On this episode of Stock Movers:
- Tesla (TESLA) shares rebounding as owner Elon Musk expressed regret on social media for his recent posts about President Donald Trump, saying they "went too far". The public feud between Musk and Trump was triggered by Musk's opposition to Trump's tax-cut bill, which posed a threat to Musk's wealth and caused Tesla's stock price to tumble. Meanwhile, the president told the New York Post this morning "I guess I could" in response to the possibility of mending relations with Musk.
- Lockheed Martin (LMT) shares are lower as the Air Force has reduced its request to Congress for F-35s from 48 to 24, a significant cut that may reflect the Defense Secretary's plan to reduce US military spending by 8% over the next five years. The F-35 program has faced criticism, including from Elon Musk and right-wing influencer Laura Loomer, who have questioned the need for manned fighter jets in an age of drones, with the program now valued at roughly $2 trillion.
- General Motors (GM) shares are higher as it plans to invest $4 billion in its US plants over the next two years to boost output of top-selling gas-powered vehicles. The move will expand finished vehicle manufacturing at factories in Michigan, Kansas, and Tennessee, and shift production of models like the Chevrolet Silverado and GMC Sierra pickup trucks from Mexico to the US. The investments will allow GM to produce over 2 million vehicles in the US each year, reduce its reliance on Mexican factories, and add between 3,000 and 4,000 US jobs.
- Quantum Computing stocks are rising after Nvidia’s Jensen Huang said quantum computing is reaching an inflection point. The comments came only months after Huang had noted that “very useful” quantum computers are likely decades away. Among movers upward are D-Wave Quantum (QBTS), IonQ (IONQ), and Rigetti Computing (RGTI).
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