Even as U.S. stocks trade at all-time highs, JPMorgan's new mid-year outlook suggests a quiet storm may be forming under the surface—one that could see gold soar, the dollar weaken, and markets reset in the <a href="https://www.benzinga.com/topic/expert-ideas">second half of 2025.</a>



<h3 class="wp-block-heading">S&amp;P 500 May Cool Off—But Not Crash</h3>



In a report shared Tuesday, the investment bank forecasted the S&amp;P 500 — as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) — to finish the year at 6,000, implying a modest 3.5% pullback from current levels around 6,220.



That would still mark a positive year overall, underpinned by a 12% increase in earnings, with further growth expected in 2026.



"The economy and consumers have shown resilience, and corporates delivered healthy pre-Liberation Day growth of 12% despite the implied aggregate tariff rate surpassing 20%," said Dubravko Lakos-Bujas, head of Global Markets Strategy at JP Morgan.



Yet there are reasons for caution. "We remain open to the economy slowing in the second half of this year at a time when valuation is less supportive," he said, noting that the market may repeat the pattern seen in 2023–2024: narrow leadership and high concentration.



<h3 class="wp-block-heading">US Growth Outlook Trimmed, Inflation Risks Rising</h3>



Inflation is expected to heat up again during the summer months. This could push the Fed's next rate cut to December, according to JPMorgan economists.



"We anticipate this [tariff] shock to generate a broad-based downshift in global growth and a rotation in inflation pressures toward the U.S.," said Bruce Kasman, chief economist. 



Read Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46205961/bitcoin-vs-gold-which-is-better-in-2025">Gold Rarely Beats Bitcoin, But 2025 Could Be Another Blowout Year</a>



<h3 class="wp-block-heading">Gold Rally Not Over—Could Hit $4,000 By 2026</h3>



Gold's bullish trend is far from over, with JPMorgan forecasting the metal to average $3,675 per ounce in the fourth quarter of 2025 and potentially exceed $4,000 by the second half of 2026.



"For investors, we think gold remains one of the most optimal hedges for the unique combination of stagflation, recession, debasement and U.S. policy risks," said Natasha Kaneva, head of Global Commodities Strategy.



If JPMorgan&#8217;s gold forecast plays out, the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) could climb another 10% by year-end and gain up to 20% more through mid-2026, tracking bullion's surge toward $4,000.



Meanwhile, oil prices are likely to stay subdued due to a growing supply surplus. Kaneva said JPMorgan sees Brent crude trading in the low-to-mid $60s per barrel through the end of the year, barring a severe Middle East escalation.



<h3 class="wp-block-heading">A Weaker Dollar Supports EM Currencies</h3>



JPMorgan remains bearish on the U.S. dollar amid shifting global dynamics. "The main anchors of our bearish USD view remain unchanged," said Meera Chandan, co-head of Global FX Strategy.



Chandan pointed to fading U.S. growth exceptionalism, expensive valuations, and a buildup of liabilities relative to the rest of the world. 



"Several key conditions seem to define the onset of a USD bear cycle&#8230; Plus, past experience indicates that once initiated, dollar bear cycles can persist for a while," she said.



This environment supports emerging market currencies, which are expected to outperform in the second half. 



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/06/46171994/emerging-markets-stocks-dollar-outlook">A Weaker Dollar Just Unlocked A Surprise 2025 Winner — And Smart Money Is Moving In </a></li>
</ul>



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ETFs

Something Big Is Brewing In Gold, Stocks, And The Dollar: JPMorgan's Half-Year 2025 Outlook

Alphabet Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), one of the most dominant players in the Magnificent 7 tech group, is now trading at a price-to-earnings ratio that's historically associated with powerful stock rallies, setting up what could be<a href="https://www.benzinga.com/markets"> a rare buying opportunity.</a>



<h2 class="wp-block-heading">What Is A P/E Ratio And Why Does It Matter?</h2>



The price-to-earnings ratio (P/E) measures how much investors are willing to pay for each dollar of a company's profit. 



A lower P/E can signal that a stock is undervalued relative to its earnings, especially when compared to its historical average or industry peers.



As of July 2, Alphabet trades at 19.8 times its trailing 12-month earnings. That&#8217;s 16% below its 20-year average of 32, putting it near valuation levels rarely seen over the past two decades. 



<h2 class="wp-block-heading">How Rare Is This Valuation Level For Alphabet?</h2>



The last time Alphabet traded at this low a P/E ratio was in May 2025, when it briefly touched 17.1x. That was just shy of the record low of 16.2x seen on November 12, 2008, during the depths of the financial crisis.



Other low-P/E episodes include June 2011, March 2012 and September 2022. 



Each of those moments came before significant long-term rallies in the stock.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-1024x529.png" alt="" class="wp-image-970679" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-1536x794.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02112640/image-31-2048x1059.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">What Happened To Alphabet Stock After Previous Low P/E Readings?</h2>



Historical data suggests that buying Alphabet at discounted valuations has been a profitable long-term strategy.



Every time its price-to-earnings ratio (P/E) fell below 20 in the past two decades, investors who stayed the course for a year or more reaped far better returns than usual.



After hitting its record-low valuation in 2008, Alphabet returned 88% in just one year and 68.1% over the next two years. The post-2011 and 2012 recoveries were also strong, delivering gains of 73.2% and 71%, respectively, over the two years.



