U.S. stocks closed mixed on Tuesday after the Senate passed President Trump's sweeping budget bill, with investors also keeping an eye on trade developments.
The S&P 500 fell 0.1%, and the Nasdaq dropped 0.8% after hitting a record high on Monday, as enthusiasm over potential stimulus clashed with concerns about the bill's trillion-dollar cost. The Dow Jones industrials outperformed, rising 400 points, led by sharp gains in health care stocks such as UnitedHealth (+4.5%) and Amgen (+4%).
In contrast, technology stocks dragged the Nasdaq, with Tesla down 5.3% after Trump escalated his feud with Elon Musk by threatening to strip federal subsidies. Fed Chair Jerome Powell maintained a cautious tone on rate cuts, highlighting inflation risks related to tariffs and emphasizing the need for more data.
Meanwhile, May job openings were stronger than expected, reinforcing the central bank's patient approach to monetary policy. (alg)
Source: Trading Economics
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