Pre-Bell|Futures Dip After Record Run; Tesla Falls 6%; Robinhood Jumps 3%; Wolfspeed Soars 89%

Tiger Newspress
07-01

U.S. stock futures dipped on Tuesday, following a record run for Wall Street indexes, as investors monitored U.S. trade talks and a Senate voting marathon over President Donald Trump's tax and spending bill.

Market Snapshot

At 8:25 a.m. ET, Dow e-minis were down 80 points, or 0.18%, S&P 500 E-minis were down 21.5 points, or 0.34%, and Nasdaq 100 E-minis were down 110.75 points, or 0.48%.

Pre-Market Movers

Tesla fell 6%. CEO Elon Musk criticized Trump's bill, calling it "utterly insane and destructive," while the president suggest that the Department of Government Efficiency (DOGE)--the department Musk helped run until the end of May--should look into his companies' government subsidies.

Robinhood Markets was up 3% in premarket trading, a day after jumping 13% to a record high of $93.63 following the financial-services platform's introduction of a series of new crypto-focused offerings to users in the U.S. and Europe. Included were perpetual crypto futures and tokenized stocks and exchange-traded funds for European Union users, and crypto "staking" and credit-card rewards for those in the U.S. Robinhood has risen 151% this year, according to Dow Jones Market Data.

Coinbase declined 2% in the premarket session. The cryptocurrency exchange was the best-performing stock in the S&P 500 during the second quarter, which ended Monday. Coinbase soared more than 106% from April to June, benefiting from a more relaxed regulatory environment under the Trump administration.

The worst S&P 500 stock last quarter was UnitedHealth, which dropped nearly 41%. The company's troubles began in April, when the healthcare company slashed its full-year outlook, sparking a massive selloff. In mid-May, UnitedHealth pulled its guidance entirely, pointing to higher-than-expected medical expenditures, while CEO Andrew Witty resigned the same month due to "personal reasons." UnitedHealth was down 0.2% in premarket trading.

Wolfspeed soared 89% after the chip component maker filed for a prepackaged chapter 11 bankruptcy as part of a plan to restructure its debt. Wolfspeed expects to emerge from Chapter 11 protection by the end of the third quarter.

Progress Software reported fiscal second-quarter adjusted earnings that beat analysts' estimates, raised earnings forecasts for the fiscal year, and said it was buying Nuclia, a Spanish search start-up. Shares of Progress Software fell 3.7%.

Meta Platforms was down 0.1%. The parent company of Facebook and Instagram rose 0.6% on Monday to close at a record high of $738.09. CEO Mark Zuckerberg announced a new " Superintelligence" division within the company, which will house Meta's fundamental AI research team; the team that currently builds the company's Llama models; and the team that develops Meta's AI products, The Wall Street Journal reported, citing an internal memo it viewed that Zuckerberg sent to employees.

MSC Industrial Direct, the metalworking and maintenance, repair and operations company, rose 3.6% after reporting fiscal third-quarter earnings and revenue that beat analysts' estimates.

Market News

Senate Removes Tax Bill Provision Limiting State AI Regulation

The Senate killed a controversial effort to prevent US states from regulating artificial intelligence, delivering a win for critics of the biggest tech companies after a compromise proposal collapsed.

Senators voted 99-1 early Tuesday to strip the language out of President Donald Trump’s signature tax legislation during a marathon session that began Monday and continued through the night. The overwhelming opposition came despite widespread support for the pause on state AI legislation from Trump administration officials and GOP allies in Silicon Valley.

BYD June Sales Inch Up 10% After Month of Heavy Price Discounts

BYD Co. registered its best month for car sales this year in June, after slashing prices across its range in a move that drew criticism from government authorities and industry groups.

The Chinese carmaking juggernaut sold 377,628 vehicles last month, including 206,884 passenger battery electric cars. That was up 10% from a year earlier, helping to push first-half volumes to 2.1 million units, according to a statement Tuesday.

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