Even after the September 2022 dip, when Alphabet fell into a bear market with a P/E ratio of nearly 19, the stock rallied 32% over the next 12 months and 51.2% within 24 months.



Across the four historical periods when Alphabet traded below 20 times earnings, the average 2-year return was a remarkable 65.9%, while the 1-year gain averaged 38.5%—more than double its 20-year annualized return of 17.3%.



In contrast, short-term performance was mixed. One-month returns after low P/E events averaged -1.6%, while three-month gains averaged just 2.7%. The real upside consistently showed up after one year or more.



A look at Alphabet's past performance shows a clear pattern: the bigger gains came with patience. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Date</th><th>$GOOGL Price</th><th>1-Month (%)</th><th>3-Month (%)</th><th>6-Month (%)</th><th>12-Month (%)</th><th>24-Month (%)</th></tr></thead><tbody><tr><td>November 12, 2008</td><td>$7.28</td><td>4.5</td><td>20.2</td><td>32.1</td><td>88.0</td><td>68.1</td></tr><tr><td>June 10, 2011</td><td>$12.75</td><td>2.6</td><td>3.1</td><td>21.7</td><td>11.0</td><td>73.2</td></tr><tr><td>March 30, 2012</td><td>$16.05</td><td>-7.2</td><td>-10.9</td><td>16.9</td><td>22.9</td><td>71.0</td></tr><tr><td>September 14, 2022</td><td>$105.00</td><td>-8.1</td><td>-9.1</td><td>-10.1</td><td>32.0</td><td>51.2</td></tr><tr><td>March 28, 2025</td><td>$154.33</td><td>0.1</td><td>10.2</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Average</td><td>—</td><td>-1.6</td><td>2.7</td><td>15.2</td><td>38.5</td><td>65.9</td></tr><tr><td>Google 20-Year Annualized Return</td><td>—</td><td>—</td><td>—</td><td>—</td><td>17.3</td><td>—</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Author&#8217;s own elaboration based on TradingView data</figcaption></figure>



<h2 class="wp-block-heading">Is Alphabet Stock Set To Rally Again?</h2>



On March 28, 2025, Alphabet was trading at $154.33 with a P/E of around 17.1. Since then, the stock has posted a modest 10.2% gain over the past three months.



While past performance doesn&#8217;t guarantee future results, the data suggests that patient investors buying at these discounted multiples have often been rewarded.



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46217099/autonomous-vehicles-best-stocks">Autonomous Vehicles Hit Their &#8216;ChatGPT Moment&#8217; — Best Stocks To Watch Now</a></li>
</ul>



Photo: Shutterstock

Equities

GOOGL

This Magnificent 7 Stock Is Absurdly Cheap – It Probably Won't Stay That Way For Long

Alexandr Wang may not be a name familiar to all investors yet, but he is one of the most recognizable names in the artificial intelligence space, thanks to his co-founding of Scale AI and his <a href="https://www.benzinga.com/markets/tech/25/07/46197734/metas-superintelligence-lab-wants-to-outthink-the-world-and-scale-ai-dna-is-all-over-it">previous role as CEO.</a>



As Wang steps down from the company and shifts to Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), he may become more recognizable to new investors.



Here's a look at five things you may not know about Wang.



Los Alamos Upbringing: Wang was born in Los Alamos, Mexico as the son of Chinese immigrants who <a href="https://www.semafor.com/article/01/20/2025/scale-ai-ceo-alexandr-wang-to-trump-america-must-win-the-ai-war">worked </a>as weapons physicists at the Los Alamos National Laboratory. Los Alamos is, of course, famous for being where the United States developed the atomic bomb during World War II. Wang attended Los Alamos High School before moving to Silicon Valley later.



MIT Dropout: Wang briefly attended the Massachusetts Institute of Technology, one of the most well-known schools in the nation. The now-billionaire planned to study machine learning before dropping out. Wang went on to attend Y Combinator and later launched Scale AI.



Read Also: <a href="https://www.benzinga.com/tech/25/02/43806425/why-theres-no-new-steve-jobs-or-zuckerberg-bill-gates-names-the-only-20-something-founder-whos-still-in-the-game">Why There&#8217;s No New Steve Jobs Or Zuckerberg — Bill Gates Names The Only 20-Something Founder Who&#8217;s Still In The Game</a>



AI Billionaire: Wang co-founded Scale AI<a href="https://www.benzinga.com/markets/tech/25/06/46079625/5-things-to-know-about-30-year-old-scale-ai-co-founder-lucy-guo"> with Lucy Guo</a> in 2016 when both entrepreneurs were relatively young. The AI company attracted early investments from Dragoneer Investment Group, Index Ventures and Tiger Global Management. In 2019, Peter Thiel's Founders Fund invested $100 million at <a href="https://www.benzinga.com/markets/equities/24/05/38944368/ai-startup-scale-secures-1b-from-investors-including-amd-amazon-meta-doubling-valuation-to-13-8b">a valuation of $1 billion</a>. 



