US stocks were mixed on Tuesday as investors monitor progress on trade talks and a voting marathon in Washington over President Donald Trump’s tax and spending bill.
As of 10:15 AM Eastern time, the S&P 500 was 0.1% lower, the Dow Jones Industrial Average was up by 0.3%, and the Nasdaq composite was 0.2% lower.
At the opening bell, the Dow Jones Industrial Average fell 33.3 points, or 0.08%, to 44,061.49. The S&P 500 fell 17.7 points, or 0.29%, to 6,187.25, while the Nasdaq Composite dropped 79.1 points, or 0.39%, to 20,290.611.
In the bond market, the yield on the 10-year Treasury edged up to 4.26% from 4.24% late on Monday. The 2-year Treasury yield rose more sharply to 3.77% from 3.72%.
On the economic data front, markets assessed mixed reports on the US manufacturing.
A report from the Institute for Supply Management said US manufacturing activity shrank again in June, while S&P Global’s report said manufacturing production returned to growth in June after three months of decline.
Fed Chair Jerome Powell in Europe said on Tuesday that he wants to wait for more evidence about how much Trump’s tariffs will affect the economy and inflation before resuming cuts to interest rates.
Gainers and Losers
Electric vehicle maker Tesla stock sank nearly 6% after President Donald Trump said he would consider deporting Elon Musk and directing the Department of Government Efficiency (DOGE) to scrutinize the Tesla and SpaceX founder’s government subsidies.
Musk, a mega-donor to Trump in the 2024 election who headed the Department of Government Efficiency, or DOGE, before leaving Washington earlier this spring, has called for a new political party in response to Trump’s bill.
Casino stocks gained following a report showing stronger growth in overall gaming revenue in China’s casino hub Macao.
Wynn Resorts rallied 8.9% and Las Vegas Sands soared 7.2%.
Bullion
Gold prices advanced on Tuesday on a weaker US dollar and uncertainty over Trump tariffs.
Spot gold rallied 1.4% to $3,349.32 an ounce by 1203 GMT while US gold futures jumped 1.6% to $3,361.70.
Spot silver rose 0.9% to $36.41 an ounce, platinum was down 0.1% at $1,351.80 and palladium gained 2.5% to $1,124.79.
Oil prices were slightly higher on Tuesday as investors awaited the OPEC meeting.
Brent crude was up 28 cents, or 0.4%, to $67.03 a barrel at 1328 GMT, while US West Texas Intermediate crude was up 35 cents, or around 6%, to $65.46 a barrel.
