Tesla Inc.’s stock shed early gains Tuesday that came on expectations that Chief Executive Elon Musk’s close relationship with the new administration will help the electric-vehicle maker, with sentiment further buoyed by a bullish note from Piper Sandler.

Shares of Tesla Inc. slumped Tuesday alongside other electric-vehicle makers, while space company stocks saw big gains, after President Donald Trump announced a series of policies that could have wide-ranging impacts on markets.

The Magnificent Seven stocks have grabbed investors’ attention for quite some time, with their surging share prices and market capitalization exceeding $1 trillion. However, a new set of stocks, including one of the Magnificent Seven,

Tesla’s stock surges ahead of Inauguration Day, as investors bet on CEO Elon Musk’s ability to influence Federal rule making.

Tesla stock jumped on the first trading day since the inauguration of now-president Donald Trump. Shares climbed despite Trump signing an executive order Monday aimed at reversing the prior administration’s electric vehicle policies.