Good morning. Tesla stock fell hard yesterday, after poor earnings and vague guidance. The stock finished the day down 8 per cent, its biggest one-day drop since Elon Musk and President Donald Trump’s infamous break-up. Trump, right ahead of a controversial visit to the Federal Reserve, held out a peace offering, posting that he still wants Musk to “THRIVE”. The shares continued to fall. 

Check back in tomorrow for our first Chart of the Week. Every Saturday, we will send subscribers one graphic telling an important market story. Email us: unhedged@ft.com.

US housing

Despite a recent rise in consumer confidence, the US housing market is — if you can believe it — getting worse. On Wednesday, we got the latest existing home sales number. They fell further, hovering near another 17-year low. New home sales are flagging, too: