Negative: Tesla shares drop over 7% as Musk's political distractions impact company performance

Stocks are down following the holiday weekend, with the S&P, Nasdaq, and Russell 2000 all seeing declines. Tesla is the biggest loser, dropping over 7% today after Musk’s call for a new American Party. Lockheed Martin is a top performer, gaining 1.38%. Breadth is negative, with most stocks in the red.

Uber Technologies is a standout, up over 3.5% to an all-time high. Factors driving its growth include Tesla’s decline and news of an upcoming Dubai trial for Uber partner Pony.ai’s robotaxi. Tesla shares are down more than 6% in recent trading due to Musk’s political distractions.

The S&P 500 and Nasdaq are both lower today, with a quiet week expected in terms of news and economic reports. Major earnings reports are due Thursday, with the Fed releasing May FOMC meeting minutes on Wednesday. The threat of tariffs looms as the 90-day pause nears its end.

The BRICS summit is underway, with member states discussing creating a new currency to compete with the dollar. President Trump threatens a 10% tariff on countries aligning with BRICS. Economic indicators show the economy softening, with private sector employment decreasing and GDP estimates declining.

Musk’s political involvement continues to impact Tesla negatively, with shares down 6% since Thursday. A Tesla was found stopped in a dangerous position on the highway, raising safety concerns. Musk’s focus on politics is detracting from the company’s performance, causing concern among investors.

Read more at Yahoo Finance: Tesla Stuck on the Highway as Trade Deal Deadline Nears