The U.S. labor market is flashing a rare warning sign after private sector payrolls fell in June for the first time in over two years, raising concerns about the economy&#8217;s health and increasing bets on Federal <a href="https://www.benzinga.com/topic/interest-rates">Reserve interest rate cuts.</a>



Private employers cut 33,000 jobs last month, according to the ADP National Employment Report released Thursday. 



That's a sharp drop from the downwardly revised 29,000 gain in May and far below economist forecasts for a 95,000 increase. 



The last time this data showed a monthly contraction was in March 2023, coinciding with the collapse of Silicon Valley Bank and Signature Bank, which triggered a brief banking crisis.



The ADP report precedes the more closely watched U.S. government jobs report from the Bureau of Labor Statistics, due on Thursday. Economists expect nonfarm payrolls to slow from 139,000 in May to 110,000 in June.



<h2 class="wp-block-heading">Where Job Losses Hit Hardest In June</h2>



The losses were concentrated in service-providing sectors, which collectively shed 66,000 jobs. Within that group, professional and business services lost 56,000 jobs, while education and health services dropped 52,000. Financial activities cut 14,000 positions.



There were modest gains in leisure and hospitality (+32,000), trade, transportation and utilities (+14,000), and information (+5,000). Meanwhile, goods-producing industries added 32,000 jobs, driven largely by manufacturing.



"Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," said Nela Richardson, chief economist at ADP. "Still, the slowdown in hiring has yet to disrupt pay growth."



&#8220;Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month. Still, the slowdown in hiring has yet to disrupt pay growth,&#8221; Richardson added.



Despite the hiring freeze, wage growth held firm. Year-over-year pay for job stayers increased 4.4%, while those who changed jobs saw an average 6.8% boost in salaries, indicating underlying labor market tightness remains.



<h2 class="wp-block-heading">Market Reactions: Traders Add Rate Cut Bets</h2>



Markets immediately responded to the surprise job contraction by ramping up bets on Federal Reserve rate cuts. The odds of a July rate cut increased to 25%, up from 20% the previous day.



Traders now fully price in a rate cut by September and expect another 25-basis-point reduction by December.



Despite the weak labor print, U.S. equity futures remained steady. Contracts on the S&amp;P 500 hovered around 6,200 points in premarket trading in New York.



Gold futures – as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – spiked on the back of increased rate cut expectations. Bullion rose to $3,350 per ounce as investors sought safety amid labor market uncertainties.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46215165/us-stocks-likely-to-open-higher-sp-500-sees-average-gain-of-6-1-in-2nd-half-expert-says">US Stocks Likely To Open Higher: S&amp;P 500 Sees &#8216;Average Gain Of 6.1%&#8217; In 2nd Half, Expert Says </a></li>
</ul>



Photo: Shutterstock

Analyst Color

Macro Economic Events

Commodities

Econ #s

Economics

Labor Market Flashes Red Signal—And The Last Time This Happened It Didn't End Well

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a target="_blank" href="https://www.benzinga.com/topic/tsmc" rel="noreferrer noopener">stock surged 14%</a> year-to-date, beating the market considerably despite Washington&#8217;s tariff policies and semiconductor sanctions cast a shadow over a sustained AI frenzy.



During the same period, the PHLX Semiconductor Index, of which Taiwan Semiconductor is also a constituent, generated 11% returns.



S&amp;P 500 and NASDAQ Composite Indexes generated approximately 5% returns during the period.



Also Read: <a target="_blank" href="https://www.benzinga.com//node/46172107" rel="noreferrer noopener">Taiwan Semiconductor&#8217;s Affiliate Fast-Tracks Singapore Plant Spurred By Geopolitics</a>



The key supplier of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has generated 32% returns in the last three months, compared to 29% for PHLX Semiconductor, 10% for the S&amp;P 500, and 16% for the Nasdaq Composite.



<h2 class="wp-block-heading">Risks</h2>



The Trump administration has also explored <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/46105742/nvidia-supplier-taiwan-semiconductor-wants-to-raise-10-billion-for-this-risk-it-cannot-control" rel="noreferrer noopener">plans to end</a> waivers for chipmakers to prevent the export of American technology to China.



Apart from the geopolitical risk, TSMC is also susceptible to currency risk due to high U.S. dollar exposure. The company&#8217;s overseas unit, Taiwan Semiconductor Global, faces a currency risk – the Taiwanese dollar is strengthening against the now volatile and weakening U.S. dollar.



TSMC Global Ltd. is preparing to raise $10 billion by issuing new shares to manage currency volatility and maintain capital flexibility. This marks the third such equity move since 2024, and it is the largest to date. The timing coincides with the recent appreciation of the Taiwan dollar.



TSMC&#8217;s CEO C. C. Wei informed shareholders this month that the stronger currency has reduced the firm&#8217;s operating margin by several percentage points.



<h2 class="wp-block-heading">Earnings and Market Share</h2>



In April, Taiwan Semiconductor reported <a target="_blank" href="https://www.benzinga.com/25/04/44857887/taiwan-semiconductor-q1-surges-41-in-sales-boosted-by-ai-chip-demand-expanded-margins" rel="noreferrer noopener">first-quarter net sales</a> of $25.53 billion (839.25 billion New Taiwanese Dollars), up 41.6% year-over-year, topping the analyst consensus estimate of $23.92 billion. However, the net sales declined&nbsp;3.4% Q/Q. In U.S. dollar terms, revenue growth was 35.3% Y/Y and down by 5.1% Q/Q.



Taiwan Semiconductor&#8217;s AI technology moat helped it expand its quarterly gross margins by 572 bps to 58.8%.



In March, Taiwan Semiconductor chief&nbsp;C.C. Wei&nbsp;announced&nbsp;an additional&nbsp;$100 billion&nbsp;investment&nbsp;in U.S. chipmaking (on top of the $65 billion announced in April 2024).



The chipmaker explored commercializing its&nbsp;advanced 2-nanometer process&nbsp;using gate-all-around (GAA) technology in the second half of 2025.



According to analyst Ming-Chi Kuo, Apple is <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/45953943/taiwan-semiconductor-eyes-rollout-of-2nm-advanced-tech-chips-this-year" rel="noreferrer noopener">expected to equip</a> its upcoming iPhone 18 lineup with Taiwan Semiconductor&#8217;s advanced 2nm A20 chip.



Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) have also selected Taiwan Semiconductor to manufacture chips using the same cutting-edge 2nm process.



Taiwan Semiconductor grew its market share to 67.6% in the first quarter of 2025 from 67.1% in the previous quarter, Focus Taiwan <a target="_blank" href="https://focustaiwan.tw/business/202506140017" rel="noreferrer noopener">cited</a> Trendforce. Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) held a 7.7% global market share, down from 8.1% Q/Q.



The top 10 contract chipmakers reported $36.4 billion in sales in the first quarter, down ~5.4% Q/Q. They account for ~97% of the global total, up from 96% in the fourth quarter.



<h2 class="wp-block-heading">Analyst Opinion</h2>



Taiwan Semiconductor has a <a target="_blank" href="https://www.benzinga.com/quote/TSM/analyst-ratings" rel="noreferrer noopener">consensus price forecast</a> of $210.8 based on the ratings of 6 analysts. The high is $270, issued by Needham on July 1, 2025. With an average price forecast of $255 between Needham, Susquehanna, and Barclays, there&#8217;s an implied 12.90% upside for Taiwan Semiconductor from these most recent analyst ratings.



Last week, Cathie Wood-led Ark Invest <a target="_blank" href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/46066220/cathie-woods-ark-invest-cashes-out-109-million-out-of-circle-internet-stock-as-shares-spike-pivots-into-robinhood-and-these-chip-stocks" rel="noreferrer noopener">acquired 65,102 shares</a> of Taiwan Semiconductor.



Price Action:&nbsp;TSM stock traded higher by 0.33% at $225.43 premarket at the last check on Wednesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46195619/broadcom-outpaced-major-indexes-in-2025-what-went-down" target="_blank" rel="noreferrer noopener">Broadcom Outpaced Major Indexes In 2025 &#8211; What Went Down</a></li>
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Photo by wakamatsu via Shutterstock

News

Movers

Tech

AAPL

INTC

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SSNLF

Taiwan Semiconductor Outperforming The Market Shows Moat, But It Comes With Risk

Fundstrat&#8216;s Tom Lee stated that Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) success is not due to <a href="https://www.benzinga.com/markets/equities/25/07/46187311/trump-says-elon-musk-would-close-up-shop-and-head-back-home-to-south-africa-without-subsidies-no-more-rocket-launches-satellites-or-electric-car">government subsidies,</a> but rather a combination of factors including engineering talent, manufacturing expertise and leadership.



What Happened:&nbsp;On Tuesday, Lee took to X to express his views on Tesla&#8217;s success. He stated, &#8220;Magical alchemy of $TSLA not&nbsp;‘govt subsidies' &#8211; engineering talent&nbsp;&#8211; manufacturing expertise &#8211; leading&nbsp;AI and software &#8211; leadership&nbsp;&#8211; massive dataset &#8211; future&nbsp;products. 



&#8220;Government not on list&nbsp;$TSLA is a granny shot,&#8221; stated Lee.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Magical alchemy of <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> not ‘govt subisides' &#8211; engineering talent &#8211; manufacturing expertise &#8211; leading AI and software &#8211; leadership <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> &#8211; massive dataset &#8211; future products Government not on list<a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> is a granny shot &#x1f475;&#x1f3c0; <a href="https://t.co/c2Hl6WXjNb">https://t.co/c2Hl6WXjNb</a>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1940033289764356294?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">This post comes in the wake of a series of discussions and debates about the role of government subsidies in Tesla&#8217;s success, particularly after President Donald Trump stated so in his Truth Social Post. "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," posted Trump. Lee&#8217;s post suggests that he believes Tesla&#8217;s success is primarily due to its internal strengths and not external support.</figcaption></figure>



SEE ALSO:&nbsp;<a href="https://benzinga.com/news/politics/25/07/46212291/lisa-murkowski-defends-alaska-carveouts-as-elizabeth-warren-bernie-sanders-and-rand-paul-condemn-tr" target="_blank" rel="noreferrer noopener">Lisa Murkowski Defends Alaska Carveouts As Elizabeth Warren, Bernie Sanders And Rand Paul Condemn Trump&#8217;s &#8216;Big Beautiful&#8217; Bill: &#8216;Not Good Enough For The Rest Of Our Nation&#8217;</a>



Why It Matters:&nbsp;Lee&#8217;s post comes at a time when Tesla&#8217;s future is a topic of intense speculation. His comments echo those of other industry experts, who have also highlighted the company&#8217;s unique position in the market.



