00:00And Elon Musk said on Tuesday he plans to significantly cut political spending and is committed to staying on as Tesla's CEO for another five years, aiming to address concerns about balancing his role at The Automaker with his involvement in the Trump administration.
00:17Musk's comments at an economic forum in Qatar could have large implications for next year's midterm elections as he has been Republican political mega-donor.
00:27Hello, Chair Price. Well, tell me then how committed you are to Tesla. Do you see yourself and are you committed to still being the chief executive of Tesla in five years' time?
00:41Yes. And I'm not someone who's ever committed violence. And yet, massive violence was committed against my companies. Massive violence was threatened against me.
00:52Who are these people? Why would they do that? How wrong can they be? They're on the wrong side of history. And that's an evil thing to do. In terms of political spending, I'm going to do a lot less in the future.
01:09And why is that?
01:12I think I've done enough.
01:13Musk, who also leads other companies, including rocket maker SpaceX, reiterated that the satellite internet service, Starlink, might go public at some point in the future.
01:26U.S. stocks fell on Tuesday with the benchmark S&P 500, ending six straight sessions of gains under pressure from rising treasury yields with the U.S. sovereign debt profile in focus.
01:38President Donald Trump traveled to Capitol Hill, seeking to persuade Republican lawmakers to pass a sweeping tax cut bill, which analysts estimate will possibly add $3 trillion to $5 trillion to the federal government's $36.2 trillion in debt.
01:54The Dow Jones snapped three consecutive sessions of gains, and the Nasdaq fell after a two-session winning streak.
02:03Eight out of 11 of the S&P 500 sectors fell, led by losses in energy, communication services, consumer discretionary stocks, utilities, healthcare, and consumer staples equities made gains.
02:16What's happening really today, and really when you look at just a week ago, stocks have taken a big pause.
02:23VIX went at the height from 60 down to where it's now, 18.
02:27And you're getting this sideways motion, maybe up just a bit, one, one and a half on the S&P and Dow.
02:34The reality of what's happening is the market took a breather.
02:40And the breather happened from we all know what, tariff pushing out, some negotiations, Britain under his belt, China happening.
02:50It's not a deal.
02:51It's an ongoing negotiation, but it's big.
02:54And they pushed that out 90 days.
02:55That comes up in August.
02:57The first 90 day, by the way, comes up July 9th, right in the beginning of third quarter earnings season.
03:02And so you'll start to see where that plays out for earnings.
03:06But at the end of the day, there's a kind of a calm before the storm.
03:13Who knows?
03:14Either way, it was a big rebound.
03:16To give you an idea of how big, NASDAQ 100 up 25% from the bottom.
03:21And when you go back to the history of NASDAQ, basically in 1985, NASDAQ 100 had eight bears timeframes.
03:32Four of those eight, it dropped, it came back, and then dropped down further.
03:36It was a bull fakeout.
03:39Is this going to be the fifth?
03:40We'll see.
03:41And I think that's what's concerning what's going on right now.
03:44Investors were also eyeing commentary on the monetary policy outlook from several Federal Reserve officials,
03:51including St. Louis, Fed President Alberto Musalem, Moody's, and the other big ratings agencies,
03:57Fitch and S&P Global Ratings have downgraded the U.S. sovereign credit, citing the government's debt profile.
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