{"id":50242,"date":"2025-07-02T13:53:04","date_gmt":"2025-07-02T17:53:04","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/"},"modified":"2025-07-02T13:53:04","modified_gmt":"2025-07-02T17:53:04","slug":"stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/","title":{"rendered":"Stock Market Today: Mixed Trading as Trump&#8217;s Tax Bill Heads to House"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Midday_Market_Update_Major_Indexes_Show_Mixed_Performance\" >Midday Market Update: Major Indexes Show Mixed Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Trumps_Tax_Bill_Advances_to_House_After_Narrow_Senate_Approval\" >Trump&#8217;s Tax Bill Advances to House After Narrow Senate Approval<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Labor_Market_Shows_Surprising_Weakness\" >Labor Market Shows Surprising Weakness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Magnificent_Seven_Stocks_Mixed_Performance\" >Magnificent Seven Stocks: Mixed Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Sector_Rotation_Continues\" >Sector Rotation Continues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Market_Sentiment_and_Economic_Outlook\" >Market Sentiment and Economic Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Bond_Market_and_Currency_Update\" >Bond Market and Currency Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-mixed-trading-as-trumps-tax-bill-heads-to-house\/50242\/#Looking_Ahead_Key_Events_to_Watch\" >Looking Ahead: Key Events to Watch<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Midday_Market_Update_Major_Indexes_Show_Mixed_Performance\"><\/span>Midday Market Update: Major Indexes Show Mixed Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The stock market showed mixed performance in midday trading on Wednesday, July 2, 2025, as investors digested fresh economic data and monitored developments related to President Trump&#8217;s tax and spending bill. The <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> was up 0.2% in midday trading, coming off its first loss after hitting all-time highs in back-to-back days. The <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average edged up by 13 points, or less than 0.1%, while the tech-heavy Nasdaq Composite showed stronger performance, rising 0.7%.<cscitation citation_id=\"task_2__1\"><\/cscitation><\/p>\n<p>This follows Tuesday&#8217;s choppy session that marked the start of the second half of 2025, where Wall Street closed mixed as market participants shifted their preference from growth-oriented technology stocks to more cyclical stocks. The Dow Jones Industrial Average advanced 0.9% or 400.17 points to close at 44,494.94 on Tuesday, while both the S&#038;P 500 and the Nasdaq Composite finished in negative territory.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trumps_Tax_Bill_Advances_to_House_After_Narrow_Senate_Approval\"><\/span>Trump&#8217;s Tax Bill Advances to House After Narrow Senate Approval<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Market participants are closely monitoring the progress of President Trump&#8217;s megabill after the U.S. Senate finally cleared it on July 1 following prolonged negotiations and a series of amendments. The bill passed by a narrow margin of 51-50, with the tie-breaking vote cast by Vice President JD Vance after several Republican Senators voted against it, defying party lines.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>The bill is now heading to the House of Representatives, with President Trump having pressured lawmakers to get it to his desk by July 4. However, concerns remain about its fiscal impact, as the nonpartisan Congressional Budget Office has projected that the bill will add more than $3 trillion to the federal deficit over the next decade. This comes at a time when the U.S. government is already facing a massive $36.2 trillion fiscal deficit.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Labor_Market_Shows_Surprising_Weakness\"><\/span>Labor Market Shows Surprising Weakness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Private sector payrolls data from ADP released this morning showed a surprising decline of 33,000 jobs in June, compared to the gain of about 100,000 that economists had expected.<cscitation citation_id=\"task_1__2\"><\/cscitation> This unexpected weakness in the labor market has added to investor uncertainty ahead of Thursday&#8217;s highly anticipated June jobs report, which will provide a more comprehensive view of employment conditions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Magnificent_Seven_Stocks_Mixed_Performance\"><\/span>Magnificent Seven Stocks: Mixed Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The so-called &#8220;Magnificent Seven&#8221; stocks, which have been driving much of the market&#8217;s performance, showed mixed results today:<\/p>\n<p>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>) shares rebounded after Tuesday&#8217;s sell-off, trading at $314.17, up $13.46 (0.04%) from the previous close.<cscitation citation_id=\"task_2__1\"><\/cscitation> This recovery comes after Tesla dropped nearly 6% in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading on Tuesday amid a feud between CEO Elon Musk and President Trump, with Musk criticizing the budget bill and Trump responding by saying Musk had benefited excessively from government subsidies.