In 2024, Scale A landed a $1 billion funding round led by Accel that included investments from many existing investors, including NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The funding round valued Scale AI at $13.8 billion, helping Wang become a billionaire. Wang owns an estimated 14% of Scale AI and became the world's youngest self-made billionaire. Today, Wang is worth $3.6 billion according to estimates from <a href="https://www.forbes.com/sites/kenrickcai/2023/04/11/how-alexandr-wang-turned-an-army-of-clickworkers-into-a-73-billion-ai-unicorn/">Forbes</a>.



Transition to Meta: Wang recently announced he was stepping down from his CEO role at Scale AI, but will remain on the board of directors. Wang is transitioning to Meta Platforms, who acquired a 49% stake in the company for $14.3 billion. Wang has been tasked with helping Meta further expand into the AI division and its ‘Superintelligence' lab.



"I'm excited to be the Chief AI Officer of Meta," Wang recently <a href="https://x.com/alexandr_wang/status/1939867404252979291">tweeted</a>.



Waiting on Children: The 28-year-old billionaire recently said he was waiting to have children during an appearance on "The Shawn Ryan Show."



"When we get Neuralink and we get these other technologies, kids who are born with them are gonna learn how to use them in like crazy, crazy ways," Wang said.



The Scale AI co-founder said he wants to hold off on children until Neuralink becomes more routine and used in the world, as the first seven years of life offer the best "neuroplastic" potential.



"Your brain is more neuroplastic than at any other point in your life."



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/23/03/31266515/5-things-you-might-not-know-about-openai-founder-sam-altman-doomsday-prepper-donald-trump-critic-and">5 Things You Might Not Know About OpenAI Founder Sam Altman: Doomsday Prepper, Donald Trump Critic And More</a></li>
</ul>



Photo: Muhammad Raid Ahyan 2105 / Shutterstock

Education

NVDA

Scale AI's Alexandr Wang Went From MIT Dropout To AI Billionaire — 5 Things You Might Not Know

Anthropic is officially speeding in the revenue fast lane. The <a href="https://www.benzinga.com/topic/artificial-intelligence" target="_blank" rel="noopener">generative AI startup</a>, best known for its Claude models, has reportedly hit a $4 billion annualized revenue run rate, just months after being pegged at around $1 billion in late 2024. That's not just acceleration &#8211; it's warp speed.



The jump, first <a href="https://www.theinformation.com/articles/anthropic-revenue-hits-4-billion-annual-pace-competition-cursor-intensifies?offer=rtsu-engagement-25%2Crtsu-featured-articles-pro&amp;utm_campaign=RTSU%3A+Anthropic+Reve&amp;utm_content=9168&amp;utm_medium=email&amp;utm_source=cio&amp;utm_term=6133">reported</a> by The Information, places Anthropic in an elite tier of AI-first companies monetizing at scale. Driven by enterprise demand and token-based API usage, Claude has gone from up-and-comer to high earner in under a year. It's a remarkable rise for a firm that made just $10 million in 2022.



Read Also: <a href="https://www.benzinga.com/markets/tech/25/07/46217817/palantirs-tech-to-supercharge-us-navy-shipbuilding">Palantir&#8217;s Tech To Supercharge US Navy Shipbuilding</a>



Meanwhile, Palantir Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) &#8211; the OG of enterprise AI &#8211; finds itself in the unfamiliar position of trailing the new kid on the block. Palantir ended 2024 with $2.87 billion in revenue and is <a href="https://investors.palantir.com/news-details/2025/Palantir-Reports-Q1-2025-Revenue-Growth-of-39-YY-U-S--Revenue-Growth-of-55-YY-Raises-FY-2025-Revenue-Guidance-to-36-YY-Growth-and-U-S--Comm-Revenue-Guidance-to-68-YY-Crushing-Consensus-Expectations/#:~:text=For%20full%20year%202025%3A,rate%20of%20at%20least%2068%25.">guiding</a> for around $3.9 billion in 2025. Close, but not quite at the $4 billion milestone.



For investors, the contrast is striking. Palantir's business is steady, rooted in defense contracts and a growing roster of commercial clients adopting its AIP (Artificial Intelligence Platform). But its growth curve, while respectable, isn't grabbing headlines like Anthropic's explosive scaling.



<h2 class="wp-block-heading">Is Anthropic The New Palantir?</h2>



So, is Anthropic the new Palantir &#8211; or something else entirely? While Palantir still dominates in government AI, Anthropic's model-driven approach is clearly resonating with the enterprise crowd. It's a reminder that the AI arms race isn't just about GPU access &#8211; it's about who can turn hype into high-margin, recurring revenue.



As Anthropic charges past the $4 billion annual clip and Palantir inches closer, the real question is: who reaches $10 billion first?



One thing's clear: in the monetization race, Claude just dropped the hammer &#8211; and Palantir will need more than Gotham and AIP to catch up.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46180484/nvidia-palantir-tech-stocks-to-buy-q3-2025-sectors">Nvidia, Palantir Fuel Historic Tech Rally — And It&#8217;s Far From Done</a></li>
</ul>



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Long Ideas

Trading Ideas

PLTR

Palantir's No Longer The Benchmark - Anthropic Just Took The Lead

U.S. stocks climbed on Wednesday, with the S&amp;P 500 setting fresh record highs after a surprise decline in private payrolls boosted expectations <a href="https://www.benzinga.com/markets/economic-data/25/07/46218795/labor-market-payrolls-june-interest-rates">of Federal Reserve rate cuts.</a>



The ADP National Employment Report showed private employers shed 33,000 jobs in June 2025 — the first monthly contraction since March 2023. The sharp miss reinforced market bets that the Fed may ease policy sooner than expected. Economists now expect Friday's official nonfarm payrolls report to show a slowdown from 139,000 to 110,000 jobs.



