Tue Jul 01 15:20:00 UTC 2025: ## US Stocks Mixed as Trade and Budget Deadlines Loom
**Wall Street** – US stocks presented a mixed performance on Tuesday as investors digested progress on trade talks and waited for the Senate to finalize President Trump’s budget bill. The S&P 500 dipped slightly, while the Nasdaq Composite fell further, dragged down by a sliding Tesla after CEO Elon Musk’s renewed feud with President Trump. The Dow Jones Industrial Average bucked the trend, posting gains.
Senate lawmakers worked through the night to finalize the budget bill, meeting Trump’s July 4th deadline. An amendment striking down the ban on state-level AI regulation passed with bipartisan support, a setback for tech companies.
The US is also reportedly scaling back Trump’s push for full reciprocal trade deals in favor of narrower agreements before the July 9th tariff deadline.
Federal Reserve Chair Jerome Powell’s comments at an ECB forum, coupled with the latest labor market data, added to the market’s uncertainty. Powell noted tariffs were causing the Fed to be cautious on interest rate cuts, despite a healthy US economy. Job openings in May rose more than expected, with hiring and quits rates remaining near decade lows.
In company news, Wolfspeed’s stock soared despite filing for Chapter 11 bankruptcy, while Apple saw gains on reports of considering AI partnerships for Siri. Robinhood shares jumped after analysts issued bullish notes following the launch of new crypto services.
The stock market’s volatility comes amid broader economic uncertainty, as Trump continues to exert pressure on the Federal Reserve to slash interest rates.
Furthermore, in other markets news, Yahoo Finance’s Ben Werschkul reports a roller coaster of a year for the market with the S&P 500 up 5% year to date, rebounding after the President announced Liberation Day tariffs.
First Piper 