US Stock Market Move | Trump canceled electric vehicle support order, Tesla, Inc. (TSLA.US) dropped more than 4%.

On Tuesday, Tesla, Inc. (TSLA.US) fell more than 4%, closing at $408.50. On the news front, just days after taking office, US President Trump immediately targeted the electric car industry by revoking an executive order signed by former President Biden in 2021, cancelling the government's support for the electric car industry. In the executive order, he stated that the government should consider "eliminating unfair subsidies and other ill-considered government-imposed market distortions that tend to favor electric cars over other technologies, and mandate the purchase of electric vehicles." Elon Musk had previously stated that ending subsidies could have a slight impact on Tesla, Inc.'s sales but would be "devastating" for its competitors.