Rate cut odds rose sharply. Markets now see a 25% chance of a July cut and fully price in a reduction by September. A second cut by December is also fully priced in.



The S&amp;P 500 jumped above 6,200 points, notching new record highs. The Nasdaq 100 rose 0.8% to 22,650, nearing its all-time peak, while the Dow Jones Industrial Average held steady around 44,500. Small-cap stocks outperformed for the second consecutive session.



On the trade front, President Donald Trump announced a new agreement with Vietnam. Under the terms, Vietnam will impose a 20% tariff on all exports to the U.S. and a 40% tariff on transshipped goods, while granting &#8220;total access&#8221; to U.S. companies seeking to enter its domestic market.



In currency markets, the U.S. dollar rose 0.3%, breaking a long losing streak. Treasury yields climbed, with the 30-year yield rising 8 basis points to 4.85%.



Commodities strengthened across the board. Gold rose 0.5%, silver gained 1.2%, and WTI crude oil surged 1.9%.



Crypto markets rallied, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbing 3.5% to $109,550.



<h1 class="wp-block-heading">Wednesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg. %</td></tr><tr><td>• Russell 2000</td><td>2,216.07</td><td>0.9%</td></tr><tr><td>• Nasdaq 100</td><td>22,650</td><td>0.8%</td></tr><tr><td>• S&amp;P 500</td><td>6,222.44</td><td>0.4%</td></tr><tr><td>• Dow Jones</td><td>44,500.39</td><td>0.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) rose 0.3% to $569.44.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.1% down to $444.43.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;eased 0.7% to $550.61.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.9% to $219.94.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.9%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.8%.</li>



<li></li>
</ul>



<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>



<ul class="wp-block-list">
<li>Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) rallied over 5% after expecting about $14 billion in unrealized gains from Bitcoin in the second quarter. </li>



<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) shares fell 4.1% to $376.11 after Rothschild &amp; Co Redburn downgraded the design software maker from Neutral to Sell and slashed its price target from $420 to $280.</li>



<li>Quantum computing stocks rallied after Cantor Fitzgerald initiated coverage with Overweight ratings on Rigetti Computing (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>), D-Wave Quantum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>), and IonQ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>). Shares rose 8.7%, 0.9%, and 2.4%, respectively.</li>



<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) rose 4.5% despite posting weaker-than-expected earnings, as the company maintained its full-year 2025 guidance.</li>



<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) surged 8% to after RBC Capital Markets said the new U.S.-Vietnam trade deal could positively impact the solar manufacturer. </li>
</ul>



Read Now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46225431/alphabet-stock-google-analysis-valuations-outlook">This Magnificent 7 Stock Is Absurdly Cheap – It Probably Won&#8217;t Stay That Way For Long</a> Photo: Shutterstock<a href="https://www.benzinga.com/markets/tech/25/07/46225431/alphabet-stock-google-analysis-valuations-outlook"> </a></li>
</ul>

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RGTI

S&P 500 Tops Record Highs, Bitcoin Rallies As Traders Raise Rate Cut Bets: What's Moving Markets Wednesday?

The U.S. labor market is flashing a rare warning sign after private sector payrolls fell in June for the first time in over two years, raising concerns about the economy&#8217;s health and increasing bets on Federal <a href="https://www.benzinga.com/topic/interest-rates">Reserve interest rate cuts.</a>



Private employers cut 33,000 jobs last month, according to the ADP National Employment Report released Thursday. 



That's a sharp drop from the downwardly revised 29,000 gain in May and far below economist forecasts for a 95,000 increase. 



The last time this data showed a monthly contraction was in March 2023, coinciding with the collapse of Silicon Valley Bank and Signature Bank, which triggered a brief banking crisis.



The ADP report precedes the more closely watched U.S. government jobs report from the Bureau of Labor Statistics, due on Thursday. Economists expect nonfarm payrolls to slow from 139,000 in May to 110,000 in June.



<h2 class="wp-block-heading">Where Job Losses Hit Hardest In June</h2>



The losses were concentrated in service-providing sectors, which collectively shed 66,000 jobs. Within that group, professional and business services lost 56,000 jobs, while education and health services dropped 52,000. Financial activities cut 14,000 positions.



There were modest gains in leisure and hospitality (+32,000), trade, transportation and utilities (+14,000), and information (+5,000). Meanwhile, goods-producing industries added 32,000 jobs, driven largely by manufacturing.



"Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," said Nela Richardson, chief economist at ADP. "Still, the slowdown in hiring has yet to disrupt pay growth."



&#8220;Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month. Still, the slowdown in hiring has yet to disrupt pay growth,&#8221; Richardson added.



Despite the hiring freeze, wage growth held firm. Year-over-year pay for job stayers increased 4.4%, while those who changed jobs saw an average 6.8% boost in salaries, indicating underlying labor market tightness remains.