Wedbush analyst&nbsp;Dan Ives&nbsp;recently&nbsp;<a href="https://www.benzinga.com/markets/equities/25/07/46192638/tesla-is-one-of-the-two-best-physical-ai-plays-says-dan-ives-as-he-expects-2-trillion-in-valuation-were-not-even-factoring-optimus">reiterated his bullish stance</a>&nbsp;on Tesla, positioning it as one of the premier investments in the field of physical AI. Ives forecasts a staggering $2 trillion valuation for Tesla, without factoring in the future earnings from its humanoid robot, Optimus. Ives&nbsp;explained Tuesday&#8217;s weak performance for Tesla amid a fallout between CEO&nbsp;Elon Musk&nbsp;and Trump. Ives&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">described the situation</a>&nbsp;as a &#8220;junior high school friendship gone bad.&#8221; However, he added that it would eventually stabilize.



On the other hand, investment advisor&nbsp;Ross Gerber&nbsp;criticized Tesla board members for remaining silent amid the escalating Trump-Musk Feud. 



Benzinga's Edge Rankings place Tesla in the 66th percentile for quality and the 91st percentile for growth, reflecting its strong performance in both areas. Check the detailed report <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>.&nbsp;



On Tuesday, Tesla stock closed 5.34% lower at $300.71.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="780" height="123" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23.png" alt="" class="wp-image-969981" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23.png 780w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23-768x121.png 768w" sizes="(max-width: 780px) 100vw, 780px" /></a></figure>



<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/tech/25/07/46214467/elon-musk-will-oversee-tesla-sales-in-the-us-europe-after-omead-afshars-exit-report">Elon Musk Will Oversee Tesla Sales In The US, Europe After Omead Afshar&#8217;s Exit: Report </a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Tom Lee Says Tesla's Magic Isn't About Government Subsidies: 'It's A Granny Shot' Powered By Elon Musk, AI And Massive Data

U.S. futures rose on Wednesday after a mixed close on Tuesday. Futures of major benchmark indices were trading slightly higher.



After the Nasdaq and S&amp;P 500 scaled new highs for two days, the indices slipped on Tuesday as President Donald Trump's massive tax-and-spending One Big Beautiful Bill Act, <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">passed narrowly in the Senate</a>. The legislation is now set to move to the House of Representatives for potential final approval. 



The Senate passed the measure in a 51-50 vote with Vice President JD Vance breaking a tie. The vote followed an all-night debate in which Republicans grappled with the bill's price tag and its impact on the healthcare system.



The 10-year Treasury bond yielded 4.28% and the two-year bond was at 3.79%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing an 80.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.10%</td></tr><tr><td>S&amp;P 500</td><td>0.08%</td></tr><tr><td>Nasdaq 100</td><td>0.05%</td></tr><tr><td>Russell 2000</td><td>0.52%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Wednesday. The SPY was up 0.094% at $618.23, while the QQQ advanced 0.049% to $547.26, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



On Tuesday, the materials, health care, and energy sectors led gains on the S&amp;P 500, while information technology and communication services bucked the trend, closing lower.



Overall, U.S. stocks settled mixed, with the Dow Jones index notably gaining during the session as the U.S. Senate approved President Donald Trump's "One Big, Beautiful Bill."



Economic data released on Tuesday showed mixed signals. The number of job openings increased by 374,000 to 7.769 million in May, indicating a stronger labor market.



The ISM manufacturing PMI also showed improvement, rising to 49 in June from 48.5 in the prior month, surpassing market estimates of 48.8.



Conversely, U.S. construction spending saw a decline, falling by 0.3% month-over-month to an annual rate of $2,138 billion in May.



In corporate news, MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) reported stronger-than-expected financial results for its fiscal third quarter of 2025.



The Dow Jones index ended 400 points or 0.91% higher at 44,494.94, whereas the S&amp;P 500 index fell 0.11% to 6,198.01. Nasdaq Composite declined 0.82% to 20,202.89, and the small-cap gauge, Russell 2000, gained 1.03% to end at 2,197.54.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.82%</td><td>20,202.89</td></tr><tr><td>S&amp;P 500</td><td>-0.11%</td><td>6,198.01</td></tr><tr><td>Dow Jones</td><td>0.91%</td><td>44,494.94</td></tr><tr><td>Russell 2000</td><td>1.03%</td><td>2,197.54</td></tr></tbody></table></figure>



Insights From Analysts:



Following a volatile first half, the S&amp;P 500 appears poised for continued momentum, according to analysis from Adam Turnquist, the chief technical strategist for LPL Financial.



Historical data spanning back to 1950 suggests a strong bullish precedent for the second half of the year, particularly when the first six months delivered solid gains by the end.



The S&amp;P 500 wrapped up the first half of 2025 with a commendable 5.5% gain, shaking off a deep correction experienced in April. This performance sets the stage for what history indicates could be another period of positive returns.



&#8220;Since 1950, the S&amp;P 500 has followed up a positive first-half return with an average second-half gain of 6.1%,&#8221; Turnquist notes.



Delving deeper into scenarios akin to the current market environment, Turnquist highlights a particularly encouraging trend. &#8220;Furthermore, when first-half gains were within the range of 5–10%, the index also posted an average gain of 6.1% in the second half, with 86% of occurrences producing positive results.&#8221;



This statistical backing provides a compelling case for optimism heading into the latter half of the year.



While the historical data points to a generally positive outlook, Turnquist also tempers expectations with a pragmatic reminder.



&#8220;Despite the bullish precedent from a positive first half, bull markets are not linear, and pullbacks should be expected in the second half.&#8221;



He points out that the average maximum drawdown for the S&amp;P 500 during the second half has been -10.3% since 1950. However, even these potential dips tend to be shallower in scenarios like the present.



&#8220;Second-half drawdowns following a first half of 5–10% or higher average only 8.4%,&#8221; he concludes, suggesting that while volatility is a possibility, significant downturns may be less likely.



Meanwhile, Ryan Detrick from Carson Research highlighted a historical pattern where the S&amp;P 500, after a negative first quarter and a subsequent 10%+ gain in the second quarter, has shown an average third quarter return of 10.7% and a 19% gain for the rest of the year.



The data from 1990, 2009, and 2025 suggests a potential bullish trend for the second half of 2025, supported by Carson Investment Research analysis.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">2025 is in rare company, with stocks down in Q1, but then up 10% or more in Q2. The historically weak Q3 has never been lower (and up 10% on average) and the rest of the yr is up close to 20% on average. Yet another reason to lean bullishly in H2 &#39;25. <a href="https://t.co/kL1uHHO8rs">pic.twitter.com/kL1uHHO8rs</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1940214123335438453?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Wednesday:



<ul class="wp-block-list">
<li>June&#8217;s ADP employment data will be out by 8:15 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>UniFirst Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) was up 2.41% in premarket on Wednesday as analysts expect it to report quarterly earnings of $2.09 per share on revenue of $614.51 million, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Franklin Covey Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FC#NYSE">FC</a>) was 2.03% higher as it is expected to report earnings after market close. Analysts expect it to report a quarterly loss of 4 cents per share on revenue of $67.49 million.</li>
</ul>



<ul class="wp-block-list">
<li>Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) jumped 13.19% after posting stronger-than-expected results for the third quarter after the closing bell on Tuesday. The company posted quarterly earnings of $1.86 per share, beating market estimates of 98 cents per share.</li>
</ul>



<ul class="wp-block-list">
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) slipped 1.08% after posting weaker-than-expected earnings for its first quarter and affirming its FY2026 earnings guidance. It reported quarterly earnings of $3.22 per share, which missed the analyst consensus estimate of $3.31 per share.</li>
</ul>



<ul class="wp-block-list">
<li>Zenvia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZENV#NASDAQ">ZENV</a>) rose 4.70% ahead of its first quarter earnings expected after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>ShoulderUp Technology Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAIC#NASDAQ">DAIC</a>) surged 224.08% as it announced a corporate action where SUACU shareholders will receive one new share of DAIC and 0.5 shares of DAICW for each old share. This move aims to boost stock performance, liquidity, and future growth.</li>
</ul>



<ul class="wp-block-list">
<li>Gryphon Digital Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) climbed 58.68% as it filed an amended S-4 registration with the SEC for its stock-for-stock merger with American Bitcoin Corp.</li>
</ul>



<ul class="wp-block-list">
<li>Liminatus Pharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIMN#NASDAQ">LIMN</a>) gained 9.47% after the company said it regained compliance with Nasdaq&#8217;s listing requirements.</li>
</ul>



<ul class="wp-block-list">
<li>Revelation Biosciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REVB#NASDAQ">REVB</a>) dropped 14.63% as it announced the implementation of a 1-for-3 reverse split of its common stock following approval at its Special Meeting of Stockholders held on June 23, 2025.</li>
</ul>



<ul class="wp-block-list">
<li>Unity Biotechnology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBX#NASDAQ">UBX</a>) declined 12.45% after the company disclosed that Nasdaq plans to delist its stock, citing diminished operations and failure to meet continued listing standards.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.61% to hover around $65.85 per barrel.



Gold Spot US Dollar fell 0.11% to hover around $3,335.36 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.07% at the 96.8900 level.



Asian markets ended on a mixed note on Wednesday, as India's S&amp;P BSE Sensex, South Korea's Kospi, and Japan's Nikkei 225 indices fell. While Hong Kong's Hang Seng, Australia's ASX 200, and China&#8217;s CSI 300 indices rose. European markets were higher in early trade.



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<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46213361/trump-is-slamming-jerome-powell-because-he-wants-a-weaker-dollar-says-ed-yardeni-pounding-powell-po">Trump Is Slamming Jerome Powell Because He &#8216;Wants A Weaker Dollar,&#8217; Says Ed Yardeni: &#8216;Pounding Powell = Pounding The Dollar&#8217;</a></li>
</ul>



Photo courtesy: godongphoto / Shutterstock.com

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US Stocks Likely To Open Higher: S&P 500 Sees 'Average Gain Of 6.1%' In 2nd Half, Expert Says

The Senate on Tuesday approved a <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">sweeping domestic policy package</a> that would slash spending on the Supplemental Nutrition Assistance Program (SNAP), marking what analysts call the deepest food-aid cut in modern history and sending the bill back to the House for final action.



