Elon Musk's 'America Party' Launch Roils Markets, Tesla Stock Plunges
Elon Musk has made waves by launching the 'America Party', a political movement aimed at challenging the policies of Donald Trump, the current US President. The announcement, however, sent Tesla's stock plummeting.
Markets reacted negatively to the news, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closing down on Monday. Tesla stock slid, while Apple stock also dipped by 1.7%, contributing to the overall market decline. Meanwhile, President Trump announced impending tariffs on various countries, set to take effect from July 7th, further rattling investors.
In a separate development, CoreWeave stock soared after announcing a $9 billion acquisition of Core Scientific. Despite this positive news, it was not enough to offset the broader market downturn. Amazon.com was the sole survivor among the 'Magnificent 7' stocks, posting a green number on Monday. Elsewhere, Nvidia maintained its position as the top global market capitalization, valued at $3.859 trillion.
President Trump signed the 'Big Beautiful Bill' during a Fourth of July ceremony at the White House. In an escalation of trade tensions, he warned that any country aligning with the Anti-American policies of BRICS would face an additional 10% tariff. The markets await further developments with cautious optimism.
