Closing Bell: Tesla Rises on Robotaxi Expansion, MP Materials Spikes, Autodesk Slides
Jul 10, 2025
Tesla's shares surged with plans for a driverless taxi expansion in California and Arizona, as Elon Musk predicted a Bay Area launch soon. Meanwhile, MP Materials saw a remarkable 60% spike after securing a multibillion-dollar deal with the Department of Defense for a new magnet plant. On the downside, Autodesk's stock tumbled as it mulls potential acquisitions. The discussion highlights key movements in airline stocks and broader market dynamics, providing a snapshot of current economic trends.
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insights INSIGHT
Broad Market Gains Signal Health
The S&P 500 gained broadly with nine sectors in green led by consumer discretionary.
This broad-based rally is a healthy sign despite tech sector facing declines.
insights INSIGHT
Airlines' Strong Recovery
Airlines showed strong gains with Delta up 12% and United up 14%.
Corporate travel recovery is reinforcing the positive earnings outlook in the sector.
insights INSIGHT
MP Materials' Rare Earth Boost
MP Materials' new public-private deal boosts rare earth magnet production capabilities.
This deal includes $400 million equity and a $1 billion loan, marking a strong government-industry collaboration.
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Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
- Tesla (TSLA) shares rose on word it's aiming to bring its driverless taxis to California and Arizona as the carmaker plots an expansion on the heels of last month’s limited rollout in Austin. CEO Elon Musk predicted on his social media service X that Tesla robotaxis could launch in the San Francisco Bay area “probably in a month or two,” pending regulatory approvals. The carmaker plans to broaden its service area in Austin this weekend, he said. Tesla has also contacted the Arizona Department of Transportation to begin the certification process for autonomous vehicle ride-sharing, the state agency told Bloomberg in an emailed statement. Tesla has expressed interest in operating within the Phoenix metropolitan area, the transportation department said. A decision on the company’s applications — including for operations with and without a driver — is expected by the end of this month.
- MP Materials (MP) shares spikes as much as 60%, the most intraday since the company’s IPO in 2020, after the firm struck a multibillion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400m in equity and a $1b loan commitment.
- Autodesk (ADSK) shares dropped as investors digested news that it's weighing an acquisition of rival engineering-software provider PTC Inc., according to people familiar with the matter. Autodesk has been working with advisers to evaluate a cash-and-stock deal for Boston-based PTC, said the people, who asked to not be identified because the matter isn’t public. PTC, with a market value of about $23 billion, is also drawing interest from other industry players, the people said.No final decision has been made and Autodesk could opt against pursuing a deal for PTC, the people added. A representative for PTC declined to comment. A representative for Autodesk couldn’t be reached for comment.
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