U.S. stock futures hovered near flat levels Tuesday evening, as markets digested mixed sentiment following the Senate’s narrow passage of President Donald Trump’s sweeping tax-cut bill. A tech sell-off weighed on the broader market, while a deepening rift between Trump and Tesla CEO Elon Musk added pressure to high-growth stocks.
Futures Stay Flat Ahead of Tariff Deadline
By 8:16 PM ET (00:16 GMT), the futures market reflected caution:
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S&P 500 Futures rose 0.1% to 6,253.75
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Nasdaq 100 Futures gained 0.1% to 22,714.50
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Dow Jones Futures edged 0.1% higher to 44,829.00
Investors remained wary as the July 9 tariff deadline approaches. If no trade agreements are reached by then, steep reciprocal tariffs between 20% and 50% could return, potentially disrupting global supply chains and adding inflationary pressure.
Senate Narrowly Passes Trump’s Tax Bill
The Senate on Tuesday approved a contentious tax-and-spending bill, which is expected to add $3.3 trillion to U.S. debt over the next decade. The measure now heads to the House of Representatives, with Trump pushing to sign it into law by July 4.
Market watchers can track the macroeconomic impact of this legislation using the
👉 Economics Calendar API,
which provides key indicators like consumer confidence, fiscal balances, and inflation expectations.
Tesla Slumps as Trump-Musk Rift Deepens
Tesla (NASDAQ: TSLA) shares plunged 5.3% in regular trading, dragging down the NASDAQ Composite by 0.8%. Trump publicly criticized Musk for benefiting from “record government subsidies”, reigniting a feud over EV tax credits and spending cuts in the proposed legislation.
Despite Tesla’s market leadership, the ongoing feud has added a fresh layer of volatility for investors. Stay updated on Tesla’s upcoming earnings and guidance shifts via the
👉 Earnings Calendar API,
which includes date, EPS estimates, revenue, and surprise metrics for listed U.S. companies.
Recap of Tuesday’s Regular Session
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S&P 500 fell 0.1%
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NASDAQ Composite dropped 0.8%
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Dow Jones Industrial Average gained 0.9%, buoyed by strength in industrials and financials
Outlook: Rates, Tariffs, and Volatility Ahead
Investors are also watching for further commentary from Fed Chair Jerome Powell, who has so far resisted pressure from Trump to implement aggressive rate cuts. The upcoming days will be crucial, with:
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July 4 deadline for the tax bill signing
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July 5 shortened trading session
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July 9 tariff deadline for trade agreements
Conclusion
Markets are treading carefully amid political drama, fiscal policy shifts, and international trade negotiations. As volatility creeps in, real-time earnings updates and macroeconomic insights will be key to staying ahead.
