Morning Business Report: Tesla struggles, market rebounds, and Americans feel financial strain

Tesla CEO Elon Musk says he plans to reduce the time he spends on Dogecoin next month, as the company struggles through a rough start to the year.

(LILAMAX)- Tesla CEO Elon Musk says he plans to reduce the time he spends on Dogecoin next month, as the company struggles through a rough start to the year. Musk has recently focused more on cutting government spending, and some analysts suggest that distraction may be hurting Tesla’s performance. The electric vehicle maker reported a 20% drop in first-quarter sales, and its stock has plunged about 40% since the start of the year.

President Donald Trump says he has no intention of firing Federal Reserve Chair Jerome Powell, and he’s now suggesting that tariffs on China could be reduced. Treasury Secretary Scott Bessent added to the optimism during an investor summit, expressing confidence that the U.S.-China trade war will de-escalate and a deal could soon be reached.

That optimism fueled a major rebound on Wall Street. The Dow Jones Industrial Average soared 1,017 points, completely recovering Monday’s losses. All major indexes rose more than 2%, buoyed by hopes of a breakthrough in trade negotiations.Despite the surge in stocks, uncertainty continues to drive many investors to safer assets. Gold prices hit a record high, climbing above $3,500 an ounce, as nervous investors look for secure places to park their money.

A new survey paints a concerning picture of personal finance in the U.S. Two-thirds of Americans say they feel behind on their savings goals, with 47% believing they may never catch up. The findings, from a Talker Research survey commissioned by banking app Current for National Financial Literacy Month, show unexpected expenses are the top reason people are dipping into their savings.