The major indexes closed mixed Tuesday, with the Dow Jones Industrial Average climbing and the S&P 500 and Nasdaq composite ending in negative territory. Investors sifted through several news stories in the stock market today, including reports about Tesla Chief Executive Elon Musk and President Donald Trump battling over a tax-and-spending bill backed by Trump.
The Republican-controlled Senate passed its rendition of Trump's giant bill Tuesday in a vote of 51-50 after pulling an all-nighter. It now moves to the House for approval with the latest changes. Trump wants the bill signed by July 4.
The Dow Jones average maintained its lead into the close, gaining 0.9%, or 400 points. The Dow Jones posted its fifth straight day of gains. The 30-stock index has the 44,000 round number in its rearview mirror after retaking it Monday. It now has its sights on the 45,000 level.
Meanwhile, the Nasdaq composite performed the worst among the major indexes, dropping 0.8%. The tech-heavy index closed at an all-time high on Monday.
The S&P 500 shed 0.1% after also closing at a record high Monday. S&P 500 constituent Tesla sank 5.3% as Musk objected to Trump's tax-and-spend bill, as it stands to add trillions of dollars to the U.S. deficit over the next decade.
Small caps were the clear winner of the day, with the Russell 2000 index rising 0.9%. The Russell jumped back above its 200-day moving average after wavering around it for several days.
Volume was higher on both the Nasdaq exchange and the New York Stock Exchange compared with Monday, according to preliminary numbers. On the Nasdaq exchange, rising stocks topped falling ones by around 4-to-3. On the NYSE, gainers beat losers by nearly 3-to-1.
Growth stocks got hit hard, driving the Innovator IBD 50 exchange traded fund down by 2.9% in heavy volume.
Big Tech Losers: Palantir, Nvidia
Palantir Technologies fell 4.1% and nearly wiped out Monday's 4.3% gain. Shares tumbled below their 21-day line.
Dow Jones index losers included Nvidia, Microsoft, and IBM.
Nvidia traded 3% lower and was back near the 153.13 buy point of a consolidation pattern. Shares gave back a more than 3% gain from the breakout.
Microsoft fell 1.1%, while IBM lost 1.2%.
3:48 p.m. ET
Stock Market Today: Health Names Lead Dow Index
Investors looked to more defensive names and out of tech stocks in Tuesday's session. Three health-related names topped the list of 30 blue chip stocks.
Therapeutics maker Amgen was a top gainer on the Dow, rising 4.1%. Shares punched above their 50-day line but found resistance at their 200-day line.
UnitedHealth Group enjoyed a 4.2% move higher on the stock market today. The health care provider remains in the doghouse and has shed nearly 36% so far this year. The stock remains below its 50-day line.
Drug stock Merck was lifted up 3.4% but it also has a weak-looking chart.
2:51 p.m. ET
Solar Stocks Shine After Change To Big Bill
Solar stocks got a lift after a last-minute change to the tax-and-spending bill removed a targeted tax on renewable energy projects.
SunRun spiked around 11% following the news and reclaimed its 50-day line. The solar panel and storage stock has significantly underperformed as seen in its weak 18 Relative Strength Rating.
Nextracker bolted up 5% and is extended from the buy zone of a consolidation pattern with a 52.27 buy point. Shares bounced off their 50-day line in Tuesday's volatile action.
Shoals Technologies rocketed 21% higher in heavy trading.
Lastly, Enphase Energy notched a 4% gain on the stock market today. But the move higher barely made a dent in the stock's 40% loss this year.
1:46 p.m. ET
These Stocks Sell Off
GE Vernova skidded nearly 6% and tested its 21-day exponential moving average and dipped below the 500 price level. The stock seems to be getting hit as the new megabill progressed through the Senate. If fully approved, it could cut some tax incentives on clean energy.
GE Vernova is extended from a cup-base buy zone that extends to 469.88. The energy equipment and services stock has climbed around 50% so far this year. The stock was the biggest loser on the S&P 500 Tuesday.
Credo Technology Group cratered 5% in its third straight day of selling. Shares are tumbling after reaching a record high last Thursday.
12:34 p.m. ET
Stock Market Today: Hotel Stocks Are A Bright Spot
Hyatt Hotels popped nearly 5% after investment bank Raymond James upgraded the stock to a strong buy from market perform with a price target of 165. Shares are on pace for seven straight days of gains. Hyatt retook its 200-day moving average.
