Stocks Slide As Auto Tariffs Boost Tesla, Rivian And Hit GM, Ford: What’s Driving Markets Thursday?
Wall Street dipped slightly on Thursday, with all major indexes edging into the red as investors digested President Donald Trump‘s latest move on auto tariffs.
Late Wednesday, Trump announced a 25% tariff on all auto imports starting next week, with duties on auto parts set to follow in May.
European automakers took a hit, with Mercedes-Benz Group AG (OTCPK: MBGAF) and Porsche Automobile Holding SE (OTCPK: POAHF) sliding 2.5% and 5%, respectively.
Michigan-based carmakers didn’t fare much better. Shares of Ford Motor Co. (NYSE:F) fell 2.5%, while General Motors Co. (NYSE:GM) plunged 6.5%, with the latter marking the worst performance on the S&P 500.
In contrast, U.S. electric vehicle makers rallied. Tesla Inc. (NASDAQ:TSLA) rose 2.6%, and Rivian Automotive Inc. (NASDAQ:RIVN) jumped 5%. The rally followed comments from Goldman Sachs analyst Mark Delenay, who …
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