<h3 class="wp-block-heading">How The &#8216;Big, Beautiful Bill&#8217; Affects SNAP</h3>



<ul class="wp-block-list">
<li>Work longer. Able-bodied adults without small children must verify 80 hours a month of work, training, or community service until age 64, up from 54 under current law. Parents escape the rule only if their youngest child is under 7, not 18.</li>



<li>Lose benefits faster. The Congressional Budget Office projects the tougher rules will drop about <a href="https://www.benzinga.com/news/health-care/25/06/45882997/trumps-big-beautiful-bill-could-strip-3-2-million-people-from-food-stamp-program-295-billion-in-spending-cuts-proposed-report">3.2 million people</a> from SNAP rolls each month once fully in force.</li>



<li>Shift costs to states. States would <a href="https://www.cbpp.org/research/food-assistance/house-reconciliation-bill-proposes-deepest-snap-cut-in-history-would-take">pay</a> 5% of benefits and 75% of administrative expenses. Those with payment-error rates above 6% could owe up to 15% of benefits.</li>



<li>Cap future increases. The bill <a href="https://www.benzinga.com/general/24/05/38623267/food-affordability-crisis-looms-as-farm-bill-debate-heats-up-millions-at-risk-of-hunger">freezes</a> the inflation formula for the Thrifty Food Plan, trimming every household's annual cost-of-living raise and erasing roughly $35 billion over 10 years.</li>



<li>Cut overall funding. Federal SNAP spending would decrease by $295 billion over a decade, the largest reduction on record.</li>
</ul>



<h3 class="wp-block-heading">How Does The Bill Affect Medicaid?</h3>



<ul class="wp-block-list">
<li>Work mandate expands. Able-bodied adults ages 19-64, including parents of children 14 and older, <a href="https://www.benzinga.com/news/25/06/45762220/medicaid-cuts-are-heroic-speaker-mike-johnson-says-4-8-million-wont-lose-healthcare-unless-they-choo">must log</a> 80 hours a month of work, study or volunteering to keep coverage.</li>



<li>More paperwork. States would verify eligibility twice a year and check income every six months, increasing the odds of procedural terminations.</li>



<li>Cost-sharing rises. Expansion enrollees could be <a href="https://www.kff.org/tracking-the-medicaid-provisions-in-the-2025-budget-bill/">charged</a> up to $35 per visit for many services.</li>



<li>Federal aid shrinks. A $1-trillion Medicaid cut over 10 years would force states to curb benefits or tighten enrollment.</li>



<li>Coverage losses mount. The CBO projects about 12 million more <a href="https://www.kff.org/quick-take/about-17-million-more-people-could-be-uninsured-due-to-the-big-beautiful-bill-and-other-policy-changes/">uninsured</a> by 2034 from the Medicaid provisions alone.</li>
</ul>



See also: <a href="https://www.benzinga.com/news/politics/25/07/46214509/america-has-no-will-to-help-its-middle-class-says-economist-richard-baldwin-so-politicians-find-a-convenient-scapegoat-globalization">America Has No Will To Help Its Middle Class, Says Economist Richard Baldwin: So Politicians &#8216;Find A Convenient Scapegoat — Globalization&#8217;</a>



<h3 class="wp-block-heading">What About Individual Tax Cuts?</h3>



<ul class="wp-block-list">
<li>2017 rates stay. The bill makes the 2017 individual rate cuts and doubled standard deduction permanent, as mentioned in a WSJ <a href="https://www.wsj.com/politics/policy/trump-tax-bill-senate-explained-8272099c">report</a>, avoiding a scheduled January lapse.</li>



<li>Household impact. Average filers would save about $2,900 in 2026, though gains vary sharply by income, the Tax Policy Center <a href="https://taxpolicycenter.org/taxvox/house-tax-cuts-would-benefit-most-tilt-highest-income-households">says</a>.</li>



<li>Few notice. Because the breaks have been in place since 2017, many taxpayers would see no change in withholdings.</li>
</ul>



<h3 class="wp-block-heading">What&#8217;s In It For Seniors?</h3>



<ul class="wp-block-list">
<li>Temporary boost. From 2025-28, Americans 65+ could <a href="https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/">claim</a> an extra $6,000 standard deduction. The benefit phases out above $75,000 for singles, $150,000 for couples.</li>



<li>Social Security tax stays. The carve-out <a href="https://apnews.com/article/trump-congress-big-bill-tax-social-security-adea287e00c7c553f69f3667d3ef78cc">replaces</a> Trump's campaign pledge to end taxes on benefits.</li>



<li>Collateral hit. Low-income dual-eligibles could <a href="https://www.washingtonpost.com/health/2025/07/01/trump-big-beautiful-bill-health-care-medicaid-impacts/">lose</a> Medicaid help with Medicare premiums as states trim programs.</li>
</ul>



<h3 class="wp-block-heading">How Does The Bill Impact Student Loans?</h3>



<ul class="wp-block-list">
<li>Loan caps. Graduate borrowing would <a href="https://www.nasfaa.org/news-item/36533/Cassidy_Unveils_Senate_s_Education_Portion_of_Reconciliation">cap</a> at $20,500 a year, $100,000 lifetime. Parent PLUS loans would max at $20,000 a year, $65,000 overall.</li>



<li>Fewer options. Grad PLUS and subsidized loans disappear, leaving just a standard plan and one income-based option.</li>



<li>Harder relief. Deferments and forbearances tighten, and forgiveness periods stretch to 30 years.</li>
</ul>



<h3 class="wp-block-heading">What&#8217;s For Parents?</h3>



<ul class="wp-block-list">
<li>Credit rises. The child tax credit <a href="https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/">jumps permanently</a> to $2,200 per kid, indexed to inflation.</li>



<li>Income limits. Full credit available up to $200,000 (single) / $400,000 (joint). Phases out above those thresholds. </li>



<li>Work-linked aid. Parents of teens 14+ must meet Medicaid and SNAP work rules to retain assistance.</li>
</ul>



<h3 class="wp-block-heading">What About "Trump Accounts"?</h3>



<ul class="wp-block-list">
<li>$1,000 seed. Every baby born 2025-28 receives a <a href="https://www.benzinga.com/personal-finance/management/25/06/45853025/trump-account-promises-1000-for-every-kid-but-not-everyone-thinks-its-the-smartest-idea-out-there">$1,000 government deposit</a> into a stock-index account. Parental top-ups. Parents may add up to $5,000 yearly. Withdrawals barred until age 18.</li>



<li>Pilot scope. Lawmakers dub the three-year test "Trump Accounts," echoing ideas long pushed by Sen. Cory Booker (D-NJ).</li>
</ul>



Read next: <a href="https://www.benzinga.com/government/regulations/25/05/45506863/trumps-big-beautiful-bill-advances-heres-who-wins-and-loses">Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Advances: Here&#8217;s Who Wins And Loses</a>



Image Via Eric Hartline-Imagn Images

Financing

How Trump's 'Big Beautiful Bill' Impacts SNAP, Medicaid, Taxes And Student Loans

Leading cryptocurrencies fell alongside tech stocks Tuesday as the Senate passed President Donald Trump's mega tax-and-spending bill.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.85%</td><td>$105,518.53</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.03%</td><td>$2,395.09</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.72%</td><td>$0.1582</td></tr></tbody></table></figure>



What Happened: Bitcoin went downhill, hitting an intraday low of $105,157.40. The trading volume rose over 6% in the last 24 hours, suggesting significant sell pressure. Ethereum trended downward in the $2,400 region.



The decline erased over $220 million worth of bullish longs, with total liquidations reaching $258 million.&nbsp;



Meanwhile, over $500 million in short positions risked liquidation if Bitcoin surges to $109,000.



Bitcoin&#8217;s open interest fell 3.38% in the last 24 hours, while Ethereum recorded a gain of 0.88%. When open interest increases while the price falls, it suggests that more traders are entering short positions.



The "Greed" sentiment prevailed in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Four (FORM)</td><td>+0.87%</td><td>$2.97</td></tr><tr><td>Pax Gold (PAXG)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.54%</td><td>$3,344.67</td></tr><tr><td>Tether Gold (XAUT)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.51%</td><td>$3,335.99 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.25 trillion, contracting 2.07% in the last 24 hours.



Stocks traded mixed to begin the second half of 2025. The Dow Jones Industrial Average climbed 400.17 points, or 0.91%, to end at 44,494.94. The S&amp;P 500 dipped 0.11% to close at 6,198.01, while the tech-focused Nasdaq Composite slid 0.82% to settle at 20,202.89.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) led the tech sell-off, falling 5.34% and 2.97%, respectively.



Additionally, Trump's <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">mega tax-and-spending bill</a>, a package that could add trillions to the national debt, passed the Senate with a thin margin.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez noticed a Bitcoin bearish signal that has historically "predicted every major crash."



The TD Sequential just gave a quarterly sell signal. This is a rare warning," Martinez said. "If it plays like before, Bitcoin can drop below $40,000.



The bold prediction didn't go too well with users on X, many of whom dismissed his findings.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This one indicator has predicted every major Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> crash! <a href="https://t.co/0f0q5AO2zv">pic.twitter.com/0f0q5AO2zv</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1940059317354324355?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Note that the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.&nbsp;



Martinez also assessed Ethereum's trajectory, sensing optimism about the asset.



"But let's be real: I expect more chop until we get a sustained close outside the $2,227–$3,385 range," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Heard a company added an inflationary asset like <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to its balance sheet, and suddenly everyone's bullish again. But let's be real: I expect more chop until we get a sustained close outside the $2,227–$3,385 range. <a href="https://t.co/EfWSrew6jX">pic.twitter.com/EfWSrew6jX</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1940138841383276815?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Rido on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46205961/bitcoin-vs-gold-which-is-better-in-2025">Gold Rarely Beats Bitcoin, But 2025 Could Be Another Blowout Year</a></li>
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Bitcoin, Ethereum, Dogecoin Mirror Tech Stocks Sell-Off As Trump's 'Big Beautiful Bill' Passes Senate: Analyst Spots 'Rare Warning' For BTC

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk has praised President&nbsp;Donald Trump&nbsp;for his role in resolving the Gaza ceasefire, a development that could have significant implications for the region.



