What Happened? Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 7.4% in the morning session after CEO Elon Musk announced over the weekend his intention to form a new political party, the "America Party.

William Blair lowered its rating on Tesla stock from outperform to market perform today. The Wall Street Journal recently reported that Tesla is losing market share in China, and President Trump threatened new tariffs.

Key Takeaways U.S. equities declined at midday as the market waited for new tariff announcements from the White House. Tesla shares dropped as CEO Elon Musk announced he was starting a new political party,