Top Stock Movers – GM, AutoZone and Tesla

Key Takeaways

• U.S. stocks fell at midday, after briefly recovering earlier losses caused due to new tariffs on imported parts and vehicles.
• Tesla and auto parts retailers saw their shares rise, while GM, Ford Motor and Stellantis’s shares fell on the news of tariffs.
• Dollar Tree shares have advanced for the second session in a line on the sale its troubled Family Dollar store chain.

U.S. stocks fell at midday, after briefly recovering earlier losses due to new tariffs on imported parts and vehicles. The Dow Jones Industrial Average, S&P 500, and Nasdaq all were down slightly.

The tariff news sent shares of “Big Three automakers” General Motors (GM), Ford F (F), Stellantis STLA (STLA), and Ford F (F) tumbling.

Also affected were auto manufacturers, such as Aptiv (APTV), PPG Industries (PPG), and others.

Jefferies Financial Group’s (JEF), shares fell after the financial firm missed quarterly targets as revenue from asset management plunged.  

Retailers that sell auto parts directly to consumers are the ones who benefit from these new tariffs. Shares of O’Reilly Automotive and AutoZone (AZO), which sell auto parts to consumers, jumped.

Shares of Tesla (TSLA) also rose, as the electric car (EVs) maker is expected benefit from tariffs that make foreign-made EVs more affordable.

Dollar Tree shares (DLTR) rose for a 2nd day after the discount retailer sold two Family Dollar stores that were struggling to a private equity firm for $1 billion. 

Futures on oil and gold rose. The yield on 10-year Treasury notes was higher. The U.S. currency gained against the yen and lost ground against the euro. Bitcoin prices were up, but other major cryptocurrencies’ prices were mostly down.