S&P 500, Nasdaq Slip After Two Days of Record Highs as Tech Stocks Slump; Tesla Drops on Musk-Trump Fracas

Biggest S&P 500 Movers on Tuesday

19 minutes ago

Decliners

• Shares of natural gas processing and transport firm The Williams Companies (WMB) dropped 6.5%, falling the most of any stock in the S&P 500. The downturn comes after the energy infrastructure company announced a shakeup in its executive suite, with Chad Zamarin, currently an executive vice president, stepping up as the new president and CEO, and chief executive Alan Armstrong transitioning to a new role as executive chairman of the board of directors.
• Axon Enterprise (AXON) shares declined 6.4% on Tuesday, receding from a record high posted in the prior session. Although the maker of the Taser and other law enforcement equipment posted strong year-over-year revenue growth in the first quarter, the company is navigating cost pressure, with selling, general, and administrative costs also up significantly from a year ago.
• Tesla (TSLA) stock lost 5.3% as tensions resurfaced between CEO Elon Musk and President Donald Trump. The president accused Musk of reaping excessive benefits from electric vehicle subsidies, suggesting that the Department of Government Efficiency, formerly led by Musk, should review programs that have subsidized Musk’s business ventures, which include rocket company SpaceX as well as Tesla.

Advancers

• Shares of casino and resort operators pushed higher after regulators in Asian gambling hotspot Macau reported a year-over-year surge in gaming revenue in June. Shares of Las Vegas Sands (LVS) and Wynn Resorts (WYNN) both surged around 8.9%, notching the best performances in the S&P 500. MGM Resorts International (MGM) shares were up 7.3%. All three companies have significant exposure to Macau.

• The National Association of Realtors pointed to several provisions in the Senate’s tax and spending bill that could be positive for the housing market, including an extension of the mortgage interest deduction and lower individual tax rates. Meanwhile, mortgage rates remain near their lowest levels in several months, reflecting optimism that the Fed could be on its way to resuming interest-rate cuts. Shares of Builders FirstSource (BLDR), the largest U.S. supplier of residential construction materials, jumped 8.8%.
• Packaging Corporation of America (PKG) shares were up 7.6% after the company announced an agreement to buy the containerboard business of the industrial packaging firm Greif for $1.8 billion. The deal includes two containerboard mills, located in Ohio and Virginia, with an annual production capacity of approximately 800,000 tons. Packaging Corporation said it expects synergies stemming from improvements in operational and production efficiency, mill grade optimization, and reduced transport costs.

–Michael Bromberg

Tesla Set to Report Deliveries Data on Wednesday

1 hr 12 min ago

Tesla (TSLA) is expected to report production and deliveries figures for the second quarter on Wednesday morning, with investors anticipating a sizable move after a losing streak for the stock.

Shares dropped more than 5% to around $301 on Tuesday, amid worries about an escalation in the feud between CEO Elon Musk and President Donald Trump over the president’s signature “One Big Beautiful Bill.”

Options pricing suggested traders see shares moving about another 5% in either direction by the end of the trading day on Thursday, with markets closed on Friday for Independence Day.

After last quarter’s deliveries disappointed, shares sank shortly after the data was released, but ended the day up 5%. Still, they tumbled in the following days as markets were battered by President Trump’s “Liberation Day” tariff announcement. After the release of delivery figures in January and last October, Tesla shares fell 6% and 3.4%, respectively.

The EV maker’s stock rallied to a record high in December following Trump’s election win, but have lost about one-quarter of their value in 2025 so far as Musk’s political activities made Tesla the subject of protests and sales tumbled in key markets. Shares rebounded as Musk left the administration and Tesla recently launched its robotaxi service, but stumbled again as Musk and Trump traded barbs on social media.

Tomorrow, Tesla is expected to report a 10% year-over-year drop in quarterly deliveries to about 394,000 vehicles, and production of 434,200. Analysts from JPMorgan, William Blair, and Deutsche Bank warned clients they expect Tesla could miss delivery estimates as demand remains weak and competition grows.

