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☆ Grimes, Elon Musk's ex, is speaking out in support of his estranged trans daughter
▼ + stars: | 2024-07-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewElon Musk's former partner, Grimes, has spoken out in support of the Tesla chief's daughter, Vivian Jenna Wilson. "I love and am forever endlessly proud of Vivian," Grimes wrote in an X post on Thursday. It's notable that in her support of Wilson, Grimes referred to her as "Vivian." AdvertisementWilson is one of the 12 children that Musk shares with three different women — his ex-wife, Justine Musk, Grimes, and Neuralink executive Shivon Zilis. AdvertisementRepresentatives for Musk and Grimes did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Persons: —, Elon Musk's, Grimes, Tesla, Vivian Jenna Wilson, Vivian, lamm, " It, ong Organizations: Service, Business Locations: Wil, usk

☆ How Elon Musk could benefit from a second Trump presidency
▼ + stars: | 2024-07-26 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Read previewWith a few pen strokes, Donald Trump could make many of Elon Musk's problems go away. But Musk also stands to gain with a new administration controlling federal regulations. But with Trump as president, Musk wouldn't even need to dismantle the so-called "administrative state" to get federal agencies out of his way. As president, Trump could direct the Justice Department and other executive agencies to drop any actions against Trump and his friends' businesses, Gernhardt told BI. Existing federal laws from the EPA and Department of Interior could be relaxed, Blanchard said.

Persons: —, Donald Trump, Elon, Musk, Joe Biden, Trump, JD Vance —, Michael Gerhardt, Gernhardt, Jilian Blanchard, Blanchard, Gerhardt Organizations: Service, Business, University of North, SEC, SpaceX, Justice Department, Good Government, National Environmental, EPA, Department of Interior, Securities, Exchange Commission, Twitter, Interior Department Locations: Ohio, Silicon, University of North Carolina, Chevron, Texas

☆ The stock market is gearing up for its rate cut era
▼ + stars: | 2024-07-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Data Thursday showed the economy expanded at a robust 2.8% annualized rate during the second quarter, blowing past economists’ expectations. While the Fed has penciled in just one rate cut for this year, traders are betting on up to three, according to the CME FedWatch Tool. While the market was broadly higher on Friday, the S&P 500 and Nasdaq on Wednesday logged their worst daily performances since 2022. Shares of smaller companies tend to perform poorly when rates are high, since they have more floating rate debt than their larger counterparts. Investors are also picking at other areas of the market poised to gain when rates come down.

Persons: —, Dow, Russell, Stephen Lee Organizations: New, New York CNN, Federal Reserve, Big Tech, Nasdaq, MRB Partners, YouTube, Logan Capital Locations: New York

☆ Hyundai Motor posts record Q2 profit on strong U.S. sales, to boost hybrid lineups
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +1 min

Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle policies following the election. But Hyundai also warned of an uncertain outlook due to intensifying price competition as inflation and high interest rates squeeze consumers. Hyundai reported a net profit of 4 trillion won ($2.9 billion) for the April-June period, up 23% from a year earlier and easily beating the 3.4 trillion won average of 21 analyst estimates compiled by LSEG SmartEstimate. The net profit was its highest quarterly since the previous record high set in the Q2 2022. Domestic vehicle sales in South Korea, Hyundai's second-biggest market, slumped 10% in the second quarter, extending from a 16% drop in the previous quarter, as consumers continue to grapple with surging inflation and a weak economy.

Persons: LSEG SmartEstimate, Hyundai's Organizations: Hyundai, New York, Hyundai Motor, Ford, Nissan, Tesla, Kia Corp Locations: U.S, South Korea

☆ Elon Musk's daughter speaks out against the controversial Tesla CEO
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElon Musk's daughter speaks out against the controversial Tesla CEONBC’s David Ingram joins 'Power Lunch' to discuss his interview with Elon Musk’s daughter.

