Stock Movers: Tesla Plunges, Big Banks Hit, Apple Price Target Slashed

Tesla's Significant Decline

• 📉 Tesla shares have plunged to a level previously stated by Commerce Secretary Howard Lutnick as impossible.
• 💡 Analyst Dan Ives, a Tesla bull, has slashed his price target by 43%, citing a global brand crisis and the EV maker becoming a "political symbol."
• 💰 Since its peak in December, Tesla's stock is down 50%, and Elon Musk has lost $130 billion year-to-date.

Banking Sector Downturn

• 🏦 Major US bank stocks are trading lower, with the sector experiencing its worst two-day decline since March 2020.
• ⚠️ Fears of a global recession, exacerbated by tariffs, could lead to reduced loan demand and increased delinquencies, impacting bank earnings.
• 🗣️ JP Morgan CEO Jamie Dimon released his annual letter, criticizing tariffs and urging a swift resolution.

Apple's Market Cap Drop

• 🍎 Apple shares are down in pre-market trading following a 7.3% decline on Friday.
• 📉 Dan Ives also cut his price target for Apple to $250 from $325.
• 📊 Apple's market capitalization fell by $443.5 billion last week, marking the largest weekly decline on record.
• 🇨🇳 The stock's performance is impacted by its reliance on products assembled in China, which retaliated against US tariffs with a 34% levy on imported goods.