Market Snapshot for Tuesday 7-1-2025
Dow Jones – 44,494.94 (+0.91%)
NASDAQ – 20,202.89 (-0.82%)
S&P 500 – 6,198.01 (-0.11%)
Market Performance
The Dow Jones Industrial Average rose on Tuesday as investors shifted out of tech stocks to start the second half of 2025. Market participants also digested new developments surrounding President Donald Trump’s sweeping tax and spending bill, along with fresh remarks from Federal Reserve Chair Jerome Powell.
The S&P 500 (^GSPC) hovered near the flat line after closing above 6,200 for the first time on Monday. The Nasdaq Composite (^IXIC) dipped roughly 0.6%, weighed down by a drop in Tesla (TSLA) shares as tensions between CEO Elon Musk and Donald Trump reignited. Meanwhile, the Dow Jones Industrial Average (^DJI) gained around 1%.
Overseas, Asian markets closed mixed after China’s key manufacturing PMI rose to 50.4 in June, surpassing expectations and indicating expansion. In Europe, stocks broadly declined as the eurozone’s flash CPI for June came in at 2.0% year-over-year, matching forecasts and aligning with the European Central Bank’s inflation target.
Economic Takeaways –
- The U.S. dollar index continued to slide to fresh three-year lows.
- Job openings unexpectedly climbed in May, reaching their highest level since November 2024, according to government data released Tuesday. The report arrives as investors monitor the labor market for any signs of cooling that could influence the Federal Reserve’s timeline for cutting interest rates. The Bureau of Labor Statistics reported 7.76 million job openings at the end of May, up from 7.39 million in April. The previous month’s figure was also revised upward by 4,000. Economists polled by Bloomberg had anticipated 7.3 million openings in May.
- Federal Reserve Chair Jerome Powell didn’t rule out a rate cut at the upcoming July meeting but acknowledged the central bank likely would have lowered rates further by now if not for the tariffs imposed by the Trump administration. “I wouldn’t take any meeting off the table or put it directly on the table,” Powell said.
- The Institute for Supply Management (ISM) Manufacturing PMI edged up to 49.0, just below forecasts for a rise to 49.1. Among ISM’s subcomponents, supplier deliveries and production provided the most support, while employment and new orders weighed on the headline reading.
- In June the S&P 500 advanced nearly 5%, the tech-focused Nasdaq-100® (NDX) rose 6.3%, and the DJIA increased 5.3%.
Gold –
- Gold climbed more than 1% on Tuesday as investors sought safe haven assets after U.S. President Donald Trump’s “big, beautiful bill” passed in the Senate.
- Spot gold rose 1.1% to $3,338.24 per ounce, as of 2:25 p.m. EDT (1825 GMT), its highest level since June 24. U.S. gold futures settled 1.3% higher at $3,349.8.
Oil –
- Oil rose on positive demand indicators from China, Saudi, and Russia.
- OPEC+ will meet on July 6th to decide the August output policy.
- Brent crude was up 35 cents, or 0.5%, to $67.09 a barrel at 12:54 p.m. ET (1654 GMT).
- S. West Texas Intermediate crude was up 44 cents, or around 0.7%, to $65.55 a barrel.
Crypto –
- The price of Bitcoin hovered under $106,000.
- The Congress Budget Bill advanced from Senate without a crypto tax provision.
- SEC approved Grayscale Index ETF conversion and cleared Solana, XRP, Cardano for spot trading.
The Big Bill Took the Spotlight
Senate lawmakers voted 50-50 to pass former President Trump’s flagship tax and spending bill, with Vice President JD Vance casting the tie-breaking vote. The legislation now returns to the House for a final vote on the Senate’s revisions, as lawmakers push to meet Trump’s July 4 deadline.
Overnight negotiations among Republicans stretched into the early hours, with one notable amendment drawing broad bipartisan support: the repeal of a federal ban on state-level AI regulation. The move marks a setback for major tech companies, many of which have been staunch Trump backers.
Solar Stocks Surged as Senate Dropped an Excise Tax from Trump’s Tax Bill
Solar stocks jumped Tuesday afternoon after the Senate voted to strip an excise tax on wind and solar projects from President Trump’s $3.3 trillion tax package.
Sunrun (RUN) soared nearly 10% following the news, while Enphase Energy (ENPH), one of this year’s laggards—rose about 4%. SolarEdge Technologies (SEDG) also rallied, gaining approximately 7%.
The Senate vote brought the sweeping legislation one step closer to final passage. As reported by Yahoo Finance’s Ben Werschkul, the measure passed on a 50-50 split, with three Republicans breaking ranks. Vice President JD Vance cast the decisive vote in favor, delivering a key win for the renewable energy industry.
At the center of the debate was a proposed tax targeting wind and solar projects that use a threshold level of Chinese-made components. Some U.S. manufacturers backed the measure to curb reliance on China, but clean energy developers warned it would drive up project costs, as supply chains still heavily depend on Chinese parts.
While the tax was removed, the bill still includes a phase-out of subsidies for new wind and solar projects beginning after 2027—a provision some Republicans sought to postpone but ultimately failed to change.
