Tesla stock extended declines from earlier in the week as Trump and Musk traded words over the GOP budget bill, which Musk has described as an "abomination."

Investors are assessing tariff-deal developments after President Trump held a phone call with Chinese leader Xi Jinping, according to Chinese media.

At the Oval Office today, according to CNBC, Trump indicated that Musk is unhappy that electric-vehicle tax credits are likely to be removed under the so-called Big, Beautiful Bill. Those incentives, enacted into law by President Joe Biden's Inflation Reduction Act, have been in the crosshairs of Trump and other Republicans since their inception.