Elon Musk criticizes Biden’s plan to give tax credit to consumers of union-built electric vehicles

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The S&P 500 traded higher last week despite another round of scorching US inflation figures.

On Friday, the Labor Department reported a 6.8% increase in the consumer price index in November, the index’s highest inflation rate since 1982. Inflation still High pressure is on the Federal Reserve to more aggressively reduce its monthly and mortgage-backed treasury obligations. security purchases.

Chipmaker Intel said on Tuesday that it plans to go public with its Mobileye autonomous vehicle technology unit through an initial public offering in mid-2022. Intel acquired Mobileye for $ 15.3 billion in 2017, but some experts estimate it could now be worth around $ 50 billion.

FILE – In this file photo from March 14, 2019, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company’s design studio in Hawthorne, Calif. Tesla announces that it will be moving its headquarters from Palo Alto, California, to Austin, Texas. , although the electric car maker continues to expand its manufacturing capacity in the Golden State. Musk gave no timeline for the move on Thursday, October 7, 2021, when he addressed the company’s shareholders at Tesla’s annual meeting. (AP Photo / Jae C. Hong, file)

Influential Tesla CEO Elon Musk criticized President Joe Biden’s $ 1.75 trillion social spending plan in an interview at the Wall Street Journal CEO Council summit on Tuesday. The spending bill would provide consumers with a tax credit of up to $ 12,500 for the purchase of electric vehicles assembled by union workers using US-made batteries. Musk accused Biden of being biased against Tesla, which does not have unionized workers.

On Thursday, the Senate voted to allow Congress to raise the U.S. debt ceiling by a simple majority vote, potentially eliminating the threat of a U.S. default on December 15.

MongoDB on the new cloud

Shares of cloud-based database company MongoDB gained nearly 20% last week after the company reported 50% revenue growth in the third quarter.

In the week ahead, the third quarter earnings season continues with reports from Accenture, Adobe, Rivian and FedEx on Thursday.

Analysts predict the S&P 500 energy sector to post revenue growth of 67.7% in the fourth quarter, the highest of any sector in the market, according to to FactSet.

Economic figures

Following November’s inflation figures, Wall Street will receive more economic updates on Wednesday when the US Census Bureau releases its November retail sales report and the Federal Reserve releases its latest interest rate decision. and the related monetary policy statement.

Benzinga is a financial information and data company headquartered in Detroit.

This article originally appeared on Detroit Free Press: Musk Criticizes Biden’s Plan to Give Union-Built Electric Vehicle Tax Credit


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