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Goldman Sachs has revised its U.S. stock market outlook, lowering the year-end target for the S&P 500 index to 5,700 from 6,200, reflecting concerns over President Trump's tariff policies and economic slowdown risks. The firm also cut its 2025 GDP growth forecast to 1% and now anticipates three Federal Reserve rate cuts this year, citing the need for "insurance-style" measures against economic downturns.
President Donald Trump is optimistic about finalizing a deal for TikTok's US operations before the April 5 deadline, as mandated by a 2024 law due to national security concerns regarding its Chinese ownership. Private equity firm Blackstone and other non-Chinese stakeholders are reportedly leading the bid, with the White House showing flexibility, including potential tariff reductions, to facilitate the agreement.
Trump suggested that the influence of Musk and DOGE may be waning, as public concern grows over the chaos linked to the cryptocurrency and Tesla's declining sales. Despite Musk's temporary government role set to end in May, a White House official indicated he would remain involved. Meanwhile, Tesla's stock has dropped significantly, reflecting a shift in consumer sentiment.
During a rally in Wisconsin, Elon Musk sidestepped questions about a potential DOGE stimulus check, stating that any such initiative would require congressional approval. He emphasized that efficiency in government spending could alleviate inflation's tax burden on Americans.The idea of a DOGE stimulus originated from former President Trump, who mentioned considering distributing 20% of DOGE savings to citizens. This proposal followed claims of significant savings by DOGE, which were later found to include misleading figures.
A significant influx of funding and political activity has characterized the elections in Wisconsin and Florida, with over $80 million spent on TV ads, primarily for the Wisconsin Supreme Court race. Elon Musk's super PAC has contributed $12.2 million to support candidate Brad Schimel, while early voting trends show increased Democratic participation in Florida's special elections. Republicans, despite concerns over fundraising, hold strong leads in these traditionally red districts, crucial for maintaining their narrow House majority.
Elon Musk's net worth has plummeted by approximately $121 billion since December, now estimated at $337.7 billion, making him still the world's richest person. This decline coincides with widespread protests against him and Tesla, including the "Tesla Takedown" demonstrations, which have negatively impacted Tesla's stock, down about 45% from its December peak. Amidst these challenges, Musk has threatened legal action against protest organizers while facing scrutiny over the effects of new tariffs on the automotive industry.
Elon Musk's favorability has dropped significantly, with a recent poll showing 49% of respondents viewing him unfavorably, a 10-point decline since February. This decline follows backlash over his leadership at the Department of Government Efficiency (DOGE), where concerns about federal worker firings and sensitive information access have arisen. Despite his plummeting approval, a majority of Americans still support reducing government spending.
Goldman Sachs has raised the likelihood of a recession under President Trump to 35%, citing the risks from new tariffs and a decline in household and business confidence. The firm predicts a 0.3% increase in unemployment, estimating that Trump's policies could reduce GDP growth by 1.2% over the next year. Meanwhile, Moody's Analytics has also increased its recession probability to 40%, warning of a potential "recession by design."
Elon Musk is intensifying his response to anti-Tesla protests, calling for the arrest of those funding the demonstrations, which he claims are orchestrated by wealthy Democratic opponents. He specifically accused Reid Hoffman of financial involvement, a claim Hoffman denied, suggesting Musk should address his own issues instead. The protests, part of the Tesla Takedown movement, have also seen participation from Europeans, some of whom have vandalized Tesla property in reaction to Musk's political affiliations.
Elon Musk stated that the federal government has no plans to utilize Dogecoin, despite his support for the cryptocurrency. He clarified that while there was speculation about a connection between Dogecoin and the Department of Government Efficiency, the two are unrelated. Musk's advocacy for Dogecoin has previously led to legal challenges, but a class action lawsuit against him was dismissed.
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