By coinnews 
00:00 Speaker A
First up, a relief rally underway on Wall Street with stocks set to extend gains as President Trump softens his trade rhetoric specifically on China, and says he has no intentions of firing Federal Reserve chair Jerome Powell. The president’s comments easing investor concerns that sparked the so-called sell America trade where US stocks, treasuries, and the dollar all sold off in tandem.
00:17 Speaker A
Plus, Tesla shares rallying this morning. CEO Elon Musk vowing to pull back significantly from his work with the US government.
00:29 Elon Musk
Starting next month, um, I’ll be at allocating, um, far more of my time to Tesla and uh, now that the the major work of establishing the Department of government efficiency is done.
00:54 Speaker A
Those comments from Musk come after one of the worst quarters for the company with net income falling 71% in the first three months of the year. Despite today’s rally, several analysts on Wall Street are slashing their price targets for the EV maker.
01:07 Speaker A
And Apple and Meta facing a combined nearly $800 million fine in the European Union for violating antitrust laws. The penalties imposed under the EU’s digital markets act come amid a warning of harsh retaliation from President Trump. Both Apple and Meta have responded critically to the fines with Apple accusing the EU of discrimination and Meta saying the EU is handicapping American businesses. The companies have 60 days to comply with the decision or face further financial penalties.