- Donald Trump spars with Jerome Powell during Federal Reserve visit.
- The S&P 500 and Nasdaq Composite close at new records.
- Tesla shares sink 8 after reporting on Wednesday a drop in auto sales.
- Intel beats revenue estimates but has a net loss in the second quarter
- An Indian pharmaceutical company bets on weight-loss drugs.
Tesla’s going through a bumpy ride.
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The electric vehicle company on Wednesday reported a second consecutive quarter of declining
auto sales
. In Europe, Tesla’s
market share
fell for the sixth straight month to 2.8% in June from 3.4% a year ago.
The Trump administration’s plans to reportedly
roll back
the U.S.’ push for cleaner vehicles will probably hit Tesla further. A
$7,500 EV tax credit
in the U.S. will expire at the end of September, indirectly raising the cost of Tesla vehicles. Meanwhile, traditional carmakers will no longer need to purchase
EV regulatory credits
from Tesla — which receives them for free because its vehicles are completely electric — as the Trump administration intends to stop fining traditional carmakers for missing emission standards. That means Tesla will soon lose a source of revenue.
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They say bad things come in threes. Here’s the last.
While Tesla’s bitcoin holding is currently worth $1.24 billion, according to its
investor deck
, it could have been worth billions more. In 2022, the company
dumped 75% of its bitcoin
. The cryptocurrency is trading at roughly $118,000 now. When Tesla sold its holdings, it was trading at around $19,000.
If there’s any consolation, even though U.S. President Donald Trump’s
“big beautiful bill”
will affect Tesla, Trump
said
on Thursday it wasn’t a targeted measure. “I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”
Money Report
Asia-Pacific stocks trade lower as investors weigh recent trade developments
‘The era of quantum supremacy is just around the corner,’ IonQ CEO says
Whether Trump’s sentiments can help pave a smoother road for Tesla, though, is another matter.
— CNBC’s Arjun Kharpal and Lora Kolodny contributed to this report
Trump spars with Powell during Fed visit.
The U.S. President went back and forth with the Federal Reserve chair over Trump’s claims about cost overruns at the Fed headquarters. But Trump said he
doesn’t think it’s “necessary” to fire Powell
.
The S&P 500 and Nasdaq Composite close at new records.
Both indexes were boosted
by
Alphabet’s
better-than-expected earnings
.
The
Stoxx Europe 600 in
dex
added 0.24%
, paring earlier gains as the European Central Bank
kept rates at 2%
.
Tesla shares sink 8%.
That
drop
was triggered after the company on Wednesday reported a second straight quarter of
declining auto sales
.
Tesla
also
dumped 75% of its bitcoin
at one of the worst times.
Intel’s second-quarter revenue beats estimates.
But the chipmaker reported a net loss of $2.9 billion due to an $800 million impairment charge.
Intel’s
new CEO Lip-Bu Tan also announced big
spending cuts in the company’s foundry business
.
[PRO] An Indian company bets on weight-loss drugs.
Expiring patents in Brazil and India mean that this pharma firm has a rare opportunity to be a
first mover in dozens of emerging markets
.
Leaving, but not letting go — India’s wealthy move abroad, but stay invested
India is home to 85,698 individuals with assets exceeding $10 million, according to
a recent report from Knight Frank
. That accounts for 3.7% of the global population with that net worth, more than the U.K.’s 2.4%, but less than China’s 20.1%.
A recent survey by wealth management firm Kotak Private, conducted in association with consultancy EY, revealed that
one in five of the 150 ultra-high-net-worth individuals polled
plan to emigrate from India while retaining their Indian citizenship.
— Amala Balakrishner
Also on CNBC
-
Alphabet spends more on AI — but also earns more from it
-
Investors loosen their purse strings for Alphabet’s increased spending
-
Japan markets rally on the country’s 15% tariff rate — it’s a new era of trade
