STORY: Wall Street's main indexes ended lower on Thursday, with the Dow shedding a quarter of a percent, the S&P 500 sliding more than half a percent and the Nasdaq tumbling over eight-tenths of a percent.
Shares of Tesla suffered their worst one-day loss since March, as the clash between CEO Elon Musk and U.S. President Donald Trump continued to escalate.
Musk stepped up criticism of the president's massive tax-cut bill, while Trump alleged Musk was upset because the legislation takes away tax benefits for electric vehicle purchases.
Daniel Ives is managing director of Wedbush Securities.
"Look, we're bullish on Tesla, we see a $2 trillion market cap in the horizon but this is definitely a Twilight Zone situation between Musk and Trump, and it's weighing on Tesla's stock. [FLASH] Everyone knew the tax credit was going to get taken out. That's not necessarily the surprise. It's this battle between friends that's basically, these are almost like a junior high school battle."
Among the day's other stock moves, shares of Lululemon, down slightly at the close, plunged more than 20% in extended trading after the athletic-wear company cut its annual profit outlook and forecast second-quarter revenue below estimates.
Shares of Brown-Forman fell 18% after the Jack Daniel's maker forecast a decline in annual revenue and profit.
And shares of crypto firm Circle Internet more than doubled in their stock market debut on Thursday, firing up the IPO market and likely encouraging other crypto companies to follow suit.
