Tesla's share price rebounded by 2.5% in pre-market trading, reversing the previous day's steep decline of 15.4%. In a show of support, U.S. President Trump took to social media to voice his backing for Musk and Tesla, even indicating his plans to purchase a new Tesla. Additionally, Cathie Wood's Ark Investment Management made substantial purchases of Tesla and other stocks, totaling over $70 million, amidst the broader market downturn in U.S. equities. Wood sees the current market turmoil as the end of an economic "rolling recession," forecasting a deflationary boom for the second half of the year. Nevertheless, Tesla's previous day's share price drop was its largest one-day fall since September 2022, with the stock now trading more than 50% below its all-time high. Wall Street sentiment towards Tesla's future prospects has grown increasingly pessimistic, with several investment banks revising their price targets downwards. This downward revision is largely attributed to waning deliveries in Europe and China, poor delivery forecasts for the Model Y, and a recent lack of growth momentum.