Shares of Tesla (TSLA 0.32%) are falling on Thursday. The electric vehicle maker’s stock lost 9.5% as of 11:50 a.m. ET after gaining double digits yesterday. The slip comes as the S&P 500 and Nasdaq Composite lost 4.2% and 5.3%,
ARLINGTON, Va. — The Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth for the U.S. economy, Federal Reserve Chair Jerome Powell said Friday.
Powell said that the tariffs, and their likely impacts on the economy and inflation, are “significantly larger than expected.” He also said that the import taxes will probably lead to “at least a temporary rise in inflation,” but added that “it is also possible that the effects could be more persistent.”
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WASHINGTON (AP) — The prospect of high inflation stemming from widespread tariffs along with weaker hiring could put the Federal Reserve in a difficult spot, Fed policymakers said in minutes from last month’s meeting.
The minutes, released Wednesday, said that the Fed could keep its benchmark interest rate unchanged if inflation remained stubbornly elevated.
» Read more about: Federal Reserve could be in ‘difficult’ spot with higher prices, slower hiring »
Wall Street’s view of Tesla stock is dimming further due to the negative impact of tariffs.
The electric vehicle maker has received three price target cuts from Wall Street firms since Wednesday, all predicting that higher costs due to tariffs will weigh on the business.
Shares of Tesla declined 11% on Thursday as investors focused on the sky-high 145% tariff on goods from China.
It’s been a chaotic week for investors. The Dow Jones, the S&P 500, and the Nasdaq Composite all saw one of the worst multi-day stretches in years. This comes as a trade war escalated between the U.S. and its major trade partners, with China and the E.U.
Out of the 11 stock market sectors, energy is the best-performing year to date — up 7.9% at the time of this writing compared to a 5.1% decline in the S&P 500 (SNPINDEX: ^GSPC).
The move may come as a surprise, given that the U.S. benchmark oil price,
» Read more about: Energy Stocks Are Soaring. 3 High-Yield Oil Stocks to Buy Now. »
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On Friday, April 4, oil futures reached multiyear lows following China’s response to the tariffs imposed by the Trump administration. This sparks fear of a fall in demand for oil amid a full-blown trade war. The US benchmark for oil prices, West Texas Intermediate (WTI), fell over 7% to close at $61.99 per barrel and Brent crude futures dropped more than 6% to settle at $65.58.
» Read more about: 11 Best American Energy Stocks to Buy Now »
Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) jumped 9% in the afternoon session after markets rallied sharply on news that President Trump announced a 90-day tariff pause. Reciprocal tariffs were also dropped to 10% for most countries,
» Read more about: Apple (AAPL) Stock Trades Up, Here Is Why »