Tesla’s annual profit plunged to its lowest level since the pandemic as it ceded the title of the world’s biggest electric vehicle maker to a Chinese rival and boycotts hammered sales.

The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row with a steep drop in profit.

EPA plan would roll back ‘good neighbor’ rule

The Trump administration is taking a step toward rolling back a rule that limits smokestack emissions that burden downwind areas in neighboring states.

The so-called “good neighbor” rule is intended to block coal-fired power plants and other industrial sites from adding significantly to air pollution across state lines.

Stronger-than-expected Q4 results for Meta

Meta’s fourth-quarter results jumped past Wall Street’s expectations thanks to solid advertising revenue, sending shares higher in after-hours trading Wednesday.

The company earned $22.77 billion, or $8.88 per share, in the October-December quarter. That’s up 9% from $20.84 billion, or $8.02 per share, in the same period a year earlier.

Microsoft beats Wall Street expectations

Microsoft reports revenue of $81.3 billion for the October-December quarter, marking a 17% increase from the previous year.

The company also announces a net profit of $30.9 billion, or $4.14 per share. Both figures surpass Wall Street expectations.

US stocks hold near all-time high

Few ripples washed through Wall Street after the Federal Reserve decided to keep its main interest rate steady, just like investors expected.

The U.S. stock and bond markets each remained at a virtual standstill on Wednesday, while the U.S. dollar stabilized following its sharp recent slide against its peers. Some of the biggest action remained in the gold market, where the metal’s price jumped to another record. The S&P 500 inched down by less than 0.1% from its all-time high. The Dow Jones Industrial Average was also nearly unchanged, and the Nasdaq composite added 0.2%.

IRS faces stiff challenges in 2026 tax season

The national taxpayer advocate says the 2026 tax filing season is likely to face significant challenges due to IRS workforce reductions and complex tax law changes.

The IRS has seen a 27% reduction in staff since the start of President Donald Trump’s second Republican administration. The agency also is dealing with leadership turnover and implementation of new tax laws.