Today, the market witnessed some significant shifts, with Tesla seeing a notable rebound while Nvidia struggled to maintain momentum.
Tesla’s Recovery
After enduring a rough start to the week—falling by 3.5% on Monday and another 7% drop on Tuesday—Tesla showed resilience, closing the day up by 5.5%.
This bounce followed the announcement of new legislation proposed by Republican senators. However, the stock did lose some of its gains towards the end of the trading session.
Elon Musk’s Bold Statements
Elon Musk has made waves again with his plans to focus on Dogecoin (DOGE) over the next four months.
He aims to reduce the budget by $2 trillion and bring inflation down to 2%. Musk even mentioned working so intensely on Dogecoin that he “sleeps in his White House office.”
Nvidia’s Struggles
On the other hand, Nvidia stock, which had initially seen a 5% gain over two days earlier this week, ended the day down by 1.5%.
Despite its strong performance last week, Nvidia faced resistance at its 50-day moving average.
Broader Market Trends
The broader market saw mixed trends, with the Nasdaq closing higher, while the S&P 500 ended slightly lower.
Key factors influencing the market include higher-than-expected U.S. CPI inflation numbers, comments from Federal Reserve Chair Jerome Powell, and ongoing trade tariff concerns.
Political Uncertainty
Investor sentiment remains volatile, as market participants closely watch political developments, including potential tax cuts, trade tariffs, and other policy shifts from the White House.
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