Tesla rises as Musk vows to reduce DOGE activity
In the corporate sector, Tesla
the electric vehicle manufacturer reported first-quarter profits at its core auto business that were better than rock-bottom estimates.
Also contributing to the positive tone was the news that CEO Elon Musk plans to reduce the time he devotes to the Trump administration from next month and spend more time running the EV giant, especially amid slumping sales.
Elsewhere, Intel (NASDAQ: INTC) stock gained more than 5% after Bloomberg reported the chipmaker is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies.
Philip Morris (NYSE:PM) stock climbed more than 2% after the tobacco giant posted a solid first-quarter report, and
raised its full-year 2025 earnings guidance.
Boeing (NYSE:BA) stock surged 6% after the aircraft manufacturer posted its first growth in quarterly revenue since 2023.
On the flip side, Enphase (NASDAQ:ENPH) stock slumped 15% after the energy technology company's first-quarter results missed expectations, while the low end of its second-quarter revenue outlook also fell short.
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