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Major U.S. stock indices were mixed, while Tesla losses dragged down the S&P 500 and the Nasdaq\u2019s performance. <\/p>\n
U.S. stocks were mixed after President Trump\u2019s 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% <\/p>\n
Traders were mostly focused on the progress with trade talks and Donald Trump\u2019s massive budget bill, which passed the Senate<\/a>. Senate members voted 51-50 on the bill, with Vice President JD Vance breaking the tie, setting the stage for the House vote. <\/p>\n 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<\/a> to the nation\u2019s deficit, which caused Republican Senators to vote against it. Fiscal conservatives Rand Paul, Susan Collins, and Thom Tillis were the three dissenters. <\/p>\n <\/p>\n At the same time, the bill\u2019s 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 \u201cutterly insane and destructive.\u201d <\/p>\nMusk reignites feud with Trump<\/h2>\n