CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Phil LeBeau explains the "Elon Effect" — how investor enthusiasm for Tesla is spilling over into other electric vehicle stocks. Plus, CNBC's Diana Olick breaks down the looming crisis facing millions of American renters as temporary bans on evictions are set to expire this month.
NYU's 'Dean of Valuation' on Tesla's massive run: The virus 'handicapped' its competition
Tesla's unstoppable run this year is largely driven by the coronavirus pandemic, which has caused disproportionate damage to older, more capital-intensive automakers, according to Wall Street's valuation guru.
Shares of Tesla have exploded lately, soaring 30% this month alone and bringing its 2020 gains to a whopping 230%. New York University professor Aswath Damodaran, sometimes called the "Dean of Valuation," called Tesla a "story stock," meaning its prices are not driven by news events or fundamentals.
The number of apartments listed for rent in Manhattan reached record levels in June, as brokers remained unable to host showings amid the coronavirus pandemic and more renters left the city, according to a new report.
More than 10,000 apartments were listed on the market in June, an increase of 85% over June 2019, according to a report from Miller Samuel and Douglas Elliman. The official vacancy rate hit a record 3.67% but is far higher in many buildings, according to brokers.
The Supreme Court on Thursday delivered split opinions in two cases over whether President Donald Trump can shield his tax records from investigators, handing a win to the Manhattan district attorney but rejecting efforts by House Democrats.
Both cases were decided 7-2, with Chief Justice John Roberts authoring the court's opinions and joined in the majority by Justices Ruth Bader Ginsburg, Stephen Breyer, Sonia Sotomayor, Elena Kagan, Brett Kavanaugh and Neil Gorsuch. Justices Clarence Thomas and Samuel Alito dissented in both cases.