US critical minerals stocks have soared this week, getting a boost from signs that the Trump administration will favor a sector that’s become a flashpoint in the trade standoff between the US and China.

As shares of Elon Musk’s Tesla Inc. rally on Thursday, the jump in the size of the company dwarfed the decline in the value of its US rivals as the stocks responded to President Donald Trump’s latest tariff announcements.

Robinhood Markets Inc. shares are heading for their worst week since August as they pull back from the crypto-fueled surge that followed the election of President Donald Trump.

It’s early days, but there already appears to be a clear buzzword among corporate executives this earnings season: tariffs.