"Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one." – Thomas Paine U.S. stocks showed mixed performance on Tuesday as President Trump’s sweeping budget bill cleared the Senate, while Wall Street awaited updates on trade negotiations. A feud between the president and Elon Musk reignited over the Mega Bill. Tesla shares sank over subsidies being threatened. Job openings surged to their highest level since November 2024. An interest cut is still on the table for July. Wolfspeed filed for bankruptcy and still saw its shares climb. |
Dow Jones - 44,494.94 (+0.91%) ↗
NASDAQ - 20,202.89 (-0.82%) ↘
S&P 500 - 6,198.01 (-0.11%) ↘ |
Trump and Musk Feud Reignites: Could Musk Be Deported? |
Image courtesy of Kevin Dietsch/Getty Images |
President Trump sharply criticized Elon Musk over government subsidies early Tuesday, just as Senate Republicans stripped out a key artificial intelligence protection from his sweeping legislative package — further straining relations between the Trump administration and Silicon Valley. The first blow came at 12:44 a.m. ET, when Trump took aim at Musk on Truth Social in response to the billionaire’s continued criticism of the bill, particularly the financial aid Musk’s companies have received from the federal government. "Without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump wrote. He added, "perhaps we should have DOGE take a good, hard, look at this?" — referring to the Department of Government Efficiency, which Musk previously led. The feud between Trump and Musk — long a rollercoaster relationship — intensified Monday afternoon as Musk threatened political consequences for Republicans backing the legislation. He echoed Democratic critiques and floated the idea of launching a new political party. Most notably, Musk warned lawmakers that those who support the bill “will lose their primary next year if it is the last thing I do on this Earth.” Musk, the top individual donor of the 2024 election cycle, gave at least $288 million, the bulk of which went to Trump-aligned efforts. Speaking to reporters Tuesday morning, Trump continued his barrage, addressing Musk’s complaints over electric vehicle subsidy cuts: “Elon can lose a lot more than that.” He also called the Department of Government Efficiency “a monster that might have to go back and eat Elon.” Asked whether he would consider deporting Musk, Trump replied ambiguously: “We’ll have to take a look.” Senate Republicans narrowly passed President Donald Trump’s sweeping package of tax breaks and spending cuts early Tuesday, pushing through fierce opposition from Democrats — and fractures within their own party — after a dramatic overnight session. Vice President JD Vance cast the decisive tie-breaking vote in a 50-50 split. The bill faced resistance from three Republicans: Thom Tillis of North Carolina, Susan Collins of Maine, and Rand Paul of Kentucky. Outside the Capitol, Elon Musk again attacked Republicans online, calling them “the PORKY PIG PARTY!!” over the inclusion of the $5 trillion debt ceiling hike — a provision necessary to avoid a government default. |
Tesla Shares Sank on Federal Subsidies Being Threatened |
Tesla stock (TSLA) tumbled more than 7% on Tuesday after tensions between CEO Elon Musk and President Trump flared up again overnight. The president renewed his threats to slash federal subsidies benefiting Musk’s companies, including Tesla and SpaceX (SPAX.PVT). "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa," Trump posted on Truth Social early Monday. "No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE," he added. "Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!" Ending the EV credit would cut an estimated $1.2 billion from Tesla's annual profit. In one of his series of posts on his own platform, X, Musk called the bill "utterly insane and destructive [with] handouts to industries of the past while severely damaging industries of the future." Tesla’s quarterly deliveries are expected to decline as analysts lower their 2025 forecasts amid significant demand drops overseas. The company is set to report its second-quarter delivery numbers tomorrow, with consensus estimates around 393,000 units, according to Investor’s Business Daily. This figure represents an 11% decrease from the same period last year but a 17% increase from the first quarter. However, it falls well short of earlier projections for the quarter, and analysts now predict a 5.6% decline in total deliveries for 2025 compared to 2024. Some are more pessimistic—JPMorgan Chase (JPM) forecasts a 19% year-over-year drop to 360,000 vehicles for Q2. The delivery report follows Tesla’s announcement of its first “driverless” car shipment to a customer. |
8+ Possible Stocks for AI Rally 2.0 We could be due for the new (and potentially most powerful) rally for AI stocks. Listen: During the dot-com era, the Nasdaq was up 88.8% during a two-year run between late January 1995 and May 1997. Sounded a lot? Well, the tech-heavy index proceeded to rise another 122% after that until late 1999! What about the AI Age? The Nasdaq is up only ~70% from its 2022 bottom around when ChatGPT was launched. It is possible that AI may not have seen its most powerful rally yet. Click here for more. |
Job Openings Reach Highest Level Since November 2024 |
Image courtesy of Los Angeles Times |
