Tesla met lowered expectations. Sales fell 13.5% year over year, and estimates for the second quarter started out closer to half a million car sales at the start of 2025. Coming into Wednesday trading, Tesla stock had fallen for six consecutive days, losing 14% over the span.

Investors were increasingly anticipating a bad number, given several recent reports of sales weakness in Europe and China. To add to the anxiety, Tesla Chief Executive Elon Musk renewed his feud with President Donald Trump this week by criticizing the budget bill that barely passed the Senate.

NEW YORK -- U.S. stocks ticked higher on Wednesday to hit another all-time high. The S&P 500 rose 0.5% and set a record for the third time in four days. The Dow Jones Industrial Average edged down by 10 points, or less than 0.1%, and the Nasdaq composite gained 0.9%.