JPMorgan analysts wrote they “see material risk to the outlook for full year deliveries also, given that consensus requires a sharp pivot from underperformance to outperformance of expected seasonal pattern despite the likely significant near-term curtailment of EV subsidies.”

The EV maker’s stock has divided analysts, with 10 of those surveyed by Visible Alpha issuing “buy” or equivalent ratings, with four “hold” and four “sell” ratings. Their average price target is near $306.

–Aaron McDade

Powell Says Tariff Uncertainty Has Kept Fed from Cutting Rates

1 hr 55 min ago

The Federal Reserve is focusing on the possible economic effects of tariffs, as officials say the lingering uncertainty has kept the central bank from cutting its interest rates.

Federal Reserve Chair Jerome Powell said during a European Central Bank conference on Tuesday that the Fed may have already proceeded with interest rate cuts if not for President Donald Trump’s tariffs.

“In effect, we went on hold when we saw the size of the tariffs and where essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said. “We’re simply taking some time. As long as the U.S. economy is in solid shape, we think the prudent thing to do is to wait and learn more and see what those effects might be.”

Economists expect inflation to reignite this summer as the current tariffs work their way through the economy. Retailers have reported passing on the additional import tax costs to consumers, and economists suspect this will raise the prices of many goods in the coming months.

Powell said the tariffs haven’t yet driven inflation data significantly higher, but that could still be coming.

After reducing interest rates in late 2024, the Fed has kept rates at their current levels of 4.25% to 4.5% so far in 2025. The hold has been much to the angst of Trump, who has repeatedly criticized Powell for not cutting interest rates.

Some members of the Federal Open Market Committee have said they would consider cutting interest rates as early as the July 30 meeting. While Powell didn’t commit to a specific timeline on interest rate cuts, he said Fed officials would closely watch data to decide “meeting by meeting” when to begin interest rate reductions. 

“I wouldn’t take any meeting off the table or put it directly on the table. It’s going to depend on how the data evolves,” Powell said. 

–Terry Lane

Nike Stock Keeps Rising. Caitlin Clark is Helping

2 hr 53 min ago

Nike fever hasn’t broken.

Shares of the sneaker giant extended their post-earnings climb with a 3% advance Tuesday, a day after the company released a shoe with WNBA superstar Caitlin Clark.

 The $190 sneakers—featuring colors that reference the guard’s Indiana Fever jersey—”instantly” sold out, Jefferies wrote in a research note Monday.

After markets closed last Thursday, Nike (NKE) reported fourth-quarter results that beat analysts’ expectations. Shares soared 15% Friday and—after ending 1% lower yesterday—resumed their ascent Tuesday, with Jefferies analysts noting that “buzz” about the shoes suggests that shares may still have room to grow.

The brand is tapping into the burgeoning women’s sportswear market, the analysts said, and after releasing a new Kobe V prototype with Clark, Nike and the WNBA star are planning an “upcoming signature shoe release [that] could be even more impactful.”

“Nike’s latest moves signal a bold bet on women, tapping into one of its fastest-growing segments within sport and unlocking fresh upside across its [8-billion-person total addressable market],” Jefferies wrote.

Women’s basketball is becoming increasingly popular, with Jefferies noting WNBA viewership jumped 31% year-over-year and game attendance soared 48% in 2024. Women’s shoes and sportswear sales are expected to outpace men’s over the next five years, it added.

Jefferies has a $115 price target on Nike stock, well above the $77 average among analysts covering it tracked by Visible Alpha. Shares were up 3% at around $73 Tuesday afternoon, and remain down about 3% this year as the brand mounts a turnaround campaign.

–Sarina Trangle

Ford, GM Shares Jump as Sales Surge

3 hr 27 min ago

Ford Motor (F) and General Motors (GM) shares rose Tuesday after the “Big Three” automakers reported soaring second-quarter sales.

