WSJ Your Money Briefing What’s News in Markets: Tesla Turmoil, Steelmaker Rallies, Dollar General Gains
11 snips
Jun 7, 2025 Elon Musk's clash with President Trump sends shockwaves through Tesla's stock. Meanwhile, tariff news gives a surprising boost to steelmaker Cleveland-Cliffs. Dollar General sees a surge, fueled by savvy bargain hunters adapting to the economy. The podcast dives into the dynamic play between market feuds, rising tariffs, and shifting consumer spending habits that shape today's financial landscape.
AI Snips
Chapters
Transcript
Episode notes
Musk-Trump Feud Hits Stocks
- Elon Musk and President Trump engaged in a public feud involving insults and threats, directly impacting their companies' stocks.
- Tesla's shares fell 14% in one day, its largest drop ever, while Trump's company shares also fell but rebounded the next day.
Steel Tariff Boosts Domestic Prices
- Doubling steel and aluminum tariffs to 50% strengthened domestic steelmakers' pricing power.
- Steel demand and prices had been cooling, but tariff hikes led to a rally in Cleveland-Cliffs shares by 30% weekly.
Higher-Income Shoppers Drive Dollar Stores
- Dollar stores are thriving despite general retail slowdown, driven by stronger demand from middle- and upper-income shoppers.
- Lower-income customers remain financially strained, but affluent buyers seeking deals boost sales growth.