Job openings unexpectedly rose in May, reaching the highest level since November 2024, according to government data released Tuesday. This report arrives as investors closely monitor the labor market for any signs of cooling amid ongoing debates about when the Federal Reserve might resume cutting interest rates. The Bureau of Labor Statistics reported 7.76 million job openings at the end of May, up from 7.39 million in April. The previous month’s figure was revised upward by 4,000. Economists surveyed by Bloomberg had anticipated 7.3 million openings for May. The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.5 million hires in May, down slightly from 5.61 million in April. The hiring rate dipped to 3.4% from 3.5%. Meanwhile, the quits rate — a measure often interpreted as worker confidence — edged up to 2.1% from 2.0% in April. Despite these moves, both the hiring and quits rates remain near decade lows, reflecting what economists describe as a labor market in “stasis.” “Hiring remains depressed, but that is less worrisome than it would be otherwise because layoffs continue to be low,” wrote Nancy Vanden Houten, lead U.S. economist at Oxford Economics, in a client note. This latest JOLTS report arrives as investors watch for potential economic impacts from President Trump’s tariffs. May’s labor market data showed some cooling, with 139,000 jobs added and the unemployment rate steady at 4.2%. Looking ahead, the June jobs report due Thursday is expected to show further slowing, with nonfarm payroll gains forecast to drop to 110,000 and the unemployment rate projected to tick up to 4.3%. As of Tuesday, markets assigned roughly a 23% chance of a Fed rate cut at the July meeting, and a 96% chance that at least one cut will occur by the end of the September meeting, according to the CME FedWatch Tool. |
An Interest Rate Cut this Month Could be on Table |
Image courtesy of John DiJulio, University Communications |
Federal Reserve Chair Jerome Powell didn’t rule out an interest rate reduction this month but agreed that the central bank would have cut rates by now if not for the tariffs introduced by the Trump administration. "I wouldn't take any meeting off the table or put it directly on the table," Powell said on a panel at a European Central Bank monetary policy conference in Portugal, when asked about the possibility of a cut in July. "It's going to depend on how the data evolved." Powell acknowledged that a “solid majority” of the Federal Reserve’s rate-setting committee believes it will be appropriate to begin cutting interest rates later this year, specifically referencing the four remaining meetings, including the upcoming one on July 29-30. When asked by the panel moderator whether the Fed might have implemented more rate cuts if not for tariffs, Powell agreed. The central bank reduced rates by a full percentage point in 2024 but has kept them unchanged throughout 2025. “So I do think that — I think that's right,” he responded, adding that “we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.” |
Wolfspeed Shares Rise Despite Bankruptcy Filing |
Image courtesy of CFOTO / Future Publishing via Getty Images |
Shares of struggling chipmaker Wolfspeed (WOLF) jumped 11% on Tuesday, though trading below $1, as the company filed for Chapter 11 bankruptcy. Wolfspeed filed for Chapter 11 bankruptcy protection on Monday, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets. The North Carolina-based semiconductor firm has been developing a $5 billion plant in the state, expected to employ 1,800 workers, supported by funding from the CHIPS Act. However, delays in receiving funds from the Trump administration have worsened Wolfspeed’s financial difficulties. On Monday, Wolfspeed announced plans to reduce its debt by $4.6 billion through a creditor-backed restructuring. “By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability,” the company stated. CEO Robert Feurle added, “Looking ahead, we remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course.” |
Apple stock jumped 2% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic or OpenAI to power a new version of Siri. Nvidia dipped 1% in pre-market trading after hitting recent record highs. With little new news, this decline is likely driven by technical selling. Other mega caps, including Palantir and Broadcom also slipped before the open. Oracle inched up slightly in pre-market trading following a nearly 4% gain yesterday. The rise came after a Barron’s report revealed Oracle secured several major cloud contracts, including one expected to generate over $30 billion in annual revenue by fiscal 2028. Walt Disney but hit a new 52-week high on Monday following an upgrade from Jefferies. Hasbro climbed 1.7% pre-market after Goldman Sachs (GS) upgraded the stock from Neutral to Buy. Sweetgreen dropped 3.2% in pre-market trading after TD Cowen downgraded it to Hold from Buy. Robinhood shares jumped as analysts issued bullish notes on the stock following its launch of new crypto servicesat an event Monday. The 10-year Treasury yield (^TNX) dipped roughly 2 basis points to 4.20% on Tuesday, marking its lowest level in two months. The U.S. dollar is continuing to weaken against key global currencies. WTI crude prices are rising as investors await the results of the OPEC+ meeting set for July 6. Bitcoin (/BTC) dropped 1.2% in early trading, with crypto-related stocks Coinbase (COIN) and MicroStrategy (MSTR) falling more than 2% and 1%, respectively. |
What Else to Watch This Week |
Second quarter reporting season is around the corner, and S&P 500 earnings are seen up 5% year over year according to FactSet. July 2: June Challenger job cuts report and ADP National Employment Report.
July 3: June nonfarm payrolls, June unemployment, June ISM Services PMI®, May factory orders, markets close early ahead of holiday.
July 4: Markets closed for Independence Day. |
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