Persons: Elon, Tesla, NBC’s David Ingram, Elon Musk’s

☆ Elon Musk's transgender daughter says he was an absent and 'cruel' father
▼ + stars: | 2024-07-26 | by ( Erin Snodgrass | Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Read previewElon Musk's transgender daughter said the Tesla CEO was an absent father who frequently rebuked her for being queer and feminine as a child. Wilson, who has stayed out of the public eye until now, told NBC News that Musk's comments went too far. Wilson told NBC News the book — which described her as being a supporter of "radical Marxism" via a quote from Musk's sister-in-law — was inaccurate and unfair. Isaacson also referred to Wilson by her middle name, Jenna, in the book, Wilson said. The author told NBC News that he reached out to Wilson's family members in an effort to reach her.

Persons: —, Elon, Tesla, Vivian Jenna Wilson, Musk, Wilson, Justine Musk, Jordan Peterson, misgendering, I'm, Elon Musk, Richard Bord, Walter Isaacson, Musk's, Isaacson, Jenna, Peterson Organizations: Service, NBC News, Business, Getty, NBC Locations: California

☆ Kamala Harris has a golden opportunity to pull Silicon Valley away from Trump and Vance
▼ + stars: | 2024-07-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

The US President endorsed his current vice president, and many prominent Democrats, including Barack Obama, have followed his lead. Money has been pouring into Harris's campaign, and the vice president has already begun campaigning against former president Donald Trump. With Vance by his side, Trump has been trying to woo Silicon Valley away from Biden. Notably, the vice president hasn't taken a strong stance on cryptocurrency, but some expect her to become more pro-crypto than Biden. Meanwhile, with support from pro-crypto running mate JD Vance, Trump has announced he plans to be the first "crypto president."

Persons: —, Kamala Harris, Harris, Joe Biden's, Barack Obama, Donald Trump, Sheryl Sandberg, Trump, JD Vance, David Sacks, Peter Thiel, Vance, Thiel, Elon Musk, Aaron Levie, techies, Sean Parker, Tony West, Kamala, she's, Ron Conway, Chiente Hsu, Biden, She's, Hsu, Reed Hastings, Levie, hasn't, Nigel Green Organizations: Service, Democratic, Business, PAC, Politico, VC, Biden, Facebook, Big Tech, Biden Administration, Democratic Party, deVere Group Locations: Silicon, California, Oakland, Bay, Harris, FTX

☆ Sam Altman, under fire from Elon Musk, has now offered his own vision of open-source AI
▼ + stars: | 2024-07-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewOpenAI CEO Sam Altman has a vision for open-source AI, and it's not far from what the company's former cofounder, Elon Musk, has been asking for. But what's notable in Altman's proposal was how he highlighted the role open-source AI models could have in strengthening America's hold on the field. AdvertisementTo be sure, Musk also has some reservations about how open AI models should be. Advertisement"I believe that open source is necessary for a positive AI future," Zuckerberg wrote in a blog post on the same day. "There is an ongoing debate about the safety of open source AI models, and my view is that open source AI will be safer than the alternatives.

Persons: —, Sam Altman, it's, Elon Musk, Altman, Altman's, Musk, pummeling Altman, OpenAI, OpenAI's, Ilya Sutskever, Sutskever, Musk didn't, Mark Zuckerberg, Meta, Zuckerberg Organizations: Service, The Washington, Business, Google, Microsoft, OpenAI, Business Insider

☆ Apple and Microsoft are among the 'Magnificent Seven' stocks set to report next week. Here's what that means
▼ + stars: | 2024-07-26 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

On Friday, the tech-heavy S & P 500 and Nasdaq Composite ended the week with losses, down 0.8% and 2.1%, respectively. However, the bulk of Magnificent Seven results is set for release in the week ahead. As it is, all seven of the Magnificent Seven companies closed out the week with losses. FOMC meeting, July jobs report Elsewhere, investors will also be reviewing the latest Federal Reserve interest rate decision set for release on Wednesday. Traders will also get insight into the labor market next week, with the release of the July jobs report on Friday.