Circle Stock Jumped After Company Applied for a Bank Charter
Circle (CRCL) announced Tuesday that it has officially filed an application with the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
The stablecoin issuer’s shares rose 2.8% in afternoon trading, rebounding after a weaker open. The stock has surged 500% since its IPO on June 5.
If approved by the OCC, Circle intends to launch a national trust bank called First National Digital Currency Bank, N.A. The charter would enable Circle to custody and manage the reserve assets behind its stable coins and provide other fiduciary services—but it would not permit the company to take cash deposits or issue loans.
“Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,” Circle CEO Jeremy Allaire said in a statement.
The move would allow Circle to directly oversee its stable coin reserves, bolstering its competitive position as it capitalizes on post-IPO momentum. It also aligns with expected requirements for U.S. stablecoin issuers under pending legislation.
Currently, only one other crypto company—Anchorage Digital—holds this type of charter.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- Bitmine Immersion Technologies, Inc. (BMNR) moved higher 35.69%
- IHS Holding Limited (IHS) soared by 14.03%
- Melco Resorts & Entertainment (MLCO) exploded 11.48%
- Sunrun, Inc. (RUN) surged 10.51%
- Polaris Inc. (PII) rose 10.38%
- Las Vegas Sand. Corp. (LVS) moved up 8.89%
- Wynn Resorts Limited (WYNN) rose 8.85%
- Builders FirstSource, Inc. (BLDR) spiked 8.76%
- Installed Building Products, Inc. (IBP) moved up 7.96%
- Dillards, Inc. (DDS) surged 7.82%
Top Losers
The top US stock losers today, based on percentage change included:
- Progressive Software Corp. (PRGS) moved lower 13.03%
- AeroVironment, Inc. (AVAV) moved down 11.42%
- Protagonist Therapeutics (PTGS) sank 9.16%
- Nebius Group N.V. (NBIS) fell 9.07%
- Archer Aviation Inc. (ACHR) was down 8.94%
- Comstock Resources, Inc. (CRK) sank 8.71%
- NuScale Power Corp. (SMR) dragged 8.70%
- Centrus Energy Corp. (LEU) moved down 7.90%
- Burford Capital Limited (BUR) slumped 7.85%
- Strategy Incorporated (MSTR) dragged 7.65%
Notables
- CoElectric vehicle maker Tesla (TSLA) dropped more than 5% after President Donald Trump suggested on Truth Social that the Department of Government Efficiency (DOGE) should investigate the federal subsidies received by CEO Elon Musk’s companies.
- Goldman Sachs boosted its outlook on Oshkosh Corp. (OSK) on Monday, citing a broadly positive view of the machinery sector. The firm upgraded the industrial technology stock to buy from neutral and lifted its price target to $131 from $124—implying over 15% upside from Monday’s closing price of $113.54.
- Kontoor Brands (KTB) shares rallied on Tuesday after Goldman Sachs added the apparel stock to its conviction list.
- Shares of diabetes technology companies slid after the Centers for Medicare & Medicaid Services proposed a rule change that could impact reimbursement rates for continuous glucose monitors and insulin pumps. Tandem Diabetes Care (TNDM) dropped 4%, Beta Bionics (BBNX) fell 6%, Dexcom (DXCM) declined nearly 4%, and Insulet (PODD) also lost 4%.
- Progress Software (PRGS) shares tumbled 11% after the company reported mixed results for the second quarter. Revenue totaled $237.4 million, just below the $237.5 million consensus estimate, according to FactSet. However, adjusted earnings came in at $1.40 per share, beating analyst expectations of $1.30.
- Energy equipment maker GE Vernova (GEV) saw its stock fall 7% following a Bloomberg report that it is exploring a potential sale of its industrial software unit, Proficy. GE Vernova is reportedly working with financial advisors and reaching out to both public companies and private equity firms, according to sources familiar with the matter.
- Lululemon (LULU) sues Costco (COST) for allegedly selling dupes of its popular products.
- Nvidia (NVDA) slipped 1% in pre-market trading following recent record highs. With little fresh news, this pullback may be driven by technical selling. Other mega caps also lost ground before the open, including Palantir (PLTR) and Broadcom (AVGO).
- Oracle (ORCL) edged up slightly in pre-market trading after climbing nearly 4% yesterday. The rally followed a Barron’s report that Oracle has secured several major cloud contracts, including one projected to generate over $30 billion in annual revenue by fiscal 2028.
- Apple (AAPL) gained 0.5% early Tuesday after a 2% rise the previous day. Bloomberg reported that Apple is considering AI technology from Anthropic PBC or OpenAI to power a new version of Siri, fueling hopes that Apple will revitalize its AI efforts after delays earlier this year.
- Walt Disney (DIS) was flat in early trading but reached a new 52-week high yesterday following an upgrade from Jefferies.
- Hasbro (HAS) climbed 1.7% pre-market after Goldman Sachs (GS) upgraded the stock from Neutral to Buy.
- Sweetgreen (SG) fell 3.2% in pre-market trading after TD Cowen downgraded it to Hold from Buy.
What to Watch Ahead
July 2: June Challenger job cuts report and ADP National Employment Report.
July 3: June nonfarm payrolls, June unemployment, June ISM Services PMI®, May factory orders, markets close early ahead of holiday.
July 4: Markets closed for Independence Day.
July 7: No major earnings or data expected.
July 8: No major earnings or data expected.
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