That, and strong gaming revenue numbers from Macao casinos helped other major hotel chains score big gains Tuesday. It was reported that Macao gross gaming revenue jumped 19% year over year during the month of June, according to data published on Sunday by the Gaming Inspection and Coordination Bureau.
Big movers included Wynn, which had a gain of nearly 9% as it stood among the leaders on the S&P 500 Tuesday. Shares are in a long, choppy consolidation pattern with a 110.38 buy point.
Las Vegas Sands soared more than 9% and reclaimed its 200-day line. In similar fashion, MGM Resorts International powered up more than 7% and retook its 200-day line.
11:02 a.m. ET
Economic News: Powell Says This
Federal Reserve Chairman Jerome Powell is speaking, and investors are awaiting an update on the status of the amendment vote on the "Big Beautiful Bill" in the Senate.
Powell said interest rates would have been lowered by now if it weren't for Trump's tariff plan, according to CNBC.
In economic data, the June Markit Purchasing Managers' Manufacturing Index rose to 52.9 vs. the 52 expected, which was also the reading in May.
The Institute for Supply Management released its June manufacturing composite index reading of 49, which topped the 48.8 estimate and May's 48.5.
The Labor Department's May Job Openings and Labor Turnover Survey, or JOLTS, showed 7.769 million available jobs, higher than the 7.3 million expected. The result exceeded the revised 7.395 million in April.
Stock Movers: Software Name Plunges
Progress Software plummeted 10% after the company missed fiscal second-quarter sales estimates. It raised its fiscal 2025 profit and revenue guidance, but the stock fell anyway. Shares gave back gains after breaking out of a cup-with-handle base with a 63.24 buy point. The software stock fell nearly 9% below the entry point, triggering the 7% sell signal.
Hasbro rose 4% after Goldman Sachs upgraded the toy stock to buy from neutral and raised its price target to 85 from 66. The IBD MarketSurge Growth 250 name is extended from a 70.04 buy point of a double-bottom base.
9:41 a.m. ET
Treasurys Tick Downward
The 10-year Treasury yield ticked down to 4.22% Tuesday morning. Meanwhile, oil prices bounced up, with West Texas Intermediate futures trading around $65.75 a barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 0.4%. The SPDR S&P 500 ETF lost 0.3% after the market open.
The 10-year Treasury yield inched up to 4.23%. Oil prices bumped up to around $65.55 a barrel. And bitcoin eased to just under the $106,900 level.
8:57 a.m. ET
Stock Market Today: AeroVironment, Apple, Broadcom
Among the early stock movers were AeroVironment, Apple, and Broadcom.
AeroVironment tumbled nearly 8% after announcing plans for a $750 million common stock offering and $600 million in convertible senior notes. Apple stock rallied more than 1%, on pace to add to Monday's 2% gain. And Broadcom slipped 1% in premarket trading, easing from Monday's record high.
8:31 a.m. ET
Nvidia Drops, Threatens To Snap Win Streak
Artificial intelligence giant Nvidia declined more than 1% Tuesday morning, threatening to snap a six-day win streak.
Despite the drop, shares are holding above their latest buy point, a 153.13 entry in a cup base. Nvidia stock is a recent addition to Investor Business Daily's Leaderboard.
8:04 a.m. ET
Tesla Stock Dives On Trump-Musk Feud
Tesla stock dived nearly 6% in premarket trading Tuesday. This came after Chief Executive Elon Musk criticized Trump's 'Big Beautiful Bill' in a post on X.
"It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!," Musk wrote. "Time for a new political party that actually cares about the people."
In response, Trump said in a Truth Social post: "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa.
"No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE," Trump went on to say. "Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!"
Tesla stock skidded 1.8% Monday, extending a losing streak to five sessions. Further, shares are pulling back to their 50-day and 200-day moving averages.
Stock Market Today: Powell Comments Due
Early Tuesday, Powell is appearing at a panel discussion at the European Central Bank Forum on Central Banking in Portugal. The discussion is scheduled for 9:30 a.m. ET.
Elsewhere, key economic reports Tuesday morning include two manufacturing readings. Also due are construction spending numbers and the JOLTS, or Job Openings and Labor Turnover Survey.
Nvidia And Microsoft Battle For Supremacy In This Arena
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
And follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
