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CLOSING BELL
Tariffs? Best We’ve Got Is TACO

The market whiplashed a bit Thursday as investors watched conflicting reports from the courts on Trump’s tariffs, likely to head to the Supreme Court soon as lesser judiciaries attempt to block aspects of the president’s executive power flexes. Big if true, but some have coined the term TACO, for Trump Always Chickens Out, to describe the rocky road to small changes.

In tech, Nvidia was positive despite warning about China chip bans on Wednesday, and Tesla was green after Chief Musk said farewell to his short stint in government, for now. His firm hopes to launch self-driving cars in Austin in a week or two. 👀

Today's issue covers Tesla's Chief Headed Back To Work, After-Hours Earnings Were Less Optimistic, Trump’s Tariffs Face Judicial Reckoning. 📰

With the final numbers for indexes and the ETFs that track them, 10 of 11 sectors closed green, with health care $XLV ( ▼ 0.48% ) leading and communications $XLC ( ▼ 0.61% ) lagging.

S&P 500 $SPY ( ▼ 0.24% ) 5,912

Nasdaq 100 $QQQ ( ▼ 0.41% ) 21,363

Russell 2000 $IWM ( ▼ 0.21% ) 2,074

Dow Jones $DIA ( ▲ 0.03% ) 42,215

NEWS
Tesla's Chief Headed Back To Work 🚗 

Uber fell Thursday, and financial media saw Tesla’s upcoming Austin self-driving event as a catalyst: if cars drive themselves, who’s calling an Uber?

It wasn’t just that driving news in the car world, it was the return of the car-making giant’s prodigal son. Elon Musk said his sad goodbyes on X, at the end of his 130-day government stint, and headed back to work (hopefully) full time.

It could not have come at a better time. On Wednesday, a group of pension fund Tesla investors wrote a letter to the board, demanding Musk spend at least 40 hours a week at the EV firm. Seems like a reasonable demand for the man who has led firings for government employees for shirking work. 👀 

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