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<p>Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) shares were up 0.5% in midday trading, with the company maintaining its massive market cap of around $3.28 trillion. Analyst outlooks remain mixed, with JPMorgan cutting its 12-month target to $230 from $240, citing weaker iPhone 17 demand. However, bullish analysts maintain higher targets, with Wedbush pushing a street-high $325 based on AI-driven device upgrades.<cscitation citation_id=\"task_2__1\"><\/cscitation><\/p>\n<p>Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>), the AI chip giant with a market cap of approximately $3.77 trillion, was trading near $156.42. Despite being down about 1% in early trading, analysts remain bullish on the stock, with Loop Capital raising its price target and Wedbush seeing potential for the company to reach a $4 trillion-plus market cap.<cscitation citation_id=\"task_2__1\"><\/cscitation><\/p>\n<p>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>), with a market cap of around $2.79 trillion, was slightly down in early trading but continues to benefit from enterprise AI demand and Azure growth.<cscitation citation_id=\"task_2__1\"><\/cscitation><\/p>\n<p>Other tech giants including Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>), Alphabet (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>), and Meta Platforms (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>) were also slightly lower in early trading.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sector_Rotation_Continues\"><\/span>Sector Rotation Continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Tuesday&#8217;s trading showed a continuation of sector rotation, with investors shifting away from technology stocks toward more cyclical sectors. The Consumer Staples Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLP\">XLP<\/a>), the Materials Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLB\">XLB<\/a>), and the Health Care Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLV\">XLV<\/a>) rose 1.3%, 2.6%, and 1.4%, respectively, while the Technology Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLK\">XLK<\/a>) fell 0.9%.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>This rotation reflects growing investor confidence in broader economic strength beyond the tech sector, which has dominated market gains for much of the past year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Economic_Outlook\"><\/span>Market Sentiment and Economic Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite some day-to-day volatility, market sentiment remains generally positive. The S&#038;P 500 and Nasdaq Composite gained 5% and 6.6%, respectively, in June, while the Dow increased 4.3%, marking the second straight month of significant gains for the major indexes.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<p>Stocks have staged a remarkable recovery from their early-April lows as concerns about tariffs have subsided, and economic data and corporate earnings have remained strong. However, investors continue to monitor developments related to trade talks, as a deadline looms next week for massive tariffs to be re-imposed by the Trump administration.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bond_Market_and_Currency_Update\"><\/span>Bond Market and Currency Update<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the bond market, the yield on the 10-year Treasury note was at 4.24% this morning, up slightly from yesterday&#8217;s close of 4.23%, which was its lowest level since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.2% to 96.66, trading at its weakest level since early 2022.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<p>Meanwhile, Bitcoin was trading at $106,600, down from around $107,500 on Monday afternoon, showing some volatility in the cryptocurrency market.<cscitation citation_id=\"task_2__3\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_Key_Events_to_Watch\"><\/span>Looking Ahead: Key Events to Watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we move through the remainder of the week, several key events could impact market direction:<\/p>\n<p>1. The June jobs report, scheduled for release on Thursday, will be closely watched for signs of labor market strength or weakness following today&#8217;s disappointing ADP data.<\/p>\n<p>2. House deliberations on President Trump&#8217;s tax and spending package, which legislators aim to finalize by the end of this week.<\/p>\n<p>3. Ongoing trade negotiations, with next week&#8217;s deadline for potential tariff reimposition looming large for market participants.<\/p>\n<p>4. The VIX, often referred to as the market&#8217;s fear gauge, was up 0.1% to 16.83, indicating a slight increase in expected market volatility.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>As the midday <b>market update<\/b> shows, investors continue to navigate a complex landscape of fiscal policy changes, economic data, and corporate developments. While the overall <b><a href=\"https:\/\/stockmarketwatch.com\/live\/stock-market-today\" data-internallinksmanager029f6b8e52c=\"6\" title=\"Stock Market Today\">stock market today<\/a><\/b> presents a mixed picture, the continued strength in the Nasdaq suggests ongoing confidence in the technology sector despite recent rotation toward cyclical stocks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Midday Market Update: Major Indexes Show Mixed Performance The stock market showed mixed performance in midday trading on Wednesday, July 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