Ford’s Q2 sales surged 14% from a year earlier to 612,095 vehicles, powered by a 15% jump in F-Series, Ranger, and Maverick pickup sales to 288,564.

GM, meanwhile, reported a more than 7% increase in Q2 sales to 746,588 vehicles and a nearly 12% jump in the first half to 1.4 million deliveries.

The U.S. new car market is expected to slow in the coming months as higher prices could discourage Americans from buying vehicles, according to Cox Automotive, which said prices may jump as manufacturers begin to absorb—and pass along—the cost of tariffs.

GM and Ford shares were each up roughly 5% in recent trading.

–Aaron Rennie

Casino Stocks Pop as Macau Gaming Revenue Surges

4 hr 19 min ago

Shares of casino operators Wynn Resorts (WYNN), Las Vegas Sands (LVS), and MGM Resorts International (MGM) rallied Tuesday as regulators in Macau reported a surge in June gaming revenue. 

Casino revenue jumped 19% year-over-year to 21.06 billion Macanese pataca (MOP), or roughly $2.61 billion, in June, according to the Macau Gaming Inspection and Coordination Bureau. Through the first half of the year, 2025 gaming revenue of 118.77 MOP has outpaced 2024 levels by more than 4%.

Shares of Wynn and Las Vegas Sands were each up about 9% in recent trading, while MGM gained 9%. All three are among the top-performing S&P 500 stocks Tuesday. For the year, Wynn shares are up 18% while MGM Resorts stock has improved 6%. Las Vegas Sands shares are down about 7% in 2025.

The three casino operators are heavily exposed to the Chinese economy given their casino operations in Macau, with both Wynn and Las Vegas Sands generating 47% of their first-quarter adjusted property EBITDA in the region. Meanwhile, MGM China produced 45% of MGM’s Q1 adjusted EBITDA.

–Andrew Kessel

Palantir Prices to Watch Amid Volatile Stretch of Trading

6 hr 4 min ago

Palantir Technologies (PLTR) shares were sharply lower in early-afternoon trading Tuesday after swinging between big declines and gains in the previous two sessions.

After dropping 9% on Friday, Palantir shares added over 4% on Monday as the data analytics company said it was partnering with Accenture (ACN) for its work with the federal government.

Palantir shares were down nearly 5% at around $130 in recent trading. Even with the decline, the stock has risen more than 70% since the start of 2025, boosted by the AI boom and expectations the firm could benefit from the Trump administration’s efforts to raise government efficiency.

After a retracement toward the 200-day moving average (MA) bottomed out in early April, Palantir shares have trended sharply higher.

However, that strong bullish momentum ended abruptly in Friday’s trading session, with the stock plunging on the heaviest volume since late February. In a small win for the bulls, Monday’s partial recovery saw the relative strength index (RSI) reclaim its neutral threshold.

Investors should watch crucial support levels on Palantir’s chart around $125, $97, and $83, while also monitoring an important overhead area near $148.

Read the full technical analysis piece here.

–Timothy Smith

Tesla Stock Tumbles as Musk-Trump Row Revived

6 hr 59 min ago

Shares of electric vehicle maker Tesla (TSLA) fell sharply Tuesday as the feud between CEO Elon Musk and President Donald Trump heats up again.

In a post on his Truth Social platform early Tuesday, Trump accused Musk of gaining from subsidies on electric cars. “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,” Trump wrote. 

Trump’s signature “One Big Beautiful Bill,” currently being debated by the Senate, includes a provision to eliminate the $7,500 new EV tax credit, a key piece of former President Joe Biden’s efforts to accelerate U.S. EV adoption. 

“No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!,” Trump added as he lashed out at his former ally. Musk, who also is the CEO of rocket company SpaceX, recently stepped down from running the cost-cutting Department of Government Efficiency (DOGE) in order to focus on his businesses.

