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.

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.

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.