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Tesla Stock Recovers as Elon Musk Tries to Make Amends After ‘Meltdown’

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Tesla Stock Recovers as Elon Musk Tries to Make Amends After ‘Meltdown’

Published: by Omor IE

Key Points

  • The spat between Elon Musk and Trump appears to be cooling down.

  • Tesla has partially recovered as a result, and the broader market is also bullish due to good job figures.

  • However, some individual stocks have moved sharply in both directions.

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Tesla (NASDAQ: TSLA) stock cratered yesterday and dragged down the rest of the market along with it after Elon Musk clashed with President Donald Trump. This was mostly due to Trump pushing the “One Big Beautiful Bill,” which is expected to make the deficit worse. Trump likely plans to alleviate the deficit increase with massive tariffs, but Elon Musk believes the bill would “bankrupt America” through tax cuts and increased spending.

Musk posted aggressively on X against Trump and the bill, but things seem to have cooled down. He later implied that he wanted to make peace and hold a call, though Trump said on an interview today that he wasn’t interested in talking to Musk for now.

Regardless, the impasse has given the market more breathing room, and TSLA stock has made a recovery of around 6.4% today.

Here’s a market update as of 11:30 AM (ET) today.

  • The S&P 500 is up 53.34 points, or 0.9%.
  • The Nasdaq Composite is up 212.89 points, or 1.1%.
  • The Dow Jones Industrial Average is up 355.52 points, or 0.84%.

Market-Wide Gains

Almost all stocks are up today, and this is due to a solid jobs report and the Musk-Trump situation getting better. Tesla is obviously up to most among big-cap stocks, but other tech stocks have also gained.

  • Palantir (NASDAQ: PLTR) is up 3.8%.
  • Alphabet (NASDAQ: GOOG, NASDAQ: GOOGL) is up 2.5%.
  • Micron Technology (NASDAQ: MU) is up 4.4%.
  • CrowdStrike (NASDAQ: CRWD) is up 2.1%.
  • The only big-cap stock that is down considerably is Broadcom (NASDAQ: AVGO). It is down 2.7% after earnings.

Notable Gainers Today

  • Circle Internet Group (NYSE: CRCL) is up 28% as it continues on a post-IPO run.
  • NET Power (NYSE: NPWR) is up 23.2% as it is recovering from a massive 75% year-to-date decline.
  • Byrna Technologies (NASDAQ: BYRN) is up 22% after the company posted $solid earnings.
  • Revenue increased 41% in Q2, and B. Riley increased its price target by a dollar to $39.
  • Quanex Building Products (NYSE: NX) is up 19% after solid earnings. It reported adjusted EPS of $0.6 vs. estimates of $0.47.
  • Taseko Mines (NYSEAMERICAN: TGB) is up 16.7% after an agreement with Tŝilhqot’in Nation that resolves disputes over the New Prosperity mineral tenures. These are known to be one of Canada’s largest undeveloped copper-gold deposits.

WULF, APLD, SERV, RCAT, IDT, PRCH, and MANU are also up by double digits.

Notable Losers Today

  • Vera Therapeutics (NASDAQ: VERA) is down 31.2% after a competitor had a successful trial.
  • Petco Health and Wellness Company (NASDAQ: WOOF) is down 24% after missing Q1 revenue estimates. It posted $1.49 billion in revenue vs. the $1.53 billion estimate.
  • Lululemon Athletica (NASDAQ: LULU) is down 20.1% after it cut its earnings guidance over tariffs.
  • DocuSign (NASDAQ: DOCU) is down 19% after sales compensation charges drove a slight billings shortfall.
  • G-III Apparel Group (NASDAQ: GIII) is down 14.6% due to tariff fears and a guidance withdrawal.

BRZE, ABM, DRD, ORLA, TTAN, SATS, TAP.A, and SBET are also down significantly.

The image featured at the top of this post is ©Daily insights / Shutterstock.com.

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