What Happened: Musk took to X early Wednesday to credit Trump for the Gaza ceasefire, which was facilitated by the mediation efforts of Qatar and Egypt. The truce was announced on July 2, following a 60-day negotiation period as per President Trump&#8217;s Truth Social post.



TSLA STOCK: <a href="https://www.benzinga.com/quote/TSLA">Check out Tesla&#8217;s stock price and how it&#8217;s trading today</a>



&#8220;Credit where credit is due. @realDonaldTrump has successfully resolved several serious conflicts around the world,&#8221; posted Musk



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Credit where credit is due. <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> has successfully resolved several serious conflicts around the world. <a href="https://t.co/0EyHHy5Gfo">pic.twitter.com/0EyHHy5Gfo</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1940280279631110257?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: This surprising diplomatic shift, as highlighted by Musk, comes on the heels of a proposed 60-day ceasefire in Gaza by Trump, with Israel&#8217;s agreement. The proposal was to be <a href="https://www.benzinga.com/news/politics/25/07/46212181/trump-says-israel-ready-for-60-day-ceasefire-in-gaza-hopes-hamas-takes-the-deal-because-it-wont-get-better">delivered to Hamas</a> by mediators from Qatar and Egypt.



This development also follows reports of Trump and Israeli Prime Minister&nbsp;Benjamin Netanyahu&nbsp;working <a href="https://www.benzinga.com/news/politics/25/06/46133523/trump-and-israels-netanyahu-working-on-plan-to-end-gaza-war-expand-abraham-accords-report">on a plan</a> to end the Gaza war and expand the Abraham Accords, with new countries joining the peace agreement. The plan would require Israel to commit to supporting a future Palestinian state. However, Netanyahu&#8217;s office had denied the report at that time.



In late June, Trump announced that the United States would engage in nuclear talks with Iran next week, following a series of devastating U.S. airstrikes that, according to intelligence officials, "severely damaged" Tehran's nuclear infrastructure and brought the 12-day Israel-Iran conflict to an end.



Meanwhile, Musk has been vocal about his displeasure with Trump&#8217;s &#8220;Big, Beautiful Bill,&#8221; which he believes does not represent the majority of Americans. He has <a href="https://www.benzinga.com/news/politics/25/07/46187403/elon-musk-is-unhappy-with-trumps-big-beautiful-bill-and-just-reminded-everyone-that-80-voted-for-a-new-party">even threatened </a>to launch an &#8220;America Party&#8221; if Congress approves the spending package.



Wedbush analyst Dan Ives also <a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">predicts a weak performance</a> for Tesla Inc. amid a fallout between CEO Musk and President Trump. The stock on Tuesday ended 5.34% lower after Trump said that without government subsidies, Musk would have to "close up shop and<a href="https://www.benzinga.com/markets/tech/25/07/46189226/tesla-stock-falls-nearly-5-in-tuesday-pre-market-whats-going-on"> head back home to South Africa."</a>



<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">Tesla Stock Slump Tied To Trump-Musk &#8216;Junior High School Friendship&#8217; Gone Sour, Says Dan Ives — But Predicts It Will &#8216;Settle Down&#8217;</a> </li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Backs Trump Over Gaza Ceasefire Despite Public Spats: 'Credit Where Credit Is Due'

Investor Gary Black, the managing director of Future Fund LLC, says that Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Q2 deliveries could miss estimates amid the company's Robotaxi plans in Austin.



What Happened: "Tomorrow's $TSLA 2Q deliveries could be a &#8216;buy the news&#8217; event, given low expectations going into the release," the investor said in a post on social media platform X on Tuesday.



He added that Tesla would miss delivery estimates calculated by the market. Black then predicted 370k deliveries for the company with a -17% YoY decline as opposed to Wall Street estimates of 385k deliveries and a -13% YoY decline.



Black also questioned whether people would focus on the numbers. " I'm not sure it matters as everyone is focused on if and when TSLA robotaxi can scale," he said before adding that the Robotaxi launch in Austin did have a "safety driver in the passenger seat and there were a few disengagements.



The investor also outlined how Elon Musk's close aide, Omead Afshar's departure from Tesla, "confirmed" the poor delivery figures in Q2.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tomorrow's <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> 2Q deliveries could be a "buy the news" event, given low expectations going into the release. That said, I believe TSLA will miss expectations (my est 370K -17% YoY vs WS 385K -13% YoY), but I'm not sure it matters as everyone is focused on if and when TSLA… <a href="https://t.co/o3Ze2crzg5">pic.twitter.com/o3Ze2crzg5</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1940125596438454506?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The news comes as the investor had previously said that <a href="https://www.benzinga.com/markets/large-cap/25/06/46161226/gary-black-warns-tesla-q2-deliveries-will-disappoint-says-cheaper-models-could-cannibalize-sales-and-see-ideal-re-entry-22-below-current-levels">Q2 deliveries for Tesla</a> would disappoint and reiterated his stance that the planned cheaper models could cannibalize sales.



Tesla has been battling a sales slump for some time, with the company reaching record market lows in several regions throughout the globe. Tesla sales declined more than 60% in <a href="https://www.benzinga.com/markets/tech/25/07/46189042/elon-musk-led-teslas-european-woes-worsen-with-sales-down-over-60-in-sweden-and-denmark">Sweden and Denmark</a>, sales data released by researchers suggests.



Musk has also <a href="https://www.benzinga.com/news/politics/25/07/46189313/ross-gerber-says-elon-musk-enabled-the-president-as-trump-slams-tsla-ceo-over-subsidies-calls-out-tesla-boards-silence-on-absurd-attack">been at odds</a> with U.S. President Donald Trump over the latter's Big, Beautiful Bill, which aims to introduce a series of subsidy cuts and reiterates the President's <a href="https://www.benzinga.com/news/politics/25/06/45943245/trump-says-he-was-amazed-that-tesla-ceo-elon-musk-endorsed-him-despite-his-anti-ev-stance">anti-EV stance</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="203" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1024x203.jpg" alt="" class="wp-image-969576" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1024x203.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-300x60.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-768x153.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1536x305.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025.jpg 1560w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



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<li><a href="https://www.benzinga.com/news/25/07/46211529/cathie-wood-doubles-down-on-tesla-amid-elon-musks-feud-with-trump-sells-3-million-worth-of-coinbase-stock">Cathie Wood Doubles Down On Tesla Amid Elon Musk&#8217;s Feud With Trump, Sells $3 Million Worth Of Coinbase Stock</a></li>
</ul>



Photo courtesy: Ken Wolter / Shutterstock.com

Gary Black Says Tesla's Q2 Deliveries Could Be A 'Buy The News' Event: 'I Believe TSLA Will Miss'

On Tuesday, Senate Republicans' narrow passage of President Donald Trump's massive <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">tax-and-spending package</a> is drawing sharp reactions from both sides of the aisle.



What Happened: Sen. Lisa Murkowski (R-Alaska) took to X, formerly Twitter, and said the bill was "one of the hardest votes I have taken," citing key wins for Alaska, including Coast Guard investment. Still, she warned, "It is not good enough for the rest of our nation—and we all know it."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This was one of the hardest votes I have taken during my time in the Senate.   My goal throughout the reconciliation process has been to make a bad bill better for Alaska, and in many ways, we have done that. In addition to extending pro-growth tax cuts, a larger child tax…&mdash; Sen. Lisa Murkowski (@lisamurkowski) <a href="https://twitter.com/lisamurkowski/status/1940124362625175934?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



U.S. Senator Elizabeth Warren (D-Mass) also took to X and said, "This fight isn&#8217;t over. Donald Trump's ‘Big Beautiful Bill' is headed to the House, and we have the power to stop it."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This fight isn&#39;t over. Donald Trump's "Big Beautiful Bill" is headed to the House, and we have the power to stop it. <a href="https://t.co/Rf0kfti7YZ">pic.twitter.com/Rf0kfti7YZ</a>&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1940140639993438352?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/politics/25/06/45945131/trumps-big-beautiful-bill-could-cost-professional-firms-73-billion-lawyers-and-accountants-join-forces-to-resist">Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; Could Cost Professional Firms $73 Billion, Lawyers And Accountants Join Forces To Resist</a>



Sen. Bernie Sanders (I-VT), who has previously <a href="https://www.benzinga.com/news/politics/25/06/46160881/bernie-sanders-slams-trumps-big-beautiful-bill-as-a-gift-for-billionaires-the-most-dangerous-piece-of-legislation-in-modern-history">slammed the bill</a> for helping the rich and harming working families, offered an amendment to expand Medicare by cutting drug prices, but Republicans blocked it.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many seniors can't afford dental care, hearing aids or glasses. I'm proud that all Democrats supported my amendment last night to expand Medicare to cover dental, hearing and vision paid for by cutting prescription drug costs for Medicare in half. No Republicans voted for it. <a href="https://t.co/5TpaxPDDmn">pic.twitter.com/5TpaxPDDmn</a>&mdash; Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1940211709995790599?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sen. Rand Paul (R-KY) also took to social media and said he offered to support the bill if it included a 90% debt ceiling reduction. "Congress chose to sell out taxpayers instead," he wrote. "Only once the bill is released will we know what the true price was."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Throughout the Vote-a-rama, I was working all night to stop Congress from adding to our debt. I met with <a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a> and I reiterated my offer to vote for the bill—if it included a 90% reduction in the debt ceiling. No earmarks. No handouts. Just real fiscal reform. I wasn't looking…&mdash; Senator Rand Paul (@SenRandPaul) <a href="https://twitter.com/SenRandPaul/status/1940056272335745188?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sen. Marsha Blackburn (R-Tenn.) praised the bill for having the largest-ever investment in border security. "The One Big Beautiful Bill we just passed in the Senate will deliver the largest investment ever in border security and make this possible."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">President Trump and Senate Republicans promised to secure the border. The One Big Beautiful Bill we just passed in the Senate will deliver the largest investment ever in border security and make this possible.&mdash; Sen. Marsha Blackburn (@MarshaBlackburn) <a href="https://twitter.com/MarshaBlackburn/status/1940139210603917482?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It's Important: The Senate passed the legislation in a 51-50 vote, with Vice President JD Vance breaking the tie. The bill, dubbed the "Big Beautiful Bill" by Trump, <a href="https://www.benzinga.com/markets/economic-data/25/06/46165307/us-credit-rating-would-fall-if-trumps-big-beautiful-bill-is-approved-says-thomas-massie-heres-what-it-means-for-americans">includes sweeping tax cuts</a>, record border security funding and controversial changes to welfare programs. It could add $3.3 trillion to the national debt.



