Nasdaq Drops 0.4% While S&P 500 Slide 0.3% to Kick off Second Half of 2025, Tesla Shares Drop 6%

Tiger Newspress
07-01

Stocks slipped Tuesday to kick off the second half of 2025 after the S&P 500 notched another record to close out a stunning quarter.

The S&P 500 shed 0.3%, while the Nasdaq Composite lost 0.4%. The Dow Jones Industrial Average fell 0.17%.

Electric vehicle maker Tesla fell 6% after President Donald Trump suggested in a post on Truth Social that the Department of Government Efficiency (DOGE) should look into the government subsidies that CEO Elon Musk’s companies have received.

Musk has criticized Trump’s sweeping “big, beautiful bill,” calling it “utterly insane and destructive” over the weekend. In response to the president’s recent post, Musk wrote in a post on X: “I am literally saying CUT IT ALL. Now.”

This isn’t the first time Trump and Musk have sparred over the administration’s spending plans. A feud broke out between the two earlier this year, with Trump threatening to cut Musk’s contracts back in June and saying the Tesla chief executive went “CRAZY.”

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