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,

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 stock was last down 2.7%, tracking losses in the broader EV space, while shares of Rivian Automotive Inc. RIVN were down 6%, Nikola Corp. NKLA down 9% and Lucid Group Inc. LCID down 4.7%.

Shares of Tesla Inc. dropped nearly 3% on Tuesday morning, the first trading day after Donald Trump’s second inauguration as U.S. President. During his inauguration speech on Monday, Trump vowed to dismantle Environmental Protection Agency (EPA) rules requiring automakers to sell all-battery electric vehicles (EVs) to avoid severe emissions-related fines.

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.

Tesla Inc.’s stock rose 2% early Tuesday, boosted by expectations that Chief Executive Elon Musk’s close relationship with the new administration will help the electric-vehicle maker, and further buoyed by a bullish note from Piper Sandler.