The bill now goes to the House of Representatives, where Republicans have a slim majority, so the final vote is expected to be very close. Trump wants to sign this bill into law by July 4th.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46187403/elon-musk-is-unhappy-with-trumps-big-beautiful-bill-and-just-reminded-everyone-that-80-voted-for-a-new-party">Elon Musk Is Unhappy With Trump&#8217;s &#8216;Big Beautiful Bill&#8217; And Just Reminded Everyone That 80% &#8216;Voted&#8217; For A New Party</a></li>
</ul>



Photo Courtesy: Mark Reinstein on Shutterstock.com



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Government

Regulations

Lisa Murkowski Defends Alaska Carveouts As Elizabeth Warren, Bernie Sanders And Rand Paul Condemn Trump's 'Big Beautiful' Bill: 'Not Good Enough For The Rest Of Our Nation'

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled mixed on Tuesday, with the Dow Jones index gaining 400 points during the session. The U.S. Senate approved President Donald Trump&#8217;s &#8220;One Big, Beautiful Bill.&#8221;



On the economic front, the number of job openings climbed by 374,000 to 7.769 million in May. The ISM manufacturing PMI rose to 49 in June versus 48.5 in the previous month, compared to market estimates of 48.8. U.S. construction spending declined by 0.3% month-over-month to an annual rate of $2,138 billion in May.



MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) posted better-than-expected financial results for its fiscal third quarter of 2025.



Most sectors on the S&amp;P 500 closed on a positive note, with materials, health care and energy stocks recording the biggest gains on Tuesday. However, information technology and communication services bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 400 points to 44,494.94 on Tuesday. The S&amp;P 500 fell 0.11% to 6,198.01, while the Nasdaq Composite declined 0.82% to 20,202.89 during Tuesday's session.



Investors are awaiting earnings results from UniFirst Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) and The Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 65.2, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 65.5.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/07/46192054/cramer-backs-this-mining-giant-after-1-6b-bet">Cramer Backs This Mining Giant After $1.6B Bet</a> </li>
</ul>



Photo courtesy: Shutterstock

Pre-Market Outlook

Dow Jumps 400 Points As Senate Approves Tax Bill: Investor Sentiment Edges Lower, But Fear Index Remains In 'Greed' Zone

Rocket Lab Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) shares are up more than 650% over the past year and the company is on a hot streak of rapid, <a href="https://www.benzinga.com/news/space/25/06/46185205/rocket-lab-breaks-records-and-stock-up-640-in-past-year-ast-spacemobile-impresses-defense-kuiper-grows">successful launches. </a>



Last weekend, Rocket Lab completed two rocket launches from the same site within 48 hours, a record turnaround for the company.&nbsp;



What To Know: Rocket Lab CEO Peter Beck<a href="https://www.youtube.com/watch?v=V7NAK5xMN1w"> joined </a>CNBC's Closing Bell Overtime on Monday where he highlighted strong demand for launches from both commercial and government customers, especially as the market seeks <a href="https://www.benzinga.com/trading-ideas/movers/25/06/46119769/rocket-lab-rklb-stock-hits-a-new-all-time-high-whats-going-on">more competition</a> beyond SpaceX.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/tech/25/06/46182769/what-happened-with-apple-stock-today?utm_source=articleShare">What Happened With Apple Stock Today?</a>



In fact, the CEO said that demand is one thing he does not worry about.&nbsp;



"I worry about a lot of things at night, but that's probably not one of them — is demand," Beck said. 



Rocket Lab's smaller Electron rocket is seeing increased use, often launching entire satellite constellations, and its upcoming Neutron rocket aims to break SpaceX's dominance in the medium-lift market.



The company has<a href="https://www.benzinga.com/general/space/25/05/45633311/rocket-lab-stock-surges-on-geost-acquisition-strengthening-companys-positioning-for-golden-dome"> also expanded </a>through acquisitions, including Geost and a German firm, Manaric. These moves allow Rocket Lab to offer end-to-end services by building not just rockets and spacecraft, but also payloads, which strengthens its position in national security and defense.



Beck noted that about half of Rocket Lab's business comes from commercial customers and half from governments, with national security becoming increasingly important as global instability drives up demand for space assets.



RKLB Price Action: Rocket Lab shares are up 656% over the past year and ended Tuesday's session at $34.33, according to<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro.</a>&nbsp;



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46199580/microsoft-rivian-intel-slash-jobs-in-june-tech-layoff-spree?utm_source=articleShare">Microsoft, Rivian, Intel Slash Jobs In June Tech Layoff Spree</a></li>
</ul>



Image: Shutterstock

SPACE

Management

General

RKLB

650% Later, Rocket Lab CEO Isn't One Bit Worried

A mixed trading session took shape Tuesday on Wall Street, as investors rotated out of high-flying tech stocks <a href="https://www.benzinga.com/markets">and into lagging sectors.</a>



By midday in New York, the Nasdaq 100 dropped 0.7% to 22,500 points, while small caps in the Russell 2000 jumped 1.9% and the Dow Jones Industrial Average climbed 1.2%, reflecting strength in blue-chip and small-cap names. The S&amp;P 500 was flat at 6,200 points.



Shares of Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) fell 4% despite a lack of major news, as investors appeared willing to take some profits following a year-to-date rally of over 70%.



<h1 class="wp-block-heading">Powell Keeps July Rate Cut On the Table</h1>



Speaking at the European Central Bank's symposium in Sintra, Fed Chair Jerome Powell signaled that most officials still expect to cut interest rates later this year. 



Notably, Powell rejected the speculation that a July rate cut is off the table, reaffirming the Fed's data-dependent stance. 



Meanwhile, the U.S. Senate approved President Donald Trump's One Big Beautiful Bill. 



The U.S. dollar index held steady as the greenback attempted to snap a nine-day losing streak against the euro — the longest stretch of declines since 2003. Treasury yields edged slightly higher, with the 10-year note rising three basis points to 4.26%.



On the sector front, materials outperformed, breaking above their 200-day moving average for the first time in 2025. Technology lagged. 



In industry highlights, solar stocks rallied after the Senate approved a tax-and-spending bill that scrapped a proposed excise tax on renewable energy projects. Upward momentum was seen from Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), up 10%; SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>), up 9.7% and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>), up 4%, while the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) surged 5.4%.



Commodities advanced broadly, with gold gaining 1% to $3,340 per ounce and silver rising 0.5% to $36.20. Copper edged up 0.2%, reaching its highest level since late March, while oil climbed 1% to $65.71 a barrel.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) softened 1% to $106,000.



<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day chg. %</td></tr><tr><td>Russell 2000</td><td>2,209.86</td><td>+1.9%</td></tr><tr><td>Dow Jones</td><td>44,532.74</td><td>+1.2%</td></tr><tr><td>S&amp;P 500</td><td>6,203.82</td><td>0.0%</td></tr><tr><td>Nasdaq 100</td><td>22,530.87</td><td>-0.7%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) edged 0.1% up to $568.25.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.9% to $444.24.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;eased 0.7% to $547.62.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.2% to $218.26.</li>



<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 3%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.8%.</li>
</ul>



Read Now:



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<li><a href="https://www.benzinga.com/news/travel/25/07/46198778/summer-travel-dollar-costs-paris-london-cancun">A Sinking Dollar Is Making Your Dream Vacation Way More Pricey This Year</a> Photo: NicoElNino via Shutterstock<a href="https://www.benzinga.com/news/travel/25/07/46198778/summer-travel-dollar-costs-paris-london-cancun"> </a></li>
</ul>

Large Cap

Eurozone

Federal Reserve

ETFs

ENPH

MSTR

PLTR

SEDG

Palantir Stumbles, Solar Stocks Rally As Senate Approves Tax Bill: What's Moving Markets Tuesday?

The first half of 2025 has come to a close and 21 of the 30 stocks that make up the <a href="https://www.benzinga.com/topic/dow-jones-industrial-average">Dow Jones Industrial Average Index</a> are positive year-to-date.



Despite the impressive number of stocks with a positive performance in the first six months, the index was up around 4% with several of the components posting large declines.



2025 Performance: Through the first six months of the year, two <a href="https://www.benzinga.com/topic/magnificent-seven">Magnificent Seven stocks </a>are among the 10 best in the Dow Jones Industrial Average and two are among the 10 worst in the index based on performance.



Here's a look at the 10 best Dow Jones Industrial Average stocks in the first half:



<ol class="wp-block-list">
<li>International Business Machines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>): +34.1%</li>



<li>Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>): +23.6%</li>



<li>JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>): +20.9%</li>



<li>Boeing Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>): +18.4%</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): +18.0%</li>



<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>): +17.9%</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): +17.6%</li>



<li>Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>): +17.2%</li>



<li>Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>): +13.6%</li>



<li>Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>): +12.3%</li>
</ol>



Here are the 10 worst performing Dow Jones Industrial Average stocks in the first half:



<ol class="wp-block-list">
<li>UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>): -38.3%</li>



<li>Merck &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>): -20.4%</li>



<li>Salesforce.com Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>): -18.4</li>



<li>Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>): -18.1%</li>



<li>Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>): -6.1%</li>



<li>Home Depot Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>): -5.7%</li>



<li>Procter &amp; Gamble Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>): -5.0%</li>



<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>): -1.1%</li>



<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): Flat</li>



<li>McDonald's Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NASDAQ">MCD</a>): +0.8%</li>
</ol>



Overall the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), which tracks the index, was up around 4% in the first half of 2025. This was a lower gain than the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, which had a 5.7% gain in the first half.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/06/45932660/exclusive-sp-500-new-all-time-highs-again-2025">EXCLUSIVE: S&amp;P 500 To Hit New All-Time Highs Again In 2025? Majority Say Yes, 27% Predict This Range</a>



Why It's Important: Nvidia was one of the new Dow Jones components <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/12/42726598/dow-jones-2024-scoreboard-top-5-winners-losers-and-how-amazon-nvidia-could-reshape-2025">added in 2024</a> and the stock is one of the top performers in the first half of 2025. The stock replaced Intel, which was a top decliner in recent years.



The index also got rid of Walgreens, which was another poor performer in recent years. Its replacement Amazon was flat for the first half of 2025.



The new index makeup is showing strong signs of positive returns.



With 21 of the components positive year-to-date and one flat, this could mark one of the best years by the number of gainers in recent history.



In 2024, 18 of the 30 stocks were up for the full year. In 2023, 19 of the stocks in the index were up.



