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By JON GAMBRELL and BERNARD CONDON, Associated Press

DUBAI, United Arab Emirates (AP) — Elon Musk said that he expects hundreds of thousands of self-driving Teslas will be on the road requiring no human intervention by the end of next year and that he is committed to staying as CEO of the company for at least another five years.

The billionaire also said in a pair of interviews on Tuesday that he has no regrets about leading the job-slashing Department of Government Efficiency under the Trump administration. He downplayed any damage to the Tesla brand from that role, saying demand for Teslas has experienced a “major rebound.” That’s potentially a big development given that the latest public sales figures from Europe and U.S. show steep declines in sales for several months running.

“We’ll probably have hundreds of thousands, if not over a million, Teslas doing self-driving in the U.S.,” Musk said in an CNBC interview Tuesday, adding that passengers won’t need to pay attention to the road. “Like you’re asleep and you wake up at your destination.” read more

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stock indexes fell on Tuesday, as momentum slowed for Wall Street after it rallied from a deep hole nearly all the way back to its all-time high set earlier this year.

The S&P 500 fell 0.4% for its first drop in seven days, but it’s still within 3.3% of its record. The Dow Jones Industrial Average lost 114 points, or 0.3%, and the Nasdaq composite slipped 0.4%.

Treasury yields and the value of the U.S. dollar held relatively stable following a brief jolt Monday morning after Moody’s Ratings said the U.S. government no longer deserves a top-tier credit rating because of worries about its spiraling debt.

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The Trump administration recently announced a plan for steep port fees on Chinese-built vessels, which dominate global trade and are frequently in San Diego Bay.

The idea is to limit China’s dominance in the seas by making it more expensive to use their vessels and, in theory, push the nation’s importers into the arms of the comparatively small U.S. shipbuilding industry.

The new Chinese levies, which wouldn’t take effect until mid-October, could cost an importer roughly $150 a car, according to estimates from the Port of San Diego. There is concern from the shipping industry that the levies, on top of tariffs, could significantly impact global trade.

U.S. shipbuilding is practically nonexistent compared to China and others. Critics argue there is no way (at the moment) for the U.S. to catch up and the whole plan will just mean increased costs for consumers. President Donald Trump has argued it is vital for national security that America builds up its shipbuilding industry.

Question: Is the Chinese-built vessel levy proposal a good one? read more

By MICHELLE CHAPMAN, Associated Press

Biotechnology company Regeneron Pharmaceuticals is buying 23andMe for $256 million, two months after the genetic testing company filed for Chapter 11 bankruptcy protection.

In March 23andMe said that it was looking to sell “substantially all of its assets” through a court-approved reorganization plan. Its co-founder and CEO Anne Wojcicki also resigned from the top post, but remained as a board member.

23andMe has faced an uncertain future for some time. Beyond battles to go private, the company struggled to find a profitable business model since going public in 2021. Privacy concerns related to customers’ genetic information have also emerged, notably spanning from a 2023 data breach — along with questions around what new ownership could mean for users’ data.

The proposed transaction with Regeneron includes 23andMe’s personal genome service and total health and research services. It does not include the Lemonaid Health subsidiary, a telehealth services provider which 23andMe plans to wind down. read more

By Prashant Gopal, Bloomberg News

The crucial spring home-sales season in the U.S., barely off the runway, is already sputtering.

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  Average rate on a US 30-year mortgage rises to 6.81%, its highest level since late April

April is normally when transactions kick into overdrive, warmer weather drawing in buyers and sellers alike. But this year, the number of signed contracts was the lowest for the month since the Covid lockdown in 2020, according to seasonally adjusted data from Redfin Corp. Deals were down 3% from last April, already seen as a low mark.

Active listings for April also ballooned to the highest level since 2019, suggesting homes are piling up on the market. And annual median price growth, measured by completed purchases, was just 1.4%, compared with the almost 6% gain recorded in April 2024. read more