States win first round in EV charger lawsuit
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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. We've made it to the midway point in this final full week of June. Today is Wednesday, June 25th. It's good to have you with us. I'm Julie Morgan. EV funds unfrozen. Tesla's European decline continues in ARK's latest shopping spree.

A U.S. district judge has halted the Trump administration's attempt to withhold previously awarded funds from 14 states for electric vehicle charger infrastructure. Judge Tana Lynn issued a partial injunction in favor of the states that filed a lawsuit against the Department of Transportation.

The judge ruled that the lawsuit led by the attorneys general of California, Colorado and Washington is likely to succeed. Lynn, a Biden appointee, wrote in her order, simply put, the president does not have unilateral authority to refuse to spend the funds. However, her decision did not extend to the District of Columbia, Minnesota and Vermont as they failed to show evidence of imminent harm.

The injunction is set to take effect on July 1st unless the Trump administration successfully appeals to block it. The dispute is from a February directive by the Trump administration ordering states not to spend $5 billion allocated under the Biden-era National Electric Vehicle Infrastructure Program.

Keeping with the topic of EVs, Tesla's sales in the European Union saw another fall in May. Registrations dropped 40.5 percent to 8,729 units versus last year. Tesla's European market share for new car registrations dropped to 0.9 percent in May, from 1.6 percent

a year ago, according to data from the European Automobile Manufacturers Association. So far in 2025, its market share shrank to 1.1% from 2% last year. The refresh model Y was expected to help reverse Tesla's fortunes in the EU market. However, it did little good.

Overall in Europe, Tesla sales in the first five months of 2025 fell 45.2% from the same period last year. More broadly, the passenger car registrations in the EU increased by 1.6% year-over-year to 926,582 units in May 2025.

Cathie Wood's ARK ETFs disclosed their daily trades for Tuesday, June 24th, highlighting notable activity in the technology sector. The day's most significant moves included sizable purchases of Shopify and Toast with Shopify topping the list of acquisitions.

The ARKK ETF bought a combined total of 33,829 shares of Shopify across three of its funds, ARKK, ARKW, and ARKF, amounting to a substantial $3.7 million investment. ARKK ETF also added 70,000 shares of Toast to its portfolio and 19,622 shares of Airbnb, valued at $2.5 million.

Now for a look at a few other articles that are trending on Seeking Alpha. Beijing vows retaliation after Taiwan blacklists Chinese firms, including Huawei. President Trump dismisses a Pentagon report and claims Iran's nuclear sites have been fully destroyed. And we have a list of the top 10 S&P 500 performers year-to-date as the index nears a record high.

On our Catalyst Watch for the Day, Equinix will hold an Analyst Day event. The company's leadership team will present and participate in a Q&A. Acadia Pharmaceuticals will host an R&D Day in New York City to discuss its neurological and rare diseases pipeline. The stock has rallied after similar events in the past.

And NVIDIA will hold its annual meeting of shareholders. Proposals up for vote include director appointments and shareholder proposals on the rules for special meetings and workforce data reporting.

On Wall Street today, ahead of the opening bell, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 1.3% at $65 a barrel. Bitcoin is up 0.7% at $106,000. Gold is flat at $3,326. The FTSE 100 is up 0.1% and the DAX is flat.

Torrid Holdings is on our list of the biggest movers of the day pre-market. Curve is down 29% after announcing the pricing of a public offering of 10 million shares of common stock at $3.50 per share. On today's economic calendar, at 10 a.m., new home sales. Also at 10 a.m., Jerome Powell will deliver his semi-annual monetary policy report testimony before the Senate Banking, Housing, and Urban Affairs Committee.

That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha, join the highest quality community of real investors discussing stocks and ETFs at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.