Perhaps most surprising is that two of the Magnificent Seven stocks rank among the worst performers in the first half of 2025, despite being part of the four Mag 7 members included in the Dow Jones Industrial Average.



Apple was the fourth-worst performer in the index for the first half, falling 18.1%. That marks a sharp reversal from its standout status as the only Dow Jones stock to rank among the top gainers in both 2023 and 2024.



Amazon ranked ninth with a flat return, as only eight of the components were down. 



The Dow Jones Industrial Average remains one of the most closely watched stock market indexes, serving as a gauge of overall market health. With only 30 stocks and a weighting based on stock price, rather than market capitalization, the index is less frequently used by some analysts and market experts than the broader S&amp;P 500 Index.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/07/46198021/nvidia-vs-microsoft-vs-apple-which-stock-reaches-4-trillion-first">Nvidia Vs. Microsoft Vs. Apple: Which Stock Reaches $4 Trillion First?</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Education

AMZN

CSCO

MSFT

Dow Jones 2025 First Half Scoreboard: Top 10 Winners, Losers — Where Do Nvidia, Apple Stock Rank?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has had a bruising start to 2025, with its stock down about 18% year-to-date and underperforming the broader stock market by 22%—its worst <a href="https://www.benzinga.com/general/education/25/05/45675595/apple-eyes-worst-month-vs-sp-500-since-2018-but-history-says-buy-the-dip-now">half-year stretch since 2013.</a> 



But as July kicks off, investors may find a surprisingly bullish signal in an unexpected place: the calendar.



<h3 class="wp-block-heading">Why Has Apple Struggled So Much In 2025?</h3>



The first half of the year was defined by a perfect storm for Apple—trade tensions, delays in product innovation and a growing AI gap all chipped away at investor confidence.



One of the biggest headwinds came from President Donald Trump&#8216;s renewed tariff agenda. In 2024, Apple generated 64% of its total revenue from overseas, with Greater China and Europe being among its most profitable regions. But in early 2025, trade-related uncertainty soured consumer sentiment abroad, especially in China.



The numbers confirm it: in the first quarter of 2025, Apple's revenue from Greater China dropped 13% year-over-year to $16.37 billion, down from $18.25 billion during the same quarter of 2024. Local rivals, such as Huawei and Xiaomi, gained market share, while demand for iPhones softened.



Then came Apple's AI problem. While Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) captured market buzz with new AI-driven features and products, Apple offered few details.



With no firm AI roadmap and delays around the iPhone 17 and the Vision Pro international rollout, many investors began rotating out of Apple into higher-growth tech names like Nvidia, Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)



<h3 class="wp-block-heading">Can Apple Turn Things Around In July?</h3>



On the surface, Apple seems out of favor. But dig into the seasonality, and July could offer the kind of bullish argument that flips the narrative.



Apple's seasonal gains in July are unmatched. Over the past 20 years, the stock has ended July higher 17 times, with an average return of 7.6%. 



Even more impressive, Apple is riding a 9-year winning streak in July. The best performances came in 2022 (+18.9%) and 2006 (+18.6%). 



Expand the scope to 30 years, and the signal remains intact: Apple averaged a 7.3% gain in July, with a 77% win rate (23 positive closes out of 30).



The biggest drawdowns occurred in 2001 (-19.2%), 2002 (-13.9%), and 2008 (-5.1%)—but those were years defined by broader market crises. 



More recently, pullbacks have been minor, like -3.3% in 2015 or -0.6% in 2004.



Apple's relative performance versus the S&amp;P 500 in July has been positive in 77% of the past 30 years, with an average outperformance of 5.8%.



No other S&amp;P 500 stock has matched that consistency or magnitude over the same period.



In short, Apple hasn't just risen in July—it's crushed the market in July, time and time again. And with sentiment scraping cycle lows in 2025, history suggests July has often been Apple's golden window for a rebound.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Year</th><th>Apple July Return (%)</th><th>AAPL vs. S&amp;P 500 (%)</th></tr></thead><tbody><tr><td>1994</td><td>27.12</td><td>+23.24</td></tr><tr><td>1995</td><td>-3.10</td><td>-6.08</td></tr><tr><td>1996</td><td>4.76</td><td>+9.78</td></tr><tr><td>1997</td><td>22.81</td><td>+13.91</td></tr><tr><td>1998</td><td>20.70</td><td>+22.12</td></tr><tr><td>1999</td><td>20.24</td><td>+24.22</td></tr><tr><td>2000</td><td>-2.98</td><td>-1.37</td></tr><tr><td>2001</td><td>-19.18</td><td>-18.13</td></tr><tr><td>2002</td><td>-13.88</td><td>-6.53</td></tr><tr><td>2003</td><td>10.60</td><td>+8.83</td></tr><tr><td>2004</td><td>-0.61</td><td>+2.91</td></tr><tr><td>2005</td><td>15.87</td><td>+11.84</td></tr><tr><td>2006</td><td>18.67</td><td>+18.07</td></tr><tr><td>2007</td><td>7.96</td><td>+11.53</td></tr><tr><td>2008</td><td>-5.07</td><td>-4.13</td></tr><tr><td>2009</td><td>14.72</td><td>+6.80</td></tr><tr><td>2010</td><td>2.27</td><td>+8.85</td></tr><tr><td>2011</td><td>16.33</td><td>+18.88</td></tr><tr><td>2012</td><td>4.58</td><td>+3.28</td></tr><tr><td>2013</td><td>14.12</td><td>+8.74</td></tr><tr><td>2014</td><td>2.87</td><td>+4.45</td></tr><tr><td>2015</td><td>-3.29</td><td>-5.16</td></tr><tr><td>2016</td><td>9.01</td><td>+3.75</td></tr><tr><td>2017</td><td>3.27</td><td>+1.96</td></tr><tr><td>2018</td><td>2.80</td><td>+3.58</td></tr><tr><td>2019</td><td>7.64</td><td>+1.40</td></tr><tr><td>2020</td><td>16.51</td><td>+6.08</td></tr><tr><td>2021</td><td>6.50</td><td>+2.37</td></tr><tr><td>2022</td><td>18.86</td><td>+9.92</td></tr><tr><td>2023</td><td>1.28</td><td>+3.06</td></tr><tr><td>2024</td><td>5.44</td><td>+1.18</td></tr></tbody><tfoot><tr><td>Average gain</td><td>7.3%</td><td>5.8%</td></tr><tr><td>Win ratio</td><td>77%</td><td>71%</td></tr></tfoot></table><figcaption class="wp-element-caption">Source: Author&#8217;s own elaboration based on TradingView data</figcaption></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46180484/nvidia-palantir-tech-stocks-to-buy-q3-2025-sectors">Nvidia, Palantir Fuel Historic Tech Rally — And It&#8217;s Far From Done</a></li>
</ul>



Photo: Shutterstock

Emerging Markets

AVGO

GOOGL

Apple Stock Had A Nightmare Year — But It May Be Nearing A Turning Point

In January 2025, the U.S. dollar was charging toward its 2022 highs, riding a wave of investor optimism as Donald Trump returned to the White House. Wall Street was betting on tariffs and domestic tax cuts to<a href="https://www.benzinga.com/markets/economic-data/25/06/46146713/trump-dollar-outlook-tariffs-debt"> strengthen the greenback.</a>



However, just six months later, the narrative turned on its head.



The dollar has posted its worst first-half performance since 1991, with the U.S. Dollar Index—a widely followed gauge of dollar strength on Wall Street—down more than 10% year-to-date, hitting levels not seen since September 2021.



Now, the dollar's sharp decline is no longer just a trader's concern. 



It's starting to bite American tourists, who are discovering that their dream vacations abroad—from croissants in Paris to cocktails in Cancun—come with a noticeably higher price tag.



Here are five favorite destinations where U.S. travelers are feeling the squeeze this summer.



<h2 class="wp-block-heading">Paris: That Croissant Just Got A Lot Fancier</h2>



The euro – as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>) – has gained 14% against the dollar this year, sending the exchange rate above 1.18 euros per dollar. 



That means American travelers are now getting less than 0.83 euros per dollar at current exchange rates, as the dollar extended its losing streak to 10 consecutive sessions on July 1—a run not seen since 2003.



Whether it&#8217;s a rooftop view of the Eiffel Tower or a walk along the Seine, your dreamy Parisian holiday is now pricier. 



In May 2024, the average daily rate (ADR) in Paris was $193 when converted into dollars, according to ArRoi, a platform that tracks Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) prices.



By May 2025, that figure climbed to $207. If July follows last year's seasonal spike when ADR hit a peak of $220, prices this month could push above $235, assuming similar trends.



<h2 class="wp-block-heading">London: More Pounds, Fewer Dollars</h2>



The British pound – as tracked by the Invesco CurrencyShares British Pound Sterling Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXB#NYSE">FXB</a>) – has gained 9% against the dollar in 2025, with one dollar now buying just 0.72 pounds.



London's ADRs on Airbnb jumped from $154 in May 2024 to $216 this year—a staggering 40% increase. 



With July 2024's ADR at $176, this summer could see London rentals reach $245, based on similar growth.



So if you're eyeing fish and chips by the Thames or a Harry Potter studio tour, prepare to pay London prices in full.



Read also: <a href="https://www.benzinga.com/news/25/06/46171994/emerging-markets-stocks-dollar-outlook">A Weaker Dollar Just Unlocked A Surprise 2025 Winner — And Smart Money Is Moving In</a>



<h2 class="wp-block-heading">Rio de Janeiro: Samba With A Stronger Real</h2>



The Brazilian real has appreciated by 13% against the dollar so far in 2025, making travel to Rio de Janeiro more expensive, even during the off-season.



Rio's average nightly Airbnb cost climbed to $75 in May 2025, up from $64 a year earlier. Food, transportation and tourist attractions are also eating into budgets as the dollar's value shrinks.



Brazil's natural beauty remains breathtaking, but your beachside caipirinha is now served with a stronger exchange rate.



<h2 class="wp-block-heading">Cancun: Peso Packs A Punch</h2>



Even neighboring Mexico is less of a budget-friendly haven this year. While Cancun's cost per night has held steady at around $72, the Mexican peso's gains are making everything else—from margaritas to excursions—more expensive.



You're now getting just 18.70 pesos per dollar, a sharp 9% drop from the 20.70 pesos you would've received at the start of the year.