<h2 class="wp-block-heading">Market Reactions: Traders Add Rate Cut Bets</h2>



Markets immediately responded to the surprise job contraction by ramping up bets on Federal Reserve rate cuts. The odds of a July rate cut increased to 25%, up from 20% the previous day.



Traders now fully price in a rate cut by September and expect another 25-basis-point reduction by December.



Despite the weak labor print, U.S. equity futures remained steady. Contracts on the S&amp;P 500 hovered around 6,200 points in premarket trading in New York.



Gold futures – as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – spiked on the back of increased rate cut expectations. Bullion rose to $3,350 per ounce as investors sought safety amid labor market uncertainties.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46215165/us-stocks-likely-to-open-higher-sp-500-sees-average-gain-of-6-1-in-2nd-half-expert-says">US Stocks Likely To Open Higher: S&amp;P 500 Sees &#8216;Average Gain Of 6.1%&#8217; In 2nd Half, Expert Says </a></li>
</ul>



Photo: Shutterstock

Labor Market Flashes Red Signal—And The Last Time This Happened It Didn't End Well

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a target="_blank" href="https://www.benzinga.com/topic/tsmc" rel="noreferrer noopener">stock surged 14%</a> year-to-date, beating the market considerably despite Washington&#8217;s tariff policies and semiconductor sanctions cast a shadow over a sustained AI frenzy.



During the same period, the PHLX Semiconductor Index, of which Taiwan Semiconductor is also a constituent, generated 11% returns.



S&amp;P 500 and NASDAQ Composite Indexes generated approximately 5% returns during the period.



Also Read: <a target="_blank" href="https://www.benzinga.com//node/46172107" rel="noreferrer noopener">Taiwan Semiconductor&#8217;s Affiliate Fast-Tracks Singapore Plant Spurred By Geopolitics</a>



The key supplier of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has generated 32% returns in the last three months, compared to 29% for PHLX Semiconductor, 10% for the S&amp;P 500, and 16% for the Nasdaq Composite.



<h2 class="wp-block-heading">Risks</h2>



The Trump administration has also explored <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/46105742/nvidia-supplier-taiwan-semiconductor-wants-to-raise-10-billion-for-this-risk-it-cannot-control" rel="noreferrer noopener">plans to end</a> waivers for chipmakers to prevent the export of American technology to China.



Apart from the geopolitical risk, TSMC is also susceptible to currency risk due to high U.S. dollar exposure. The company&#8217;s overseas unit, Taiwan Semiconductor Global, faces a currency risk – the Taiwanese dollar is strengthening against the now volatile and weakening U.S. dollar.



TSMC Global Ltd. is preparing to raise $10 billion by issuing new shares to manage currency volatility and maintain capital flexibility. This marks the third such equity move since 2024, and it is the largest to date. The timing coincides with the recent appreciation of the Taiwan dollar.



TSMC&#8217;s CEO C. C. Wei informed shareholders this month that the stronger currency has reduced the firm&#8217;s operating margin by several percentage points.



<h2 class="wp-block-heading">Earnings and Market Share</h2>



In April, Taiwan Semiconductor reported <a target="_blank" href="https://www.benzinga.com/25/04/44857887/taiwan-semiconductor-q1-surges-41-in-sales-boosted-by-ai-chip-demand-expanded-margins" rel="noreferrer noopener">first-quarter net sales</a> of $25.53 billion (839.25 billion New Taiwanese Dollars), up 41.6% year-over-year, topping the analyst consensus estimate of $23.92 billion. However, the net sales declined&nbsp;3.4% Q/Q. In U.S. dollar terms, revenue growth was 35.3% Y/Y and down by 5.1% Q/Q.



Taiwan Semiconductor&#8217;s AI technology moat helped it expand its quarterly gross margins by 572 bps to 58.8%.



In March, Taiwan Semiconductor chief&nbsp;C.C. Wei&nbsp;announced&nbsp;an additional&nbsp;$100 billion&nbsp;investment&nbsp;in U.S. chipmaking (on top of the $65 billion announced in April 2024).



The chipmaker explored commercializing its&nbsp;advanced 2-nanometer process&nbsp;using gate-all-around (GAA) technology in the second half of 2025.



According to analyst Ming-Chi Kuo, Apple is <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/45953943/taiwan-semiconductor-eyes-rollout-of-2nm-advanced-tech-chips-this-year" rel="noreferrer noopener">expected to equip</a> its upcoming iPhone 18 lineup with Taiwan Semiconductor&#8217;s advanced 2nm A20 chip.



Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) have also selected Taiwan Semiconductor to manufacture chips using the same cutting-edge 2nm process.



Taiwan Semiconductor grew its market share to 67.6% in the first quarter of 2025 from 67.1% in the previous quarter, Focus Taiwan <a target="_blank" href="https://focustaiwan.tw/business/202506140017" rel="noreferrer noopener">cited</a> Trendforce. Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) held a 7.7% global market share, down from 8.1% Q/Q.



The top 10 contract chipmakers reported $36.4 billion in sales in the first quarter, down ~5.4% Q/Q. They account for ~97% of the global total, up from 96% in the fourth quarter.