As he left the White House Tuesday morning, Trump continued his attacks on Musk. “He’s upset that he’s losing his EV mandate… Elon can lose a lot more than that,” Trump told reporters. “We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon.”

Wedbush analysts said the fued between the two is an overhang on Tesla stock. They noted that the Trump administration controls the government spending that benefits Tesla, and SpaceX and has control over the regulatory approvals for the EV maker’s robotaxis and cybercabs.

The analysts, led by Dan Ives, still kept their outperform rating and $500 price target on the stock, noting they expect the “situation will settle and at the end of the day Musk needs Trump and Trump needs Musk given the AI Arms Race going on between the US and China.”

Trump’s comments came hours after Musk posted his latest complaints about the tax-and-spending bill on his social media platform X. “Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!” Musk wrote. “And they will lose their primary next year if it is the last thing I do on this Earth.”

Tesla shares were down 5% in recent trading and have lost a quarter of their value since the start of the year. During the initial escalation of the public spat between Musk and Trump on June 5, shares tumbled 14%, erasing more than $150 billion from Tesla’s market capitalization.

–Nisha Gopalan

Robinhood Stock Hits Fresh High on New Crypto Offering

8 hr 17 min ago

Robinhood Markets (HOOD) shares traded at an all-time high for a second straight session Tuesday following news the online trading platform launched what it called “a suite of new products that mark a major step forward for crypto.”

The company said Monday it was offering U.S. stock and exchange-traded fund (ETF) tokens, as well as perpetual futures, in the European Union (EU). In addition, Robinhood will provide crypto staking to U.S. customers, beginning with Ethereum and Solana.

Johann Kerbrat, general manager and senior vice president of Robinhood Crypto, said that the cryptocurrency econsystem was built by engineers for engineers, and hasn’t been accessible to most people. Kerbrat said the company was now “onboarding the world to crypto by making it as easy to use as possible—with the goal of bringing powerful tools into one intuitive platform.”

Co-founder and CEO Vlad Tenev said Robinhood’s new offerings “lay the groundwork for crypto to become the backbone of the global financial system.”

Shares of Robinhood Markets were up more than 5% in recent trading, after soaring 13% on Monday. The stock has gained about 160% since the start of 2025.

–Bill McColl

Oracle Levels to Watch as Stock Hits Record Highs

9 hr 18 min ago

Oracle (ORCL) shares moved higher slightly higher in premarket trading Tuesday after closing at a record high on Monday, when CEO Safra Catz disclosed bullish new developments about the enterprise software giant’s cloud business.

In a regulatory filing Monday with the Securities and Exchange Commission, Catz said the company’s MultiCloud database revenue continues to grow at over 100%, adding that the company had signed multiple large cloud services agreements, including one that is expected to contribute more than $30 billion in annual revenue starting in FY28.

Oracle shares surged 56% in the second quarter and have gained 31% since the start of the year, due in part to bullish projections about the company’s cloud infrastructure growth as companies ramp up AI spending. The stock was up 0.3% at around $219 before Tuesday’s opening bell, after gaining 4% yesterday.

Oracle shares consolidated within a rectangle before staging a volume-backed breakout in Monday’s trading session, signaling a continuation of the stock’s strong uptrend.

Monday’s jump coincided with the relative strength index finding support near the indicator’s overbought threshold, highlighting the stock’s recent bullish momentum, though the price did close toward the low of Monday’s trading range.

It’s also worth pointing out that the 50-day moving average (MA) crossed above the 200-day MA to form a golden cross, a chart signal that predicts the start of a new move higher.

A measured move, which calculates the distance of the impulsive move higher that preceded the rectangle and adds that amount to the pattern’s breakout point, projects an upside target of $280. Investors should also watch key support levels on Oracle’s chart around $203, $190 and $168.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Futures

10 hr 17 min ago

Futures tied to the Dow Jones Industrial Average were down 0.1%.

S&P 500 futures declined 0.3%.

Nasdaq 100 futures dropped 0.4%.