Dow Jones up 300 points as Senate passes Trump’s budget, Tesla drops 8%
2025-07-01 17:59:39
Main Idea
U.S. stock indices showed mixed performance with Tesla's decline impacting the S&P 500 and Nasdaq, while the Dow Jones rose; market focus centered on Trump's budget bill and trade talks.
Key Points
1. Dow Jones increased by 340 points (0.77%), while the S&P 500 fell 0.11% and the Nasdaq Composite dropped 0.61%.
2. Trump's budget bill passed the Senate with a 51-50 vote, featuring trillions in tax cuts and reduced spending on Medicaid, food stamps, and clean energy.
3. The bill is projected to add $3.3 trillion to the national deficit, with some Republican dissenters.
4. Elon Musk criticized the bill's clean energy cuts, coinciding with Tesla's stock dropping nearly 8% at market open.
5. Investors remained focused on trade talks and the implications of the budget bill.
Description
Major U.S. stock indices were mixed, while Tesla losses dragged down the S&P 500 and the Nasdaq’s performance. U.S. stocks were mixed after President Trump’s budget bill passed the U.S. Senate. On Tuesday, June 1, Dow Jones was up 340 points or 0.77%. At the same time, the S&P 500 retreated from its record highs, losing 0.11%, while the tech-heavy Nasdaq Composite fell 0.61% Traders were mostly focused on the progress with trade talks and Donald Trump’s massive budget bill, which passed the Sena...
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