<h2 class="wp-block-heading">Analyst Opinion</h2>



Taiwan Semiconductor has a <a target="_blank" href="https://www.benzinga.com/quote/TSM/analyst-ratings" rel="noreferrer noopener">consensus price forecast</a> of $210.8 based on the ratings of 6 analysts. The high is $270, issued by Needham on July 1, 2025. With an average price forecast of $255 between Needham, Susquehanna, and Barclays, there&#8217;s an implied 12.90% upside for Taiwan Semiconductor from these most recent analyst ratings.



Last week, Cathie Wood-led Ark Invest <a target="_blank" href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/46066220/cathie-woods-ark-invest-cashes-out-109-million-out-of-circle-internet-stock-as-shares-spike-pivots-into-robinhood-and-these-chip-stocks" rel="noreferrer noopener">acquired 65,102 shares</a> of Taiwan Semiconductor.



Price Action:&nbsp;TSM stock traded higher by 0.33% at $225.43 premarket at the last check on Wednesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46195619/broadcom-outpaced-major-indexes-in-2025-what-went-down" target="_blank" rel="noreferrer noopener">Broadcom Outpaced Major Indexes In 2025 &#8211; What Went Down</a></li>
</ul>



Photo by wakamatsu via Shutterstock

News

Movers

AAPL

INTC

SSNLF

Taiwan Semiconductor Outperforming The Market Shows Moat, But It Comes With Risk

Fundstrat&#8216;s Tom Lee stated that Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) success is not due to <a href="https://www.benzinga.com/markets/equities/25/07/46187311/trump-says-elon-musk-would-close-up-shop-and-head-back-home-to-south-africa-without-subsidies-no-more-rocket-launches-satellites-or-electric-car">government subsidies,</a> but rather a combination of factors including engineering talent, manufacturing expertise and leadership.



What Happened:&nbsp;On Tuesday, Lee took to X to express his views on Tesla&#8217;s success. He stated, &#8220;Magical alchemy of $TSLA not&nbsp;‘govt subsidies' &#8211; engineering talent&nbsp;&#8211; manufacturing expertise &#8211; leading&nbsp;AI and software &#8211; leadership&nbsp;&#8211; massive dataset &#8211; future&nbsp;products. 



&#8220;Government not on list&nbsp;$TSLA is a granny shot,&#8221; stated Lee.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Magical alchemy of <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> not ‘govt subisides' &#8211; engineering talent &#8211; manufacturing expertise &#8211; leading AI and software &#8211; leadership <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> &#8211; massive dataset &#8211; future products Government not on list<a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> is a granny shot &#x1f475;&#x1f3c0; <a href="https://t.co/c2Hl6WXjNb">https://t.co/c2Hl6WXjNb</a>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1940033289764356294?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">This post comes in the wake of a series of discussions and debates about the role of government subsidies in Tesla&#8217;s success, particularly after President Donald Trump stated so in his 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," posted Trump. Lee&#8217;s post suggests that he believes Tesla&#8217;s success is primarily due to its internal strengths and not external support.</figcaption></figure>



SEE ALSO:&nbsp;<a href="https://benzinga.com/news/politics/25/07/46212291/lisa-murkowski-defends-alaska-carveouts-as-elizabeth-warren-bernie-sanders-and-rand-paul-condemn-tr" target="_blank" rel="noreferrer noopener">Lisa Murkowski Defends Alaska Carveouts As Elizabeth Warren, Bernie Sanders And Rand Paul Condemn Trump&#8217;s &#8216;Big Beautiful&#8217; Bill: &#8216;Not Good Enough For The Rest Of Our Nation&#8217;</a>



Why It Matters:&nbsp;Lee&#8217;s post comes at a time when Tesla&#8217;s future is a topic of intense speculation. His comments echo those of other industry experts, who have also highlighted the company&#8217;s unique position in the market.



Wedbush analyst&nbsp;Dan Ives&nbsp;recently&nbsp;<a href="https://www.benzinga.com/markets/equities/25/07/46192638/tesla-is-one-of-the-two-best-physical-ai-plays-says-dan-ives-as-he-expects-2-trillion-in-valuation-were-not-even-factoring-optimus">reiterated his bullish stance</a>&nbsp;on Tesla, positioning it as one of the premier investments in the field of physical AI. Ives forecasts a staggering $2 trillion valuation for Tesla, without factoring in the future earnings from its humanoid robot, Optimus. Ives&nbsp;explained Tuesday&#8217;s weak performance for Tesla amid a fallout between CEO&nbsp;Elon Musk&nbsp;and Trump. Ives&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">described the situation</a>&nbsp;as a &#8220;junior high school friendship gone bad.&#8221; However, he added that it would eventually stabilize.



On the other hand, investment advisor&nbsp;Ross Gerber&nbsp;criticized Tesla board members for remaining silent amid the escalating Trump-Musk Feud. 