According to Numbeo, a typical restaurant dinner for two in Cancun now costs 1,000 pesos, or more than $50—and that's before you even order the margaritas.



Toss in tips, taxis and tourist excursions, and your wallet starts feeling the peso's punch.



<h2 class="wp-block-heading">Bangkok: Still Budget—But No Longer A Steal</h2>



If Bangkok is on your list for a bachelor party or epic friends' getaway, get ready to spend a bit more this year.



Thailand remains a budget destination, but inflation and currency changes are closing that gap. 



The Thai baht has strengthened 7% in 2025, while Bangkok's average nightly Airbnb rate has surged from $39 in May 2024 to $51 this year.



If July follows last year's trend—when ADR hit $42—travelers could now be facing nightly rates near $60, a price they didn't even see during peak season in January.



Still cheaper than Western Europe, but not the bargain it once was.



<h2 class="wp-block-heading">The Bottom Line</h2>



What started as a dollar resurgence in early 2025 has turned into a historic slump, leaving U.S. tourists footing higher bills across nearly every major destination abroad. 



With the U.S. Dollar Index down over 10%—its worst start to a year since 1991—the greenback's weakness is hitting travelers where it hurts: their vacation budgets.



That dream summer trip abroad now comes with a steeper price tag, and the dollar simply doesn't go as far as it did just a year ago. 



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/forex/25/06/46175116/weaker-dollar-stocks-beneficiaries-foreign-revenue">Dollar&#8217;s Biggest Crash In Decades: These 7 Stocks Could Win Big</a></li>
</ul>



Photo: Shutterstock

Currency ETFs

Forex

Travel

ABNB

A Sinking Dollar Is Making Your Dream Vacation Way More Pricey This Year

Wedbush analyst Dan Ives predicts a weak performance for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) amidst a fallout between CEO Elon Musk and President Donald Trump.



What Happened: On Tuesday, Ives posted on X his prediction about Tesla&#8217;s performance, attributing it to the strained relationship between Musk and Trump. He described the situation as a &#8220;junior high school friendship gone bad.&#8221; However, he added that it would eventually stabilize.



&#8220;At the end of the day Musk needs Trump and Trump needs Musk. Will settle down,&#8221; posted Ives.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tesla to be weak this morning as the Street will show concern that the Trump and Musk once BFF relationship now backfires and turns into a junior high school friendship gone bad into an enemy. At the end of the day Musk needs Trump and Trump needs Musk. Will settle down &#x1f94a;&#x1f91d;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1940022572625600815?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



SEE ALSO: <a href="https://benzinga.com/markets/macro-economic-events/25/07/46187826/mike-pences-advocacy-group-launches-campaign-to-extend-trumps-2017-tax-cuts-report" target="_blank" rel="noreferrer noopener">Mike Pence&#8217;s Advocacy Group Launches Campaign To Extend Trump&#8217;s 2017 Tax Cuts: Report</a>



Why It Matters: The relationship between Musk and Trump has been a topic of interest recently. Trump has been vocal about the subsidies Musk&#8217;s companies receive, suggesting that without them, Musk would have to &#8220;close up shop and head back home to South Africa.&#8221;



This public criticism by Trump has had an impact on Tesla&#8217;s stock. Following Trump&#8217;s comments, Tesla&#8217;s stock fell by <a href="https://www.benzinga.com/markets/tech/25/07/46189226/tesla-stock-falls-nearly-5-in-tuesday-pre-market-whats-going-on">nearly 5% </a>during the Tuesday pre-market session. Musk&#8217;s response to Trump&#8217;s spending bill also reignited political comeback rumors, further affecting the stock.



Investment advisor Ross Gerber criticized Tesla&#8217;s board for remaining silent amid the Trump-Musk Feud and the federal subsidies. He suggested that Musk&#8217;s enabling of Trump&#8217;s presidency would eventually lead to a power struggle.



<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/crypto/25/06/46186644/bitcoin-ethereum-dogecoin-slide-even-as-q2-turns-profitable-for-crypto-analyst-warns-about-decline-in-btc-if-the-apex-coin-doesnt-close-above-this-level" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slide Even As Q2 Turns Profitable For Crypto: Analyst Warns About Decline In BTC If The Apex Coin Doesn&#8217;t Close Above This Level &#8211; Grayscale Bitcoin Mini Trust (BTC) Common</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tesla Stock Slump Tied To Trump-Musk 'Junior High School Friendship' Gone Sour, Says Dan Ives — But Predicts It Will 'Settle Down'

Two Chinese artificial intelligence chip startups, Moore Threads and MetaX, are planning to raise a combined 12 billion yuan ($1.65 billion) through initial public offerings (IPOs). 



What Happened: The two companies are betting on the U.S. export restrictions to boost the demand for their products in China, Reuters reported. 



Moore Threads, based in Beijing, aims to raise 8 billion yuan, while MetaX, based in Shanghai, is looking to raise 3.9 billion yuan. Both companies are planning to list on the STAR Market, the tech-focused board of the Shanghai Stock Exchange



These fundraising plans highlight the increasing efforts of Chinese chipmakers to capitalize on Beijing&#8217;s drive to develop domestic champions in graphics processing units (GPUs), which are crucial for AI development.



See Also: <a href="https://benzinga.com/markets/tech/25/06/46159877/steve-jobs-once-spent-two-weeks-choosing-a-washing-machine-for-his-palo-alto-home-and-he-got-more-thrill-out-of-it-than-any-piece-of-high-tech-in-ages">Steve Jobs Once Spent Two Weeks Choosing A Washing Machine For His Palo Alto Home And He Got More &#8216;Thrill&#8217; Out Of It Than Any Piece Of High Tech In Ages &#8211; Benzinga</a>



The U.S. has been tightening export restrictions on China, with the latest rules implemented in April banning the shipment of Nvidia&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20 chips, one of its most popular chips, to China. These restrictions have led to a sense of urgency in Beijing to develop domestic chip champions.



Both Moore Threads and MetaX have cited U.S. sanctions as a major risk to their development, but have also emphasized that the restrictions could create significant market opportunities. The two companies design GPUs to compete with Nvidia products and have reported significant losses over the last three years, largely attributed to heavy research and development spending.



Why It Matters: The move by Moore Threads and MetaX to go public amid U.S. export sanctions is part of a larger trend of Chinese companies seeking to <a href="https://www.benzinga.com/markets/equities/25/03/44350873/nvidia-faces-new-ai-challenge-as-chinese-start-up-unveils-framework-to-cut-reliance-on-its-gpus">reduce their reliance</a> on foreign chipmakers. In May, Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Baidu (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), and Tencent (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) began switching to <a href="https://www.benzinga.com/markets/asia/25/05/45692725/alibaba-and-baidu-turn-to-chinese-ai-chips-as-us-sanctions-squeeze-nvidia-supply">homegrown chips</a> as U.S. export controls and a dwindling stockpile of Nvidia processors eroded their ambitions. 



The move also aligns with China&#8217;s broader push for <a href="https://www.benzinga.com/government/regulations/25/05/45298562/chipmakers-enter-bullish-seasonal-window-5-stocks-that-could-outperform">self-sufficiency in chips</a>, with major Chinese automakers aiming for 100% domestic chip supply by 2027. This push is being <a href="https://www.benzinga.com/markets/equities/25/06/45966176/after-nvidia-pauses-china-outlook-top-chinese-automakers-race-to-ditch-foreign-chips-aim-for-100-domestic-supply-by-2027-report">shepherded</a> by China&#8217;s Ministry of Industry and Information Technology, which regularly requires self-assessments of domestic chip adoption rates.



Read Next: <a href="https://benzinga.com/markets/tech/25/06/46186013/mark-zuckerberg-once-predicted-that-this-technology-would-replace-your-phone-a-decade-later-how-far-">Mark Zuckerberg Once Predicted That This Technology Would Replace Your Phone — A Decade Later, How Far Is Meta From Delivering On A &#8216;More Natural&#8217; Future</a>



Photo: Maxx-Studio On Shutterstock

BABA

BIDU

TCEHY

Nvidia's Chinese Rivals Look To Cash In On US Tech Ban: Moore Threads, MetaX Plot $1.65 Billion IPO

Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) declined 4.78% during Tuesday pre-market session after CEO Elon Musk reignited political comeback rumors following his criticism of President Donald Trump&#8216;s spending bill.



What Happened: Late Monday, Musk expressed his disapproval of the spending bill on social media platform X, stating, &#8220;If this insane spending bill passes, the America Party will be formed the next day.&#8221; He further criticized the existing political system, calling for alternative parties to give Americans a voice.



Musk&#8217;s criticism of the bill, which he claims&nbsp;would increase the U.S. debt&nbsp;ceiling by $5 trillion, extends to both Republicans and Democrats. He also warned politicians supporting the bill that they would lose their primaries next year.



President Trump responded to Musk&#8217;s criticism by suggesting that the Tesla CEO&#8217;s empire relies heavily on federal subsidies. He stated on Truth Social, &#8220;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.&#8221;



Additionally, Tesla saw over <a href="https://www.benzinga.com/markets/tech/25/07/46189042/elon-musk-led-teslas-european-woes-worsen-with-sales-down-over-60-in-sweden-and-denmark">60% plunge</a> in vehicle registrations in Denmark and Sweden during June, after witnessing strong sales in Norway. 



SEE ALSO: <a href="https://benzinga.com/crypto/25/06/46186644/bitcoin-ethereum-dogecoin-slide-even-as-q2-turns-profitable-for-crypto-analyst-warns-about-decline-in-btc-if-the-apex-coin-doesnt-close-above-this-level" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slide Even As Q2 Turns Profitable For Crypto: Analyst Warns About Decline In BTC If The Apex Coin Doesn&#8217;t Close Above This Level</a>



Why It Matters: The spending bill and the proposed cuts have been criticized by experts and could impact Tesla and the broader automotive industry&#8217;s EV push, as it proposes axing the $7,500 federal EV credit on all new EVs sold in the U.S.



Meanwhile, investor Gary Black <a href="https://www.benzinga.com/markets/large-cap/25/06/46161226/gary-black-warns-tesla-q2-deliveries-will-disappoint-says-cheaper-models-could-cannibalize-sales-and-see-ideal-re-entry-22-below-current-levels">warned </a>that Tesla&#8217;s Q2 deliveries could fall short of estimates, potentially due to the political controversy surrounding the spending bill.