Persons: Russell, Ryan Grabinski, John Belton, Tesla, Belton, FactSet, Stanley Black, Decker, Lam, Kraft Heinz, Ingersoll Rand Organizations: Nasdaq, Dow Jones Industrial, Microsoft, Facebook, Apple, Nvidia, 2H, 3Q, Gabelli, Traders, Dallas Fed, Semiconductor, Nation Entertainment, Electronic Arts, Starbucks, Match Group, Caesars Entertainment, Corning, Howmet Aerospace, Procter, Gamble, Pfizer, Merck, Co, PayPal, ADP, Civilian Workers, Chicago PMI, MGM Resorts International, Allstate, Lam Research, eBay, Qualcomm, Western, Cruise Line Holdings, Hess, Boeing, Mobile, Marriott International, GE Healthcare Technologies, Generac Holdings, Mastercard, Labor, PMI, Manufacturing, Intel, Holdings, Motorola Solutions, Technology, Air Products, Chemicals, Jobs, Exxon Mobil, Chevron Locations: Chicago, Albemarle, Kellanova, Hershey, Moderna

☆ The tech sell-off may not be over. Here's an options trade to capitalize on the trend—with protection
▼ + stars: | 2024-07-26 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

The Nasdaq-100 has seen significant profit taking as many investors have trimmed their exposure to the Mag 7. Volatility and carnage in the Nasdaq should persist causing more sellers to sell tech stocks. Here is an options strategy to profit on this additional plunge in Tech. However, the move ran out of gas into the closing bell, and the QQQ finished back in the red. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Russell, Tesla Organizations: Nasdaq, Nvidia, Meta, Dow, CNBC, NBC UNIVERSAL Locations: Tech

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Tesla, Skechers, Meta, Southwest, Amazon, Sweetgreen, & more
▼ + stars: | 2024-07-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla " Tesla AI Infrastructure 'base' is by far the fastest rising part of its asset base." Morgan Stanley downgrades WW International to equal weight from overweight Morgan Stanley downgraded the company formerly known as Weight Watchers due to concerns about free-cash flow. Morgan Stanley initiates CervoMed as overweight Morgan Stanley said it's bullish on shares of the biotech company. " Morgan Stanley downgrades STMicroelectronics to equal weight from overweight Morgan Stanley downgraded the stock following earnings. Morgan Stanley reiterates Meta as overweight Morgan Stanley said buy the dip in shares of Meta.

Persons: Redburn, Lockheed Martin, Raymond James, Apple, it's, Morgan Stanley, Tesla, Piper Sandler, Alexander, Baldwin, Piper, ALEX, TD Cowen, Morgan Stanley downgrades STMicroelectronics, Baird, Meta, Guggenheim, Oppenheimer, Sweetgreen, Stifel, Jefferies, Rosenblatt Organizations: Deutsche Bank, Airlines, Deutsche, Lockheed, Apple, Citi, Amazon, AMC, International, Dianthus Therapeutics, Meta, " Bank of America, underperform Bank of America, Barclays, Microsoft, Aviation, Security, Nvidia, Qualcomm, Pharmaceuticals Locations: NYC, Brunswick

☆ Stop trying to charge your Tesla faster with the wet towel 'hack,' company warns
▼ + stars: | 2024-07-26 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Read previewTesla issued a warning against using the wet towel charging "hack" that's been circulating among some owners online. Related storiesIt's not a surprise that Tesla owners are looking for hacks to charge their vehicles faster. The damp towel trick is just one example of the many experiments Tesla owners have tried out. Other YouTubers have made videos using oranges or water bottles to cheat the sensors in the steering wheel. (Elon Musk has said the company is removing the steering wheel nag in upcoming software).

Persons: —, Tesla, It's, it's, Elon Musk Organizations: Service, Business Locations: InsideEVs

☆ Stocks on the move: Bristol Myers, Abbive, and Tesla
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStocks on the move: Bristol Myers, Abbive, and TeslaThe Investment Committee discuss some of their stocks that are on the move today

Persons: Bristol Myers, Abbive

☆ Trump says Elon Musk 'never told me' he would pledge $45 million a month to campaign
▼ + stars: | 2024-07-25 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Republican presidential nominee and former U.S. President Donald Trump speaks as he campaigns in Charlotte, North Carolina, U.S. July 24, 2024. Donald Trump on Thursday said Elon Musk "never told me" he would pledge $45 million a month to support Trump's presidential bid, days after the Tesla and SpaceX CEO denied a report that he would do so. "Somebody told me he was going to give me 45 million [dollars] a month. I said, 'That sounds like a lot, even for Elon, that's a lot,'" the Republican presidential nominee said. But Musk "never told me he was giving [$45 million]," he said.

