Table of Contents

• S&P 500

• Tesla

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S&P 500

The S&P 500 has fallen 10% from its February 19 peak, erasing $5.28 trillion in market value and dropping from $52.06 trillion to $46.78 trillion in just three weeks. The decline is driven by trade tensions, with Trump’s tariff policies weighing on investor sentiment, alongside signs of slowing economic growth and weak consumer confidence. Analysts note growing concerns over policy unpredictability, which is dampening growth expectations. Additionally, the AI-driven rally has lost steam, with Nvidia dropping 17% and the Magnificent Seven ETF down 16% since the correction began. Despite the pullback, the S&P 500 remains highly valued, trading at 24.1 times earnings, well above historical norms.

Tesla

Tesla cautioned that U.S. exporters, including itself, could face retaliatory tariffs in response to President Trump’s aggressive trade policies. In a letter to the U.S. Trade Representative’s Office, the automaker emphasized the risk of increased duties on electric vehicles in countries targeted by U.S. tariffs, a challenge Tesla has encountered in past trade disputes. The company urged policymakers to avoid unintended harm to American manufacturers, warning that even with domestic supply chain expansion, sourcing some essential parts within the U.S. remains difficult. Tesla suggested a phased approach to any new tariffs on vehicles and auto parts, allowing companies time to adjust supply chains and ensure compliance. The letter echoes broader industry concerns, as the trade group Autos Drive America, representing Toyota, Volkswagen, BMW, Honda, and Hyundai, also warned that sweeping tariffs could disrupt production, raise costs, limit consumer choices, and lead to job losses.

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