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By BERNARD CONDON, Associated Press

Investors bought hundreds of billions of dollars of Tesla stock after Donald Trump was elected on a bet that politics were more important that profits.

In three hours Thursday, they learned yet again how dangerous that gamble could be.

Shares of Elon Musk’s electric vehicle maker plunged more than 14% in a stunning wipeout as investors dumped holdings amid a bitter war of words between the president and the world’s richest man. By the end of the trading day, $150 billion of Tesla’s value had been erased, more than what it would take to buy all the shares of Starbucks and hundreds of other big publicly traded U.S. companies.

The disagreement started over the president’s budget bill, then quickly turned nasty. After Musk said that Trump wouldn’t haven’t gotten elected without his help, Trump implied that he may turn the federal government against his companies, including Tesla and SpaceX.

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” Trump wrote on his social messaging service Truth Social. “I was always surprised that Biden didn’t do it!” read more

By Elizabeth Renter, NerdWallet

Buying a home is no walk in the park— and in today’s market, it’s especially challenging for first-time buyers.

Although inflation-adjusted list prices decreased slightly in the first quarter of 2025, interest rates rose. For the vast majority of first-time home buyers who depend on a loan for their home purchase, this meant little relief in the way of affordability in the first months of the year.

List prices dip slightly

Across the nation, inflation-adjusted list prices in the first quarter fell slightly (-2%) compared with the last quarter of 2024. Looking at adjusted prices tells us that buyers’ money could go a bit further toward the sticker price on their home.

But the number of homes changing hands remains historically low, according to data from the National Association of Realtors. Some of this may be seasonal — home sales are typically lackluster in the first quarter of the year. But high prices, high mortgage rates and an uncertain economic outlook are likely also playing a role. read more

By AYAKA McGILL

TOKYO (AP) — Throngs of gamers stood in long lines outside of stores hours before they opened Thursday from Tokyo to New York City in hopes of snaring a long-awaited Nintendo Switch 2 video game console.

Enthusiasts have been clamoring for an upgrade to Nintendo’s eight-year-old predecessor for years. Nintendo, which is counting on the Switch 2 to boost sagging sales, has added new social features meant to lure players into online gaming.

The much anticipated Switch 2, being released around the world Thursday, is an upgrade to its eight-year-old predecessor with new social features meant to draw players into online gaming. Nintendo is counting on the Switch 2 to boost sagging sales.

In the U.S., a chaotic pre-order process in April left some fans frustrated after the consoles quickly sold out. People lined up early Thursday at stores in hopes of buying one.

“I’m just rolling the dice here,” said Edgar Huo, who was in a line of about 25 outside of a Target in the Tribeca neighborhood of Manhattan, New York. Many of those waiting for the store to open had ordered online, but a few like Huo hoped for a chance at purchasing any extra inventory the store had. read more

By MATT OTT, AP Business Writer

WASHINGTON (AP) — The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated.

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  Fans around the world queue up in long lines for the highly anticipated Nintendo Switch 2 launch

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  US stocks slip as Wall Street makes its final moves ahead of Friday’s jobs report

The long-term rate dipped to 6.85% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.99%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also came down. The average rate fell to 5.99% from 6.03% last week and 6.29% a year ago, Freddie Mac said. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks drifted lower on Thursday as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market.

The S&P 500 fell 0.5% for its first drop in four days. After sprinting through May and rallying within a couple good days’ worth of gains of its all-time high, the index at the center of many 401(k) accounts has lost momentum.

The Dow Jones Industrial Average dropped 108 points, or 0.3%, and the Nasdaq composite sank 0.8%.

Trading activity in options markets suggests investors believe the next big move for the S&P 500 could come on Friday, when the U.S. Labor Department will say how many more jobs U.S. employers created than destroyed during May. The expectation on Wall Street is for a slowdown in hiring from April.

A resilient job market has been one of the linchpins that’s propped up the U.S. economy, and the worry is that all the uncertainty created by President Donald Trump’s on-and-off tariffs could push businesses to freeze their hiring. read more