Benzinga's Edge Rankings place Tesla in the 66th percentile for quality and the 91st percentile for growth, reflecting its strong performance in both areas. Check the detailed report <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>.&nbsp;



On Tuesday, Tesla stock closed 5.34% lower at $300.71.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="780" height="123" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23.png" alt="" class="wp-image-969981" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23.png 780w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02050025/image-23-768x121.png 768w" sizes="(max-width: 780px) 100vw, 780px" /></a></figure>



<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/tech/25/07/46214467/elon-musk-will-oversee-tesla-sales-in-the-us-europe-after-omead-afshars-exit-report">Elon Musk Will Oversee Tesla Sales In The US, Europe After Omead Afshar&#8217;s Exit: Report </a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Tom Lee Says Tesla's Magic Isn't About Government Subsidies: 'It's A Granny Shot' Powered By Elon Musk, AI And Massive Data

U.S. futures rose on Wednesday after a mixed close on Tuesday. Futures of major benchmark indices were trading slightly higher.



After the Nasdaq and S&amp;P 500 scaled new highs for two days, the indices slipped on Tuesday as President Donald Trump's massive tax-and-spending One Big Beautiful Bill Act, <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">passed narrowly in the Senate</a>. The legislation is now set to move to the House of Representatives for potential final approval. 



The Senate passed the measure in a 51-50 vote with Vice President JD Vance breaking a tie. The vote followed an all-night debate in which Republicans grappled with the bill's price tag and its impact on the healthcare system.



The 10-year Treasury bond yielded 4.28% and the two-year bond was at 3.79%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing an 80.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.10%</td></tr><tr><td>S&amp;P 500</td><td>0.08%</td></tr><tr><td>Nasdaq 100</td><td>0.05%</td></tr><tr><td>Russell 2000</td><td>0.52%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Wednesday. The SPY was up 0.094% at $618.23, while the QQQ advanced 0.049% to $547.26, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



On Tuesday, the materials, health care, and energy sectors led gains on the S&amp;P 500, while information technology and communication services bucked the trend, closing lower.



Overall, U.S. stocks settled mixed, with the Dow Jones index notably gaining during the session as the U.S. Senate approved President Donald Trump's "One Big, Beautiful Bill."



Economic data released on Tuesday showed mixed signals. The number of job openings increased by 374,000 to 7.769 million in May, indicating a stronger labor market.



The ISM manufacturing PMI also showed improvement, rising to 49 in June from 48.5 in the prior month, surpassing market estimates of 48.8.



Conversely, U.S. construction spending saw a decline, falling by 0.3% month-over-month to an annual rate of $2,138 billion in May.



In corporate news, MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) reported stronger-than-expected financial results for its fiscal third quarter of 2025.



The Dow Jones index ended 400 points or 0.91% higher at 44,494.94, whereas the S&amp;P 500 index fell 0.11% to 6,198.01. Nasdaq Composite declined 0.82% to 20,202.89, and the small-cap gauge, Russell 2000, gained 1.03% to end at 2,197.54.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.82%</td><td>20,202.89</td></tr><tr><td>S&amp;P 500</td><td>-0.11%</td><td>6,198.01</td></tr><tr><td>Dow Jones</td><td>0.91%</td><td>44,494.94</td></tr><tr><td>Russell 2000</td><td>1.03%</td><td>2,197.54</td></tr></tbody></table></figure>



Insights From Analysts:



Following a volatile first half, the S&amp;P 500 appears poised for continued momentum, according to analysis from Adam Turnquist, the chief technical strategist for LPL Financial.



Historical data spanning back to 1950 suggests a strong bullish precedent for the second half of the year, particularly when the first six months delivered solid gains by the end.



The S&amp;P 500 wrapped up the first half of 2025 with a commendable 5.5% gain, shaking off a deep correction experienced in April. This performance sets the stage for what history indicates could be another period of positive returns.



&#8220;Since 1950, the S&amp;P 500 has followed up a positive first-half return with an average second-half gain of 6.1%,&#8221; Turnquist notes.



Delving deeper into scenarios akin to the current market environment, Turnquist highlights a particularly encouraging trend. &#8220;Furthermore, when first-half gains were within the range of 5–10%, the index also posted an average gain of 6.1% in the second half, with 86% of occurrences producing positive results.&#8221;



This statistical backing provides a compelling case for optimism heading into the latter half of the year.



While the historical data points to a generally positive outlook, Turnquist also tempers expectations with a pragmatic reminder.



&#8220;Despite the bullish precedent from a positive first half, bull markets are not linear, and pullbacks should be expected in the second half.&#8221;



He points out that the average maximum drawdown for the S&amp;P 500 during the second half has been -10.3% since 1950. However, even these potential dips tend to be shallower in scenarios like the present.



&#8220;Second-half drawdowns following a first half of 5–10% or higher average only 8.4%,&#8221; he concludes, suggesting that while volatility is a possibility, significant downturns may be less likely.



Meanwhile, Ryan Detrick from Carson Research highlighted a historical pattern where the S&amp;P 500, after a negative first quarter and a subsequent 10%+ gain in the second quarter, has shown an average third quarter return of 10.7% and a 19% gain for the rest of the year.



