Wall Street Wobbles Amid Tariff Turbulence and Tesla Tumble
Wall Street faced a downturn on tariff fears and Tesla's decline following Elon Musk's announcement of a new political party. Investors are wary of impending U.S. trade announcements and potential tariff increases by Trump. The S&P 500 and Dow saw significant drops amidst these uncertainties.
Wall Street commenced the week with unease as new tariff uncertainties shook investor confidence, compounded by a notable drop in Tesla shares following CEO Elon Musk's political ambitions.
The iconic electric vehicle company's stocks fell 7%, marking a near one-month low, as Musk announced the establishment of a new U.S. political entity, the 'American Party', heightening tensions with former President Donald Trump.
Investors exercised caution, bracing for upcoming U.S. trade announcements as President Trump signaled potential tariff rate increases by July 9, set to take effect on August 1, if negotiations don't alter the course.
(With inputs from agencies.)
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