Seeking Alpha’s daily roundup of remarks and statements that could impact markets, sectors or individual stocks.
- Tesla (NASDAQ:TSLA) CEO Elon Musk again slammed the Trump-backed spending bill making its way through Congress, calling it the “debt slavery” bill and vowing to fund challengers to conservative lawmakers who vote for it.
“Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!
And they will lose their primary next year if it is the last thing I do on this Earth,” Musk wrote in a post on X.
- President Trump responded by suggesting that government subsidies that benefit Musk’s companies should be cut.
“Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,” Trump posted on Truth Social.
- Federal Reserve Chairman Jerome Powell confirmed on Tuesday that the Trump administration’s newly imposed tariffs are the main reason the Fed hasn’t moved to lower interest rates.
“In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said at a European Central Bank forum in Portugal, according to CNBC.
- Lululemon (NASDAQ:LULU) is suing Costco (NASDAQ:COST) for allegedly selling unauthorized knock-offs of its apparel.
“As an innovation-led company that invests significantly in the research, development, and design of our products, we take the responsibility of protecting and enforcing our intellectual property rights very seriously and pursue the appropriate legal action when necessary,” a Lululemon company spokesperson said in a statement, according to CNBC.