Persons: Donald Trump, Elon Musk, Trump, Biden, Joe Biden, Kamala Harris, Musk, Joe Lonsdale, Jordan Peterson Organizations: SpaceX, Musk, Fox News, Elon, Republican, Democratic, Trump, Street Locations: Charlotte , North Carolina, U.S

☆ Chart of the Day: Ford and Tesla
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChart of the Day: Ford and TeslaFord and Tesla heading in opposite directions today. The Investment Committee discuss their Tesla strategy.

Persons: Tesla Organizations: Tesla Ford

☆ Ford shares, on pace for worst day since 2009, lead autos rout after disappointing earnings
▼ + stars: | 2024-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor is leading a decline in major U.S. automotive stocks this week amid disappointing results and investor skepticism around future performance. Shares of Ford were off by more than 17% in early trading Thursday – on pace for their worst decline since 2009 – after missing Wall Street's bottom-line earnings expectations due to warranty problems, a reoccurring issue with the company. Shares of General Motors and Stellantis were notably off as well after reporting their results this week. Shares of Tesla , which reported results Tuesday afternoon, were up slightly Thursday after their largest daily decline since 2020 on Wednesday. GM, down roughly 7% this week, outperformed Wall Street's expectations for the second quarter and increased its guidance for the year.

Persons: —, Stellantis —, Stellantis, Carlos Tavares Organizations: New York, DETROIT, Ford, General Motors, Tesla, — Ford, GM, NYSE Locations: Detroit

☆ Europe stocks set to open lower amid global downturn; earning season ramps up
▼ + stars: | 2024-07-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.

Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan

☆ Cryptocurrencies suffer alongside tech stock rout, ether slides 6%
▼ + stars: | 2024-07-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Cryptocurrencies fell one day after a reversal in technology stocks pushed the S&P 500 and Nasdaq Composite to their worst day since 2022. Disappointing quarterly earnings from from Alphabet and Tesla late Tuesday weighed on the rest of the tech sector as investors rotated out of high-risk assets, including cryptocurrencies. Gox repayment schedule that has resulted in a persistent round of bitcoin selling pressure this month, he added. Meanwhile, ether fell 6% to $3,172.59 as newly-launched ether exchange-trade funds traded for a third day. "What is happening is the same as when spot bitcoin ETFs were launched back in January," said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank.

Persons: Cryptocurrencies, Bitcoin, Joel Kruger, Yuya Hasegawa, bitcoin Organizations: Nasdaq, Metrics, LMAX, ETH Locations: outflows

☆ Japan's Nikkei tumbles more than 2% as Asia-Pacific markets fall, tracking Wall Street sell-off
▼ + stars: | 2024-07-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets saw a sell off on Thursday, tracking losses on Wall Street as the S&P 500 and Nasdaq Composite saw their worst days since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. Meanwhile, Tesla shares declined 12.3% — their worst day since 2020 — on weaker-than-expected results and a 7% year-over-year drop in auto revenue. Over in Asia, investors will assess South Korea's advance second-quarter GDP numbers, which came in slightly below expectations. South Korea's GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters.

Persons: — Organizations: Nasdaq, Dow Jones, Tech, Nvidia, Meta, Reuters Locations: Seoul . Asia, Pacific, Asia

☆ CNBC Daily Open: Wall Street sinks, Tesla slumps
▼ + stars: | 2024-07-25 | by ( Abid Ali | ) www.cnbc.com time to read: 1 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTTraders work on the floor of the New York Stock Exchange (NYSE) on July 24, 2024 in New York City. Spencer Platt | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. CNBC's Daily Open is going on a short hiatus after today's newsletter. What you need to know todayGet the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are.

Persons: Spencer Platt, We'll Organizations: New York Stock Exchange, Getty, CNBC Locations: New York City

☆ Not seeing capital return from Ford, says RBC's Tom Narayan
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot seeing capital return from Ford, says RBC's Tom NarayanTom Narayan, RBC Capital global autos analyst, joins 'Squawk on the Street' to discuss Ford earnings, Tesla's EV business, and more.

