Dow Jones - 44,494.94 (+0.91) 

Nasdaq - 20,202.89 (-0.82%) 

S&P 500 - 6,198.01 (-0.11%) 

• Markets were mixed. 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%.
• A short trading week. The market will be closed on Friday for Independence Day.
• International market action. Asian markets closed mixed; China’s manufacturing PMI rose to 50.4, signaling expansion. European stocks declined; Eurozone CPI hit 2.0%, matching forecasts and the ECB target.
• The dollar fell. The U.S. dollar index hit a fresh 3-year low.
• Job openings skyrocketed. Job openings rose to 7.76M in May, the highest level since November of 2024 and beating expectations.
• Rate cut still on the table. Jerome Powell didn't rule out a July rate cut and cited Trump's tariffs as a key factor for caution.
• Economic data. ISM Manufacturing PMI came in at 49.0 vs. 49.1 expected. Supplier deliveries and production supported the index, while employment and new orders lagged.
• June performance. S&P 500 +5%, Nasdaq-100 +6.3%, DJIA +5.3%.
• Gold went higher. Gold prices rose 1.1% to $3,338.24/oz as investors sought safety after Senate passed Trump’s tax bill. Gold futures settled 1.3% higher at $3,349.8.
• Oil went up. Brent crude went up 0.5% to $67.09/barrel while WTI crude went up 0.7% to $65.55/barrel. Gains driven by positive demand signals from China, Saudi Arabia, and Russia.
• Crypto news. Bitcoin hovered under $106,000. SEC approved Grayscale Index ETF conversion; Solana, XRP, and Cardano cleared for spot trading.
• The Big Beautiful Bill was passed. Senate passed Trump’s sweeping $3.3T tax and spending bill (50-50 vote; VP JD Vance cast tie-breaker). Bill includes repeal of federal ban on state-level AI regulation, phase-out of clean energy subsidies after 2027.
• Solar stocks rallied. The Senate stripped an excise tax on wind and solar projects: Sunrun (RUN) +10%, Enphase (ENPH) +4%, and SolarEdge (SEDG) +7%.
• Circle (CRCL) jumped 2.8%. Investors learned that the stablecoin company applied for a national trust bank charter.
• Tesla slumped. The electric vehicle maker sank after President Trump called for a probe into federal subsidies received by Musk’s companies.
• OshKosh Corp. went higher. The company received an upgrade from Goldman Sachs to "BUY" with a price target of $131.
• Diabetes stocks fell. CMS proposed reimbursement changes causing slumps in Tandem (TNDM) -4%, Beta Bionics (BBNX) -6%, Dexcom (DXCM) -4%, and Insulet (PODD) -4%.
• Lululemon is suing Costco. The athletic apparel company is suing Costco for allegedly selling knockoff products.
• Apple moved higher. AI rumors tied to Anthropic or OpenAI led to gains.
• Walt Disney hit a new 52-week high. 

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"I wouldn't take any meeting off the table or put it directly on the table," Powell said during a panel discussion at a European Central Bank monetary policy conference in Portugal when asked about a potential rate cut this month. "It's going to depend on how the data evolved."

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Most Active Stocks

• Tesla (TSLA)
• Nvidia (NVDA)
• Apple (AAPL)
• Walt Disney (DIS)
• Amazon (AMZN)

Weekly Notables

Lululemon Sues Costco

Lululemon has filed a lawsuit against Costco, accusing the retail giant of selling low-cost knockoffs of some of its best-selling athleisure products.

In the complaint filed in the U.S. District Court for the Central District of California, Lululemon claims Costco has “unlawfully traded” on its brand reputation, goodwill, and distinctive designs by selling unlicensed apparel that allegedly infringes on its patents. The lawsuit also alleges that Costco frequently sources products for its Kirkland private label from manufacturers connected to major brands, without disclosing those ties to consumers. 

Ford Sales Jump 14% in Q2

Ford Motor (F) shares climbed Tuesday following the release of second-quarter sales data showing sharp year-over-year gains. Ford posted a 14% jump in Q2 sales compared to a year ago—”about 10 times the estimated 1.4% industry increase,” the company said—delivering 612,095 vehicles. The increase was led by strong demand for its pickup trucks, with F-Series, Ranger, and Maverick sales rising 15% to 288,564 units.

President Trump and Elon Musk Reignite Their Feud

President Trump escalated his feud with Elon Musk on Tuesday, slamming the billionaire over federal subsidies and suggesting scrutiny from the Department of Government Efficiency (DOGE), which Musk once led. “Without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump wrote on Truth Social, adding, “perhaps we should have DOGE take a good, hard, look at this?” The clash came as Senate Republicans stripped a key AI protection from Trump’s legislative package, deepening tensions with Silicon Valley. Musk, a vocal critic of the bill, warned GOP lawmakers they “will lose their primary next year if it is the last thing I do on this Earth.”