BusinessPostCorner.com
No Result
View All Result
Sunday, July 6, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Markets drop amid debt jitters, Telsa climbs on Musk plan to lower political spending

May 20, 2025
in Business
Reading Time: 2 mins read
A A
0
Markets drop amid debt jitters, Telsa climbs on Musk plan to lower political spending
ShareShareShareShareShare

As the U.S. economy faces heightened uncertainty, stocks took a slight dip on Tuesday after a six-day winning streak, with the S&P 500 dropping by 0.39%. The downturn comes just a day after the top credit ratings agency Moody’s downgraded U.S. debt from its top rung—the last of the leading agencies to do so.

Moody’s decision was less a function of President Trump’s wide-ranging tariff campaign than a reaction to soaring U.S. debt, with the ratings agency arguing that successive administrations have failed to reverse the trend of fiscal deficits and growing interest costs. The move did not come as a major surprise, with Treasury Secretary Scott Bessent downplaying the downgrade as a “lagging indicator.”

Still, analysts argued that Trump’s tariff strategy could worsen the situation as the U.S. debt situation grows increasingly unsustainable. “Our view is that Liberation Day has likely brought that reckoning forward,” wrote Deutsche Bank’s head of global macro and thematic research Jim Reid, in a note on Monday. “The U.S.’s exorbitant privilege—its ability to borrow well below fair value—is gradually eroding.”

Volatility continues

Trump’s second tenure has been marked by a market roller coaster, with stocks plunging in April after he announced his punishing tariff campaign and then creeping back up over the past month as his officials walked back the pronouncement. Until today, the S&P 500 had posted gains for six straight days, reaching its highest mark since late February.

Stocks dipped modestly on Tuesday, with popular tech stocks including Meta and Microsoft dropping by less than a percent. Bucking the trend, however, was Tesla, which rose 0.51%. Speaking at a Bloomberg forum in Qatar, the Tesla CEO seemed to hint that he would be spending more time with his electric car company, telling the audience via videoconference that he would be doing “a lot less” political spending in the future. “I’ve done enough,” he said, adding that he was committed to leading Tesla for the next five years.

Aside from the looming threat of tariffs, the biggest question in Washington right now is Trump’s domestic policy legislation, which he has dubbed his “big, beautiful bill.” The House is currently debating key sections that include massive tax breaks, defense spending, and cuts to Medicaid—the latter of which Trump reportedly opposes. Another point of contention remains state and local tax deductions, or SALT, with some Republican lawmakers from higher-tax states like New Jersey and New York pushing for a higher cap.

Trump did notch a major win on Monday night as the Senate voted to begin debate on one of his signature pieces of legislation—a bill that would establish regulation for stablecoins, a type of cryptocurrency backed by the U.S. dollar, which Trump has championed. After Democrats opposed an initial version of the bill, enough lawmakers voted on Monday night to advance the legislation, signaling its potential passage later this year. Shares for Coinbase, the top U.S. crypto exchange, dropped by 0.99% on Tuesday, days after its admission of a data breach by cybercriminals.

This story was originally featured on Fortune.com

Credit: Source link

ShareTweetSendPinShare
Previous Post

Minnesota approves CPA licensure changes bill

Next Post

Senate panel grills IRS commissioner nominee Billy Long

Next Post
Senate panel grills IRS commissioner nominee Billy Long

Senate panel grills IRS commissioner nominee Billy Long

Retail investors reap big gains from ‘buying the dip’ in US stocks

Retail investors reap big gains from ‘buying the dip’ in US stocks

July 6, 2025
Donald Trump threatens to raise tariffs again on Japan

Donald Trump threatens to raise tariffs again on Japan

July 1, 2025
HR tech and transformation: Where are the opportunities?

HR tech and transformation: Where are the opportunities?

July 2, 2025
Senate bill preserves pass-through entity deduction

Senate bill preserves pass-through entity deduction

June 30, 2025
UK sale of F-35 fighter jet parts used by Israel ruled legal by High Court

UK sale of F-35 fighter jet parts used by Israel ruled legal by High Court

June 30, 2025
TSB name could disappear from UK High Street in Santander deal

TSB name could disappear from UK High Street in Santander deal

July 2, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Mercado Bitcoin to Tokenize 0M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

July 6, 2025
Crayola’s CEO leaned in to automation when everyone else was offshoring and now he’s reaping the rewards

Crayola’s CEO leaned in to automation when everyone else was offshoring and now he’s reaping the rewards

July 6, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!