Squawk on the Street House Passes Trump's Tax Bill, Long Bond Yield Jumps, Tesla Gets Leapfrogged 5/22/25
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May 22, 2025 Markets reacted strongly to the House passing a significant tax bill, pushing the 30-year bond yield above 5.1%. Tesla faced new competition as BYD outsold it in Europe for the first time. Bitcoin hit a fresh all-time high, attracting younger investors despite economic uncertainties. OpenAI's acquisition of a startup from ex-Apple designer Jony Ive sparked discussions about innovation. Amid the financial landscape, reactions to retail earnings from brands like Ralph Lauren added another layer to the market's complexity.
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Growth Potential of Tax Bill
- Jim Cramer believes the tax bill will ignite growth despite bond yield fears.
- Treasury could shift to fund short-term debt to ease long-term yield pressure.
Solar Sector Faces Credit Cuts
- Solar stocks plunged due to tax credits being phased out in the new bill.
- Installation companies like Sunrun are hit harder than manufacturers like First Solar.
BYD Overtakes Tesla in Europe
- BYD surpassed Tesla in European EV sales with a 169% surge.
- Chinese automakers pose increasing competition globally, forcing Tesla to lower prices.