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Tesla stock has wobbled as Elon Musk lashes out against the Big Beautiful Bill. (0:15) Trade deficit plunges in April. (1:53) Battle for 23andMe heats up. (3:48)
This is an abridged transcript of the podcast:
Our top story so far, is Tesla (NASDAQ:TSLA) losing the effect of a Trump put?
The relationship between Elon Musk and President Donald Trump appears to have entered a new phase of pronounced tension and public disagreement. The rift centers on Trump's tax and spending legislation, dubbed the "One Big Beautiful Bill," and a series of policy and personnel decisions that have appeared to have frustrated Musk, who is very focused on the negative impact on the U.S. deficit of the bill.
This week, Musk unleashed a series of sharp posts on X, calling Trump's hallmark legislation a "disgusting abomination" and accusing it of being filled with "massive, outrageous, pork-filled" spending. Musk argued the bill would massively increase the already gigantic budget deficit and could bankrupt America due to the level of spending in comparison to tax receipts. He even urged his followers to pressure Congress to "KILL the BILL".
House Speaker Mike Johnson plans to speak with Elon Musk on Thursday as they clash over the bill. That follows reports that Musk did not pick up a call from Johnson on Wednesday.
Digging into the tiff, the bill's proposed cuts to the electric vehicle tax credit may have caught Musk by surprise, according to Wall Street analysts. The latest reports also indicate that Elon Musk has frozen Trump's last $100 million commitment to the Trump re-election campaign after the bromance hit its rough patch.
Looking ahead, the public disagreement could be resolved in a flash, or Trump could use his considerable influence to make things a little trickier for Tesla and SpaceX (SPACE) as they look for an easy path with government regulators.
Shares of Tesla (TSLA) were down 6% early Thursday, after shedding 3.6% on Wednesday. The stock is down 35% from its post-election high of $488.54.
On the economic front, the U.S. trade deficit narrowed sharply in April to -$61.6 billion, compared with the -$118.1 billion expected and -$138.3 billion in March as imports plunged.
Imports were $351.0 billion, down $68.4 billion from March. Exports were $289.4 billion, down $8.3 billion.
Wells Fargo economists say the “the temporary first-quarter splurge by businesses pulling-forward demand to get ahead of tariffs has run its course.”
“The April data tell us the show was over in Q1. Sentiment around imports has certainly shifted. The import components of the ISM surveys point to further weakness, as do other comments from purchasing managers who feel their inventories are high, backlog is low and new demand is drying up. This suggests depressed activity and import-demand ahead.”
Among active stocks, shares of MongoDB (MDB) are jumping after first quarter fiscal 2026 results beat estimates and analysts maintained their bullish views on the stock.
Morgan Stanley analyst Sanjit Singh said cloud database Atlas revenue accelerating to 26% year-over-year (compared to 24% year-over-year in the fourth quarter) paired with record customer additions proves strong execution to start the year, which contrasts mixed investor sentiment and an undemanding valuation.
PVH (PVH) is under pressure after the apparel company set its full-year profit guidance below expectations. The updated outlook reflects an estimated net negative impact related to the tariffs currently in place for goods coming into the U.S.
The new outlook is for EPS to be in a range of $10.75 to $11.00 on a non-GAAP basis, compared to a range of $12.40 to $12.75 previously.
And ZJK Industrial (ZJK) surged after the company announced it is ramping up production to meet rising demand from Nvidia’s B40 project.
Nvidia is advancing the development of a customized AI accelerator, the B40 chip, specifically for the Chinese market.
In other news of note, Bankrupt DNA testing company 23andMe Holding (MEHCQ) is set to hold a second auction to sell its assets, including customers’ genetic data, after a group led by former CEO Anne Wojcicki submitted a $305 million bid, beating an initial $256 million offer from Regeneron (REGN).
Following its Chapter 11 filing in a Missouri bankruptcy court in March, 23andMe picked Regeneron as the successful bidder in the first auction held last month. Wojcicki cited irregularities in the initial auction, arguing that it was unfairly closed to favor Regeneron.
But a subsequent bid from TTAM Research Institute, a California-based nonprofit founded by Wojcicki, has prompted the company to seek permission from U.S. Bankruptcy Judge Brian Walsh in St. Louis, Missouri, to seek fresh offers from potential buyers.
And in the Wall Street Research Corner, exchange traded fund flows reflected renewed investor optimism in May. After a sluggish April, ETF inflows surged to $86 billion last month, bringing the year-to-date total to $444 billion. This keeps the industry well-positioned for another potential $1 trillion year.
For May, U.S. equity ETFs attracted $25 billion in new assets, although this represented a below-average share of geographic allocations, as investors increasingly turned their attention abroad. Non-U.S. equity ETFs brought in $18 billion, bolstered by $9 billion into developed markets and $4 billion into single-country funds, which was the seventh-largest monthly haul on record for that category.
Bond ETFs experienced a significant influx on the month, pulling in $37 billion, their third-largest monthly total ever. Credit-focused ETFs rebounded strongly with $12 billion in inflows, while inflation-protected securities drew $2 billion, extending their streak to five consecutive months of net gains.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
