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Nasdaq and S&P 500 climbed, while Dow Jones was down as trade, weak jobs data fueled hopes of lower interest rates. U.S. stocks were mixed amid positive news on U.S. trade deals and a weaker labor market. On Wednesday, June 2, the Dow Jones declined 40 points, or 0.10%, while the S&P 500 rose 0.33%. The tech-heavy Nasdaq rose the most, up 0.78%, due to hopes that the Federal Reserve might cut rates sooner than expected. Fueling the hopes of a rate cut was positive news on trade. U.S. President Donald Trump claimed that he reached a preliminary trade deal with Vietnam . U.S. imports to Vietnam will be tariff-free, while Vietnamese imports to the U.S. will be subject to a 20% tariff. the U.S. will also charge a 40% duty on transshipping, in an effort to block tariff evasion by other countries. Transshipping refers to routing goods originally manufactured in different countries, mostly China. Progress on trade helps the U.S. avoid the inflationary effects of punitive tariffs, making the Fed’s rate cuts more likely. At the same time, weak employment figures from the payroll processing firm ADP contribute to this narrative. Specifically, ADP figures revealed that the private sector lost 33,000 jobs in June, significantly missing the expected 100,000 increase. While layoffs were not common, reluctance to hire and replace existing workers has contributed to a drop in employment. If a weak job market persists, the Fed may be forced to cut interest rates to boost the economy. This would benefit growth stocks, including Tesla, which was among the top performers today. Tesla’s shares rose 4.62% after the company produced more cars than expected. Despite that, the company underperformed on vehicle deliveries, which dropped 14% over a quarterly period. The EV maker delivered 384,122 units, compared to Wall Street’s projected 389,407.

Wasn’t my concept it came from Vann Jones

Major U.S. stock indices were mixed, while Tesla losses dragged down the S&P 500 and the Nasdaq’s performance. U.S. stocks were mixed after President Trump’s budget bill passed the U.S. Senate. On Tuesday, June 1, Dow Jones was up 340 points or 0.77%. At the same time, the S&P 500 retreated from its record highs, losing 0.11%, while the tech-heavy Nasdaq Composite fell 0.61% Traders were mostly focused on the progress with trade talks and Donald Trump’s massive budget bill, which passed the Senate . Senate members voted 51-50 on the bill, with Vice President JD Vance breaking the tie, setting the stage for the House vote. The bill will provide trillions in tax cuts while lowering spending on Medicaid, food stamps, and clean energy. What is more, the bill would add an estimated $3.3 trillion to the nation’s deficit, which caused Republican Senators to vote against it. Fiscal conservatives Rand Paul, Susan Collins, and Thom Tillis were the three dissenters. At the same time, the bill’s cuts to clean energy and tax breaks to the fossil fuel industry brought the ire of tech billionaire Elon Musk. Musk, a former Trump ally, reignited his feud with the President, calling the bill “utterly insane and destructive.” Notably, Musk was a major beneficiary of the U.S. subsidies to clean energy, especially to electric vehicles like those produced by his company, Tesla. In response to the criticism, Trump threatened to look into Musk’s lucrative contracts with the U.S. government, including those related to SpaceX, another of his firms. At this point, traders seem to believe that Trump has all the cards, and some traders are concerned that the President can do significant damage to Tesla’s business. On market open, shares of Tesla fell almost 8%, from $320 to $295, subsequently recovering to $303.

Tesla's stock price fell 7.1% at the opening of the U.S. stock market, the largest single-day drop since June 5 At the opening of the US stock market, the Dow Jones Industrial Average fell 0.15%, the S&P 500 fell 0.30%, and the Nasdaq fell 0.39%. Tesla (TSLA.O)'s stock price fell 7.1% in early trading, the largest single-day drop since June 5.

U.S. Stock Market Open: Dow Jones Falls 0.15%, S&P 500 Index Drops 0.30%