Tesla turns positive for the year

Today, Google became the fourth company to surpass a $3 trillion market cap, joining the likes of Nvidia, Microsoft, and Apple. Google’s shares were up 4% in early trading, pushing the company over the $3 trillion milestone. The stock has been on a tear following a federal court ruling earlier this month that avoided some of the worst-case antitrust scenarios regarding its search monopoly, including breaking up the company. And earlier today Citigroup raised its Google price target to $280 from $225, citing “an accelerated product development cycle that is beginning to emerge with greater Gemini adoption across both its Ads and Cloud businesses.”

Snap fell more than 1% premarket while Meta dropped about 0.5% after President Donald Trump hinted on his social media platform, Truth Social, that a TikTok deal was reached during the European trade meetings. “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save,” he wrote. “They will be very happy!”

Treasury Secretary Scott Bessent was more explicit, telling reporters in Madrid that a framework for a TikTok deal has been reached, according to Bloomberg.

Trump said he would speak with Chinese leader Xi Jinping on Friday.

Back in 2024, a bipartisan group of lawmakers agreed that TikTok was such an unspeakable threat to American security that it had to be outlawed or sold to an American buyer. Since then, Trump has thrice pushed back the deadline for the deal, saving the app from going dark.

As Sherwood News’ Nate Becker has noted, Oracle is a likely contender to buy or run TikTok.