Portugal, addressed market concerns about interest rates. Trump has publicly urged the Fed to slash rates down to 1%, calling for an aggressive 250-basis-point cut. However, Powell appeared cautious. He acknowledged that tariffs are affecting the Fed's decision-making process, noting they're a key reason behind the central bank's current wait-and-see approach. Despite this, Powell maintained that the US economy remains strong, which could delay any immediate rate cuts. On Tuesday, the Job Openings and Labor Turnover Survey (JOLTS) showed that job openings rose more than expected in May. However, the hiring and quits rates stayed near decade lows—an indication that the labor market is currently in what some economists call a "stasis" phase. The data suggests businesses may be cautious about expanding headcount until there's more clarity on inflation, rate cuts, and the broader economic outlook. As the week progresses, additional labor data will be key to understanding whether the economy is cooling or simply holding steady. The US stock market today showed mixed performance as major indexes moved in different directions. The S&P 500 dipped by around 0.2%, pulling back slightly from its all-time high. The Nasdaq-100 dropped about 0.8%, largely dragged by tech stock weakness. Meanwhile, the Dow Jones Industrial Average rose nearly 0.65%, supported by strong gains in industrial and consumer sectors. Wynn Resorts jumped around 7.9% jumped around 7.9% Las Vegas Sands rose 7.8% rose 7.8% MGM Resorts gained 6.4% gained 6.4% In the Dow 30: Nike climbed 3.6%, Apple advanced 2.2%, and UnitedHealth moved up 1.7% These gains were driven by stronger performance in leisure, travel, and healthcare sectors. Tesla (TSLA) tumbled between 4.5% and 6.4% after tensions reignited between Elon Musk and President Trump regarding tax policy. tumbled between 4.5% and 6.4% after tensions reignited between Elon Musk and President Trump regarding tax policy. Palantir fell around 2% fell around 2% AMD dropped approximately 2.6% dropped approximately 2.6% Super Micro Computer declined 2.7% declined 2.7% Albemarle lost about 2.7% lost about 2.7% Small-cap names also saw steep declines: Oragenics (−58%), Youxin Technology (−73%), Sonim Technologies (−47%), and GeoVax Labs (−49%) Federal Reserve Chair Jerome Powell emphasized a cautious approach, stating that tariffs are contributing to inflation pressure, which may delay expected interest rate cuts. emphasized a cautious approach, stating that tariffs are contributing to inflation pressure, which may delay expected interest rate cuts. President Donald Trump's tax bill and upcoming tariff deadline on July 9 added further market uncertainty. Tesla's stock drop came as Musk criticized the administration's economic policies. and upcoming added further market uncertainty. Tesla's stock drop came as Musk criticized the administration's economic policies. Casino stocks surged following strong revenue updates from Asia, while many large tech stocks lagged behind. With Trump's tax bill, tariff decisions, and Fed policy shifts all converging this month, investors are entering a period of heightened uncertainty. The July 9 deadline for tariff implementation adds further urgency to trade negotiations. At the same time, tech stocks like Tesla remain under political and regulatory pressure, leaving the Nasdaq particularly vulnerable. As investors wait for more clarity, market volatility is likely to stay elevated. Analysts suggest watching Trump's next public remarks, the Senate's movement on tax reform, and Powell's tone in the coming days to gauge how the market may shift next. S&P 500 (^GSPC): ⬇ 0.1% after closing above 6,200 on Monday Nasdaq Composite (^IXIC): ⬇ 0.5% Dow Jones Industrial Average (^DJI): ⬆ 0.6% Tesla (TSLA): Fell significantly following Musk-Trump clash JOLTS May Report: Job openings beat estimates, hiring/quits flat Fed Chair Powell: Economy healthy, no immediate rate cut Q1: Why did Tesla stock drop today? Tesla stock fell due to Elon Musk's renewed clash with President Trump over tariffs and trade. Q2: What's in Trump's new tax bill? Trump's tax bill includes corporate cuts and plans for reciprocal tariffs starting July 9.
