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S&P 500 closes lower as Tesla shares tumble, traders weigh Trump-Xi talk

Eduardo Sifuentes
Finance, U.S., VIP News
June 5, 2025
0 Comments

preCharge News BUSINESS — The S&P 500 fell on Thursday, spurred by a drop in shares of electric vehicle maker Tesla.

The broad market index dipped 0.5%, while the Nasdaq Composite pulled back 0.8%. The Dow Jones Industrial Average dropped 108 points, or 0.3%.

Tesla was a big laggard in the session, down more than 14% and losing its trillion-dollar market cap status. Shares slid after President Donald Trump said he was “very disappointed” in CEO Elon Musk. Musk shot back at the president, saying in a post on X that “without me, Trump would have lost the election.” The feud further intensified after Trump called Musk ”‘CRAZY” and signaled that he might cut his companies’ government contracts.