Stock Market Today
The first half of the year was a rocky one that ended in the green. As we reported in yesterday’s end-of-quarter summary, stocks finished up around 5% after having been in bear market territory.
For the first trading day of the quarter, stocks appear headed lower, the long end of the treasury curve higher (yields lower), and both gold and oil are up.
What’s driving the drop in stocks? Well, what drove the rally? Honestly, stocks are overbought, as I mentioned in my Friday column on TheStreet Pro. Expect some profit taking as investors reduce risk following a strong quarter.
Today’s news, however, is the tax bill, aka the Big Beautiful Bill. Senate Republicans are still arguing over aspects of the bill as Trump’s July 4th deadline approaches. With Democrat senators united against the bill, which will raise the deficit by $3 trillion, Republicans can only afford to lose three votes and are working hard to find ways to support those states with senators that are on the fence.
I’ll also be watching Tesla (TSLA) today as the Trump/Musk feud intensifies.
Is this bullish for $TSLA? pic.twitter.com/sU8VnXFNqP
— jedimarkus77 (@jedimarkus77) July 1, 2025
and..
🚨 *TRUMP, ASKED ABOUT DEPORTING MUSK, SAYS HAVE TO TAKE A LOOK
— *Walter Bloomberg (@DeItaone) July 1, 2025
I wrote back in April that Musk could send Tesla stock soaring by leaving the company. If Trump deports Musk, perhaps Tesla shareholders would benefit?