The sugar-high from the Trump election is wearing off in a few spots.
Tesla was a darling after the election win as Elon Musk helped to finance Trump’s campaign and ingratiated himself with the President. However a report today says Tesla won’t be spared when Republicans cut the $7500 EV tax credit. That’s caused a 9% drop in Rivian but Tesla shares are also at a session low, down nearly 4%.
There is a theme around Trump trades fading. Shares of his social media company DJT are down 8% today and the chart isn’t looking healthy.
Weapons manufacturers are also lower today, with Lockheed Martin, Northrop Grumman and RTX are all down around 4%, despite Republican talk of rebuilding the military.
Finally, steel companies how now given up most of the post-election jump, despite talk of heavier tariffs on foreign steel.
Trading in broader indexes has been volatile but mostly to the downside today with the S&P 500 now down 0.3%
This article was written by Adam Button at www.forexlive.com.
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