Persons: Tom Narayan Tom Narayan Organizations: Ford, RBC Capital, EV

☆ Elon Musk’s transgender daughter, in first interview, says he berated her for being queer as a child
▼ + stars: | 2024-07-25 | by ( David Ingram | ) www.cnbc.com time to read: +10 min

Vivian Jenna Wilson, the transgender daughter of Elon Musk, said Thursday in her first public interview that he was an absent father who was cruel to her as a child for being queer and feminine. Wilson, 20, in an exclusive interview with NBC News, responded to comments that Musk made Monday about her and her transgender identity. She told NBC News that at the time, she was surprised by the media attention to the court filing, which she submitted when she was 18. Wilson told NBC News that those anecdotes are not true, though she said she did act stereotypically feminine in other ways as a child. Musk told Peterson that Wilson's gender transition has been the motivation for his push into conservative politics.

Persons: Elon Musk, Porte, Vivian Jenna Wilson, Wilson, Musk, I'm, Musk's, Justine Musk, He's, Donald Trump, Jordan Peterson, Peterson, Walter Isaacson —, Christiana Musk, she's, Jenna, Isaacson, Wilson —, Let's, they'll, — CNBC's Lora Kolodny Organizations: SpaceX, Tesla, Viva Technology, Porte de, NBC News, NBC Locations: Paris, Los Angeles, Tesla, California

☆ Tom Lee says the rotation out of large caps is just beginning, small caps to surge 15% in August
▼ + stars: | 2024-07-25 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

The S & P 500 and Nasdaq Composite suffered their biggest one-day losses since late 2022, dropping 2.3% and 3.6%, respectively. The small-cap Russell 2000 was a relative outperformer, ending the day down 2.1%. The Russell is up 7.2% month to date, while the S & P 500 and Nasdaq have fallen 0.6% and 2.2%, respectively, during that time. "I think for the month of August small caps can do something more than 15% even, because they underperformed so dramatically. And the type of move we've seen just the last two weeks is something that only happens at the start of a pretty significant advance for small caps."

Persons: Tom Lee, Russell, Lee, Donald Trump, Trump, we've Organizations: Fundstrat Global Advisors, Nasdaq, Trump White House, Nvidia

☆ Elon Musk and Jeff Bezos are arguing again with their rival rocket companies. It's the latest in a 20-year feud.
▼ + stars: | 2024-07-25 | by ( Avery Hartmans | Sarah Jackson | ) www.businessinsider.com time to read: +1 min

Musk said in 2021 that Bezos "does take himself a bit too seriously" and that he's intentionally trying to provoke the former Amazon CEO. Musk has said Bezos should "spend more time at Blue Origin and less time in the hot tub." Musk added that while Bezos has a "reasonably good engineering aptitude," he doesn't seem to be spending a lot of "mental energy" getting into the details. "As a friend of mine says, he should spend more time at Blue Origin and less time in the hot tub," Musk said. Bezos tweeted in April 2022, the month Musk announced his plans to buy the social media site.

Persons: Musk, he's, Jeff Bezos, Lauren Sanchez, Bezos, Tesla Organizations: Amazon, Financial Times, Twitter Locations: China

☆ Stock market today: Stocks waffle after sell-off as traders mull tech weakness and GDP data
▼ + stars: | 2024-07-25 | by ( Max Adams | ) www.businessinsider.com time to read: +4 min

Second-quarter GDP data showed the economy grew at 2.8% in the second quarter, much more than expected. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Traders were assessing tech weakness and hotter-than-expected GDP data for the second quarter. Investors' top concern is slowing tech earnings growth after Tesla and Alphabet both reported disappointing results on Tuesday. Here's where US indexes stood shortly after the opening bell on Thursday:AdvertisementMeanwhile, investors are digesting second-quarter GDP data, which showed the US economy grew by 2.8%.

Persons: Stocks, —, Mike Owens, Dan Ives, Chris Zaccarelli, Brent Organizations: Nasdaq, Service, Traders, Investors, Federal Reserve, Saxo, Microsoft, Google, Apple, Securities, West Texas Locations: China, Here's

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