News18
a day ago
- Business
- News18
Donald Trump's Dig At Elon Musk Over Subsidies Sends Tesla Stock Into A Tailspin
Last Updated: Trump-Musk Feud: Tesla shares dropped sharply after Donald Trump criticized Elon Musk's reliance on government subsidies. Tesla shares took a sharp hit after US President Donald Trump reignited his feud with Elon Musk- targeting the billionaire's reliance on government support. In a fiery post on Truth Social, Donald Trump accused Elon Musk of being the biggest beneficiary of federal subsidies and suggested that his companies wouldn't survive without taxpayer backing. 'Elon may get more subsidy than any human being in history, by far," Donald Trump wrote, adding, 'Without subsidies, Elon would probably have to close up shop and head back home to South Africa… BIG MONEY TO BE SAVED!!!" Investor Whiplash Amid A Chaotic Year For Tesla Tesla has endured a volatile 2025 as the company has faced shrinking sales, an aging product lineup and repeated delays on long-promised technology rollouts. Elon Musk's time in Washington as head of the controversial Department of Government Efficiency (DOGE) further rattled shareholders, many of whom feared his attention had drifted from the business. In May, after Elon Musk stepped down from the DOGE post, Tesla shares briefly soared- jumping 20% in three days. But investor confidence has seesawed ever since, with each twist in the Elon Musk- Donald Trump relationship pushing the stock higher or lower. First Published: July 01, 2025, 19:45 IST
Mint
a day ago
- Business
- Mint
Futures dip after record run as investors focus on Trumps tax bill
Futures down: S&P 500 0.22%, Nasdaq 100 0.27%, Dow 0.13% Tesla slips as Denmark, Sweden sales drop; Trump-Musk feud Circle up after applying for US trust bank license By Sruthi Shankar and Nikhil Sharma July 1 - U.S. stock futures dipped on Tuesday, following a record run for Wall Street indexes, as investors monitored U.S. trade talks and a Senate voting marathon over President Donald Trump's tax and spending bill. The S&P 500 and the Nasdaq Composite notched all-time closing highs on Monday, capping their best quarter in over a year as hopes for more trade deals and possible rate cuts supported sentiment. U.S. senators were still voting on Tuesday on a potentially long list of amendments to Trump's bill that is expected to bring a $3.3 trillion hit to the nation's debt pile. The Republican majority's struggle to pass the bill exemplifies deep divisions within the party over debt. The bill aims to partly cover the cost of the tax reductions with cuts to Medicaid and some food assistance programs for low-income Americans. Meanwhile, Trump expressed frustration with U.S.-Japan trade negotiations and Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. Tesla's shares dropped 4.1% premarket after a fresh spat between CEO Elon Musk and Trump over the tax bill, with the president urging the government efficiency department to review the subsidies that Musk's companies have received. Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June. "There's a clear mismatch between how markets are positioned and the risks that remain on the table," Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note. "Trade tensions, geopolitical uncertainty, the ballooning U.S. debt burden, the possibility that the Fed might not be able to cut rates, signs of economic slowdown, and even a potential re-acceleration in inflation — none of these risks have disappeared." At 06:52 a.m. ET , S&P 500 E-minis were down 13.75 points, or 0.22%, Nasdaq 100 E-minis were down 61 points, or 0.27%, and Dow E-minis were down 56 points, or 0.13%. The S&P 500 and Nasdaq's rise to record highs marked a stunning recovery in sentiment that was hammered by Trump's chaotic trade policies and geopolitical tensions, with investors betting on AI enthusiasm and earnings momentum to keep the bull run going. The blue-chip Dow on Monday closed 2.2% below its all-time high touched in December. S&P Global and ISM's June manufacturing activity surveys, May job openings data as well as Fed Chair Jerome Powell's comments at a European Central Bank forum later in the day will be parsed for hints on U.S. monetary policy outlook. Soft economic data in recent weeks and expectations of Trump picking a dovish central bank head have supported bets of interest rate cuts from the Fed this year and next. Ahead of Thursday's crucial payrolls data, money markets were pricing in 68 basis points of rate cuts by the end of 2025 and about 135 bps of cuts by October next year, per LSEG data. Among other stocks, stablecoin firm Circle edged up 1.1% on news it was applying to create a national trust bank in the U.S. This article was generated from an automated news agency feed without modifications to text.
