Major stock indexes are mixed but little changed Tuesday morning as the market takes a breather from a rally that has sent major indexes to all-time highs.
The S&P 500 and Nasdaq Composite were recently down 0.1% and 0.2%, respectively, while the Dow Jones Industrial Average rose 0.4%. Stocks are coming off of three straight days of solid gains—pushing the benchmark S&P 500 index and tech-heavy Nasdaq Composite to record closing levels the previous two sessions—as investors remain hopeful that the U.S. will secure agreements with leading trade partners and that the Federal Reserve will cut interest rates in the coming months.
The S&P 500 and Nasdaq Composite gained 5% and 6.6%, respectively, in June, while the Dow increased 4.3% over the month. Stocks have staged a remarkable recovery from their early-April lows—the S&P 500 gained more than 11% in the second quarter, while the Nasdaq surged 17%—as concerns have subsided about tariffs, while economic data and corporate earnings have remained strong.
Market participants are keeping a close eye on developments related to trade talks, as a deadline looms next week for massive tariffs to be re-imposed by the Trump administration. Investors are also watching deliberations in the Congress on President Donald Trump’s “One Big Beautiful Bill,” as legislators aim to finalize the tax and spending package by the end of this week. Economic data is also in focus, ahead of the highly anticipated release on Thursday of the June jobs report.
Tesla (TSLA) shares were down 4% in recent trading as a feud between Elon Musk and Trump heated up again, with the Tesla CEO criticizing the budget bill and the president saying Musk had benefited excessively from government subsidies. “He’s upset that he’s losing his EV mandate,” Musk told reporters Tuesday. “Elon can lose a lot more than that.”
Other mega-cap technology stocks were mixed this morning. Chip companies Nvidia (NVDA) and Broadcom (AVGO) each fell more than 1%, while Alphabet (GOOG) and Meta Platforms (META) were down slightly. Apple (AAPL) shares were up more than 2%, adding to gains yesterday that followed a report saying the company is considering using technology from Open AI or Anthropic to power voice assistant Siri. Microsoft (MSFT) and Amazon (AMZN) edged higher.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.26% this morning, up from yesterday’s close of 4.23%, which was its lowest level since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.2% to 96.71, trading at its weakest level since early 2022.
Bitcoin was at $107,100, down from around $107,500 on Monday afternoon but up from an earlier low of $106,300.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.4% to $65.40 per barrel. WTI had surged to more than $77 early last week amid concerns that the supply of oil could be disrupted by fighting in the Middle East, but fell sharply once those fears eased.
Gold futures climbed 1.8% to $3,365 an ounce, gaining ground for the second straight day.
