Stocks moved lower in early trading Friday as investors digested the latest threats from President Donald Trump to impose hefty tariffs on U.S. trading partners.

The S&P 500 and Nasdaq Composite pulled back from record levels as investors await President Trump’s new trade deals and tariff updates. Tesla shares sank after CEO Elon Musk jumps back into politics.

Wall Street is coming off a holiday-shortened week during which the S&P 500 and Nasdaq Composite posted fresh all-time highs.

Shares of Microchip Technology Incorporated MCHP rose sharply during Tuesday's session. Mizuho analyst Vijay Rakesh maintained Microchip Technology with an Outperform rating and raised the price target from $78 to $85. Microchip Technology shares jumped 4.1% to $74.36 on Tuesday.

US stock market today saw mixed moves as the S&P 500 and Nasdaq pulled back from recent highs while the Dow Jones climbed. The drop came as Tesla stock fell sharply, driven by rising tension between Elon Musk and President Trump over trade policy.

For nearly 126 years, the Dow Jones Industrial Average (^DJI 1.59%) has been a closely followed index that investors have used to evaluate the health of the stock market.

Objectively, there are compelling reasons why Tesla deserves a spot in the Dow Jones Industrial Average. Practically, though, the move seems unlikely.

Provided by Dow Jones Nov 6, 2024, 3:29:00 PM Tesla, Inc. (TSLA) is currently at $281.16, up $29.72 or 11.82% --Would be highest close since July 19, 2023, when it closed at $291.26

Tesla (TSLA-0.67%) inspires both loyal fans and devout haters, but the stock's success is indisputable. Since its IPO 10 years ago, it has delivered amazing returns to its early shareholders.

Shares of technology companies fell as Elon Musk's latest feud with President Donald Trump weighed on Tesla shares. Shares of the electric car maker slid by almost 7% after Musk vowed to field candidates for a new party in the upcoming mid-term elections, stoking fears of reprisal and distraction.