Furthermore, Tesla&#8217;s sales in Canada have reportedly dropped to nearly zero, as highlighted by researcher Troy Teslike.&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/46162850/tesla-sales-in-canada-have-dropped-to-nearly-zero-says-researcher-expects-elon-musk-led-ev-giant-may-report-losses-starting-2026">According to Teslike</a>, Tesla may start reporting GAAP losses from Q1 2026, possibly due to the political controversy and the proposed cuts in the spending bill.



<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/tech/25/06/46162898/elon-musk-stopped-believing-in-mars-dream-as-a-political-project-in-2024-says-peter-theil-amid-woke-ai-and-socialist-government-fears">Elon Musk Stopped Believing In Mars Dream As A &#8216;Political Project&#8217; In 2024, Says Peter Thiel Amid &#8216;Woke AI&#8217; And &#8216;Socialist Government&#8217; Fears</a> </li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tesla Stock Falls Nearly 5% In Tuesday Pre-Market: What's Going On?

U.S. futures slipped on Tuesday after two days of record-setting advances. Futures of major benchmark indices were trading lower.



Nasdaq and S&amp;P 500 scaled new highs on Monday. The Donald Trump administration is reportedly lowering its aspirations for comprehensive reciprocal deals. Instead, it is <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46188192/trump-administration-reportedly-scales-back-ambitions-for-comprehensive-trade-deals-before-tariff-deadline">favoring narrower agreement</a>s to avoid the reimposition of U.S. tariffs.



According to a Reuters report, the U.S. will resume trade negotiations with Canada immediately after Ottawa <a href="https://www.benzinga.com/markets/tech/25/06/46161429/canada-rescinds-digital-services-tax-after-trump-calls-it-a-blatant-attack-on-america">rescinded its digital services tax</a> targeting U.S. technology firms.



Meanwhile, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-06-30/eu-to-accept-trump-s-universal-tariff-but-seeks-key-exemptions">reported</a> that the European Union is willing to accept a trade arrangement with the U.S. that includes a 10% universal tariff on many of the bloc's exports. However, it wants the U.S. to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. 



The 10-year Treasury bond yielded 4.19% and the two-year bond was at 3.70%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 78.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.10%</td></tr><tr><td>S&amp;P 500</td><td>-0.23%</td></tr><tr><td>Nasdaq 100</td><td>-0.28%</td></tr><tr><td>Russell 2000</td><td>-0.19%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Tuesday. The SPY was down 0.15% at $616.92, while the QQQ declined 0.19% to $550.60, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro </a>data.



Cues From Last Session:



U.S. stocks settled higher on Monday, with the S&amp;P 500 hitting another record close, as information technology, financial, and real estate sectors recorded the biggest gains. However, energy and consumer discretionary stocks bucked the overall market trend, closing the session lower.



President Trump signaled openness to extending the July 9 deadline for reinstating reciprocal tariffs, adding that he remained optimistic about reaching key agreements in the coming weeks.



On the economic front, the Chicago PMI fell to 40.4 for June from 40.5 in May, and compared to market estimates of 42.7. The Dallas Fed's general business activity index for Texas manufacturing climbed to a reading of -12.7 in June compared to -15.3 in the previous month.



Hewlett-Packard Enterprise Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) and Juniper Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) reached an agreement with the U.S. Department of Justice (DOJ) on Saturday.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.47%</td><td>20,369.73</td></tr><tr><td>S&amp;P 500</td><td>0.52%</td><td>6,204.95</td></tr><tr><td>Dow Jones</td><td>0.63%</td><td>44,094.77</td></tr><tr><td>Russell 2000</td><td>0.12%</td><td>2,175.04</td></tr></tbody></table></figure>



Insights From Analysts:



Despite signals of a cooling economy and what he describes as a &#8220;too tight&#8221; Federal Reserve policy, economist Jeremy Siegel sees a bullish path ahead for equities, predicting major indexes could climb another &#8220;5%-10%&#8221; before any significant reckoning from tariff hits.



&#8220;FOMO could add another 5%-10% to major indexes before earning a reckoning with any tariff earnings hit,&#8221; he said.



Markets, already notching fresh all-time highs, are benefitting from a confluence of factors, including de-escalated geopolitical tensions and a retreat in oil prices, he explains.



Siegel points to falling bond yields, with the 10-year Treasury in the &#8220;4.25%-4.30% range,&#8221; as a clear sign that the Fed&#8217;s stance remains restrictive. While personal income data has cooled and housing is &#8220;feeling the pinch of too-high interest rates,&#8221; Siegel believes these factors provide &#8220;ample cover&#8221; for the Fed to pivot.



However, he doesn&#8217;t expect a rate cut at the July 30 meeting, anticipating 25-basis point cuts at each of the subsequent three meetings into early 2026.



According to Siegel, corporate America is coping, with companies like Nike beating estimates despite a &#8220;tariff hit.&#8221; The prevailing skepticism among traders, evidenced by an elevated VIX, suggests that &#8220;FOMO could add another 5%-10% to major indexes.&#8221;



This momentum, he states, will be driven by &#8220;squeezed shorts, AI productivity and margin improvements,&#8221; emphasizing that &#8220;AI adoption can drive outsized efficiency gains&#8221; even in less direct plays like small-cap value.



Meanwhile, giving her outlook on Gold, Aksha Kamboj, the executive chairperson of Aspect Global Ventures, said, &#8220;Gold prices appear to have stabilized at lower levels and are gradually moving higher, driven by expectations that the U.S. Federal Reserve may implement deeper interest rate cuts in 2025 than previously forecast.&#8221;



&#8220;Key events such as the upcoming July 9 tariff deadline and this week's jobs data are likely to be major market catalysts. Strong demand from central banks and domestic buyers is expected to provide support to the precious metal,&#8221; she added.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Tuesday:



<ul class="wp-block-list">
<li>June&#8217;s S&amp;P final U.S. manufacturing PMI will be out by 9:45 a.m., and May&#8217;s construction spending and job openings data will be released by 10:00 a.m. ET.</li>



<li>June&#8217;s ISM manufacturing data will be out by 10:00 a.m., whereas auto sales data will also be released on Tuesday.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) was up 0.80% in premarket on Tuesday as analysts expect it to report quarterly earnings of $1.03 per share on revenue of $970.23 million before the opening bell.</li>



<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) was 0.037% below the flatline as analysts expect it to report earnings of $3.31 per share on revenue of $2.55 billion, after the closing bell.</li>



<li>Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) was 0.11% higher as analysts expect it to report quarterly earnings of 98 cents per share on revenue of $785.72 million after the closing bell.</li>



<li>Nektar Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKTR#NASDAQ">NKTR</a>) tumbled 2.98% after disclosing a proposed public offering of common stock.</li>



<li>Progress Software Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) slipped 3.71% after posting better-than-expected earnings for the second quarter, while sales missed estimates. The company also raised its guidance for FY2025.</li>



<li>AeroVironment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>) declined 4.90% after it announced plans to offer $750 million of common stock and $600 million of convertible senior notes in proposed public offerings.</li>



<li>Wolfspeed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) surged over 80% in premarket after implementing a prepackaged restructuring plan supported by most of its lenders. This move aims to cut its debt by ~$4.6 billion or 70% and annual cash interest payments by ~60%, positioning it for accelerated growth and profitability by late third quarter.</li>



<li>Prestige Wealth Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PWM#NASDAQ">PWM</a>) zoomed 68.09% after divesting its Prestige Assets International Inc. subsidiary and its three units on June 25, to sharpen its focus on technology-driven wealth management.</li>



<li>Bitmine Immersion Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMNR#NYSE">BMNR</a>) gained 21.33% after announcing a $250 million private placement to launch its Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Treasury Strategy, aiming to become one of the largest publicly traded ETH holders.</li>



<li>Gibo Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIBO#NASDAQ">GIBO</a>) declined over 7% after testing its AI-driven GIBO Click engine on uDrama, a rapidly growing global short drama platform.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.14% to hover around $65.20 per barrel.



Gold Spot US Dollar rose 1.11% to hover around $3,339.46 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.33% at the 96.5570 level.



Asian markets ended on a mixed note on Tuesday, as Hong Kong's Hang Seng, Japan's Nikkei 225, Australia's ASX 200 indices declined, and India's S&amp;P BSE Sensex, China&#8217;s CSI 300, and South Korea's Kospi indices rose. European markets were lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46188237/bill-gates-is-betting-two-thirds-of-his-foundations-portfolio-in-these-3-stocks">Bill Gates Is Betting Two-Thirds Of His Foundation&#8217;s Portfolio In These 3 Stocks</a></li>
</ul>



Photo courtesy: Shutterstock

AVAV

BMNR

GIBO

JNPR

NKTR

PRGS

WOLF

US Stock Futures Slip After Two Days Of Record Advances: 'FOMO Could Add Another 5%-10%…,' Says Expert

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Monday.



U.S. stocks settled higher on Monday, with the S&amp;P 500 hitting another record close.



President Donald Trump signaled openness to extending the July 9 deadline for reinstating reciprocal tariffs, adding that he remained optimistic about reaching key agreements in the coming weeks. Meanwhile, Canada&#8217;s withdrawal of its digital services tax helped improve the outlook for U.S. tech firms and reignited momentum in trade negotiations with Washington.



On the economic front, the Chicago PMI fell to 40.4 for June from 40.5 in May, and compared to market estimates of 42.7. The Dallas Fed&#8217;s general business activity index for Texas manufacturing climbed to a reading of -12.7 in June compared to -15.3 in the previous month.



Hewlett-Packard Enterprise Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) and Juniper Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>) reached an agreement with the U.S. Department of Justice (DOJ) on Saturday.



Most sectors on the S&amp;P 500 closed on a positive note, with information technology, financial and real estate stocks recording the biggest gains on Monday. However, energy and consumer discretionary stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 275 points to 44,094.77 on Monday. The S&amp;P 500 rose 0.52% to 6,204.95, while the Nasdaq Composite climbed 0.47% to 20,369.73 during Monday's session.



Investors are awaiting earnings results MSC Industrial Direct Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>), Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) and The Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 66.9, the index remained in the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 63.8.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/06/46169288/5-stocks-in-the-spotlight-wall-streets-most-accurate-analysts-weigh-in">5 Stocks In The Spotlight: Wall Street&#8217;s Most Accurate Analysts Weigh In</a> </li>
</ul>



Photo courtesy: Shutterstock

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S&P Hits Record High At The End Of Q2: Investor Sentiment Improves, Fear Index Remains In 'Greed' Zone

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