O$BNB
n June 5, 2025, global markets experienced significant turbulence as a public feud between President Donald Trump and Tesla CEO Elon Musk intensified. The Dow Jones Industrial Average, S&P 500, and Nasdaq all closed lower, reflecting investor concerns over escalating trade tensions and political discord.
Tesla's stock suffered a notable decline, dropping approximately 9% after President Trump expressed disappointment over Musk's criticisms of federal spending. Musk responded on social media platform X, accusing Trump of "ingratitude," further fueling the conflict.
Adding to the market's unease, Musk warned that Trump's newly implemented tariffs could trigger a national recession by late 2025. These tariffs have already impacted Tesla, which reported a steep loss of $150 billion, highlighting the broader economic implications of the ongoing trade policies.
In response to the market volatility, the European Central Bank cut interest rates, aiming to stabilize the economy amid the global financial uncertainty.
