TL;DR

Tesla jumps on Musk tenure, retail stock buying hits record, gold rallies on economic concerns.

Highlights

• Tesla shares rose 3.5% after Elon Musk committed to at least five more years as CEO and disclosed ongoing talks to license Full Self-Driving (FSD) technology to other automakers12.
• U.S. House Republicans are advancing Trump’s “One Big Beautiful Bill” with permanent tax cuts and benefit trims; intra-GOP negotiations over SALT deduction caps continue ahead of a targeted Memorial Day vote3.
• Retail investors bought a record $4.1B in U.S. stocks by midday, with $50B in net purchases since April 8, accounting for 36% of today’s market volume8.
• gold surged 1.6% above $3,280/oz and platinum gained nearly 5% as investors reacted to economic concerns and ongoing tariff negotiations15.
• Home Depot Q1 earnings missed on profit but beat on revenue; the company reaffirmed full-year guidance and will not raise prices in response to tariffs10.
• U.S. Senate to vote on repealing California’s 2035 gasoline vehicle ban; GM supports the repeal and announced a next-gen LMR battery targeting EV price parity by 20285.
• Intel is exploring the sale of its $5.8B networking and edge unit to focus on core chip businesses12.
• Robinhood submitted a proposal to the SEC for a federal framework to regulate a $30T tokenized asset market; $HOOD shares rose 4%7.
• OpenAI, Microsoft, Oracle, and SoftBank launched a $500B AI data center project in Texas, marking significant U.S. AI infrastructure investment17.
• Standard Chartered forecasts Bitcoin could reach $500,000 by 2028, citing increased government and institutional exposure; U.S. now holds 40% of global Bitcoin2019.
• UBS shares fell 3.3% after a setback in its effort to reduce the impact of stricter Swiss capital requirements13.

Commentary

U.S. equities saw strong retail participation, with intraday buying hitting record levels and retail investors accounting for over a third of today’s market volume8. This surge in retail activity, alongside upbeat revenue from Home Depot 10 and positive sentiment in the tech sector, provided support for major indices into the close. Home Depot ’s decision not to raise prices despite tariff pressures and its reaffirmed guidance further contributed to a constructive outlook for consumer discretionary names10.

Tesla ’s leadership clarity and openness to licensing FSD technology to other automakers eased succession concerns and signaled potential new revenue streams12. The EV sector remains in focus, with GM backing a Senate vote to repeal California’s gasoline vehicle ban and unveiling a new battery design aimed at cost parity with gasoline vehicles by 20285. These developments could influence both legacy automakers and high-growth EV names.

gold and platinum rallied sharply as traders responded to economic uncertainty and tariff-related risks, signaling increased demand for safe-haven assets15. The move in precious metals, coupled with Standard Chartered’s bullish Bitcoin outlook and the U.S. government’s growing crypto exposure, highlights ongoing diversification into alternative assets2019. Meanwhile, Robinhood’s SEC proposal for tokenized assets and the launch of a $500B AI data center project in Texas underscore continued investment in fintech and AI infrastructure717.

Intel ’s consideration of divesting its networking and edge unit reflects ongoing industry realignment toward core competencies12, while UBS’s capital setback weighed on financials in Europe13. Looking ahead, traders should monitor developments in Washington on tax legislation, the Senate’s EV policy vote, and any late-session moves in commodities and crypto, as these may drive after-hours sentiment.