The S&P 500 hit a new high on Trump trade deals. Tesla and Google led earnings movers late with Elon Musk on deck.

But even now, as Trump and Musk seemingly aren't friends anymore (for the moment), and Tesla is staring down the barrel of yet another consecutive dismal fiscal quarter, Tesla investors don't care. For them, Tesla is a future play. Tesla derived 90% of its 2024 revenue and 94% of its gross margin from auto sales.

ANALYSIS: In his feud with Donald Trump, the world’s richest person has the distinct disadvantage of not possessing nukes. But that doesn’t mean he has no cards to play, writes Io Dodds

Tesla TSLA after the stock market closed reported second-quarter earnings falling 23% with sales also dropping. The conference call is due at 5:30 p.m. ET where all the focus will be on CEO Elon Musk's comments, especially regarding the robotaxis. TSLA shares angled lower after the earnings report.

Tesla’s troubles continued Wednesday as the company reported a 23% drop in adjusted earnings for the second quarter, a fall that followed a record drop in sales in the same period. The company’s adjusted net income,

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Tensions between Musk and Trump have escalated in recent months. Musk has publicly criticized Trump’s legislative agenda—mocking his “One Big Beautiful Bill”—and accused him of suppressing the Epstein files because he is in them. Trump repeatedly threatened to retaliate against Musk's criticism by pulling federal contracts from Musk’s companies.

In stocks, Nvidia more than 1% rose as investors await Alphabet GOOGL earnings at market close. Shares also rose following a Wall Street Journal report that Tesla TSLA Chief Executive Elon Musk's xAI startup is looking to raise up to $12 billion to buy Nvidia chips to train xAI's Grok chatbot.

Tesla CEO Elon Musk first announced the retro-style diner in 2018 that would operate alongside a charging station, with the intention that roller skate-wearing carhops would bring food and drinks to drivers while they charge.