President-elect Donald Trump reportedly added more names to his list of possible picks for Treasury secretary over the weekend after Elon Musk voiced his preference for Howard Lutnick.

What Happened: Musk threw his support behind Lutnick in a post on his social media platform, X, on Saturday. The Tesla CEO and Trump-confidante also called on others to weigh in on the appointment.

Lutnick has organized fundraisers for the President-elect and is currently a co-chair of Trump's transition effort. Scott Bessent, the founder of hedge fund Key Square Group, was a principal economic advisor to Trump during his campaign and met with the President-elect at Mar-a-Lago on Friday.

Why It Matters: According to a Bloomberg report, Trump has appeared "frustrated" with the infighting. Alternatives to Lutnick and Bessent are in consideration.

Robert Lighthizer, Senator William Hagerty, former Federal Reserve governor Kevin Warsh and Marc Rowan, CEO of Apollo Global Management, Inc. (NYSE:APO) are among the names being floated as alternatives, according to people familiar with the matter.

Trump made several unconventional picks for cabinet nominees so far, including former U.S. Representative Matt Gaetz for US attorney general and Fox News host Pete Hegseth for defense secretary. Trump recently nominated Chris Wright, oil and natural gas executive, to lead the Energy Department. Wright's attorney, William Owen Scharf, is being considered for staff secretary.

The entire country, including Wall Street, will be watching for Trump's Treasury secretary selection as the position is responsible for formulating financial, economic and tax policies and serves as the government's chief financial officer.

Investors can monitor the market's reaction to a potential Trump selection with the SPDR S&P 500 ETF which tracks the performance of the S&P 500 index.

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