The data from 1990, 2009, and 2025 suggests a potential bullish trend for the second half of 2025, supported by Carson Investment Research analysis.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">2025 is in rare company, with stocks down in Q1, but then up 10% or more in Q2. The historically weak Q3 has never been lower (and up 10% on average) and the rest of the yr is up close to 20% on average. Yet another reason to lean bullishly in H2 &#39;25. <a href="https://t.co/kL1uHHO8rs">pic.twitter.com/kL1uHHO8rs</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1940214123335438453?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Wednesday:



<ul class="wp-block-list">
<li>June&#8217;s ADP employment data will be out by 8:15 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>UniFirst Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) was up 2.41% in premarket on Wednesday as analysts expect it to report quarterly earnings of $2.09 per share on revenue of $614.51 million, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Franklin Covey Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FC#NYSE">FC</a>) was 2.03% higher as it is expected to report earnings after market close. Analysts expect it to report a quarterly loss of 4 cents per share on revenue of $67.49 million.</li>
</ul>



<ul class="wp-block-list">
<li>Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) jumped 13.19% after posting stronger-than-expected results for the third quarter after the closing bell on Tuesday. The company posted quarterly earnings of $1.86 per share, beating market estimates of 98 cents per share.</li>
</ul>



<ul class="wp-block-list">
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) slipped 1.08% after posting weaker-than-expected earnings for its first quarter and affirming its FY2026 earnings guidance. It reported quarterly earnings of $3.22 per share, which missed the analyst consensus estimate of $3.31 per share.</li>
</ul>



<ul class="wp-block-list">
<li>Zenvia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZENV#NASDAQ">ZENV</a>) rose 4.70% ahead of its first quarter earnings expected after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>ShoulderUp Technology Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAIC#NASDAQ">DAIC</a>) surged 224.08% as it announced a corporate action where SUACU shareholders will receive one new share of DAIC and 0.5 shares of DAICW for each old share. This move aims to boost stock performance, liquidity, and future growth.</li>
</ul>



<ul class="wp-block-list">
<li>Gryphon Digital Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) climbed 58.68% as it filed an amended S-4 registration with the SEC for its stock-for-stock merger with American Bitcoin Corp.</li>
</ul>



<ul class="wp-block-list">
<li>Liminatus Pharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIMN#NASDAQ">LIMN</a>) gained 9.47% after the company said it regained compliance with Nasdaq&#8217;s listing requirements.</li>
</ul>



<ul class="wp-block-list">
<li>Revelation Biosciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REVB#NASDAQ">REVB</a>) dropped 14.63% as it announced the implementation of a 1-for-3 reverse split of its common stock following approval at its Special Meeting of Stockholders held on June 23, 2025.</li>
</ul>



<ul class="wp-block-list">
<li>Unity Biotechnology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBX#NASDAQ">UBX</a>) declined 12.45% after the company disclosed that Nasdaq plans to delist its stock, citing diminished operations and failure to meet continued listing standards.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.61% to hover around $65.85 per barrel.



Gold Spot US Dollar fell 0.11% to hover around $3,335.36 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.07% at the 96.8900 level.



Asian markets ended on a mixed note on Wednesday, as India's S&amp;P BSE Sensex, South Korea's Kospi, and Japan's Nikkei 225 indices fell. While Hong Kong's Hang Seng, Australia's ASX 200, and China&#8217;s CSI 300 indices rose. European markets were higher in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46213361/trump-is-slamming-jerome-powell-because-he-wants-a-weaker-dollar-says-ed-yardeni-pounding-powell-po">Trump Is Slamming Jerome Powell Because He &#8216;Wants A Weaker Dollar,&#8217; Says Ed Yardeni: &#8216;Pounding Powell = Pounding The Dollar&#8217;</a></li>
</ul>



Photo courtesy: godongphoto / Shutterstock.com

DAIC

GRYP

LIMN

REVB

ZENV

US Stocks Likely To Open Higher: S&P 500 Sees 'Average Gain Of 6.1%' In 2nd Half, Expert Says

The Senate on Tuesday approved a <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">sweeping domestic policy package</a> that would slash spending on the Supplemental Nutrition Assistance Program (SNAP), marking what analysts call the deepest food-aid cut in modern history and sending the bill back to the House for final action.



<h3 class="wp-block-heading">How The &#8216;Big, Beautiful Bill&#8217; Affects SNAP</h3>



<ul class="wp-block-list">
<li>Work longer. Able-bodied adults without small children must verify 80 hours a month of work, training, or community service until age 64, up from 54 under current law. Parents escape the rule only if their youngest child is under 7, not 18.</li>



<li>Lose benefits faster. The Congressional Budget Office projects the tougher rules will drop about <a href="https://www.benzinga.com/news/health-care/25/06/45882997/trumps-big-beautiful-bill-could-strip-3-2-million-people-from-food-stamp-program-295-billion-in-spending-cuts-proposed-report">3.2 million people</a> from SNAP rolls each month once fully in force.</li>



<li>Shift costs to states. States would <a href="https://www.cbpp.org/research/food-assistance/house-reconciliation-bill-proposes-deepest-snap-cut-in-history-would-take">pay</a> 5% of benefits and 75% of administrative expenses. Those with payment-error rates above 6% could owe up to 15% of benefits.</li>



<li>Cap future increases. The bill <a href="https://www.benzinga.com/general/24/05/38623267/food-affordability-crisis-looms-as-farm-bill-debate-heats-up-millions-at-risk-of-hunger">freezes</a> the inflation formula for the Thrifty Food Plan, trimming every household's annual cost-of-living raise and erasing roughly $35 billion over 10 years.</li>



<li>Cut overall funding. Federal SNAP spending would decrease by $295 billion over a decade, the largest reduction on record.</li>
</ul>



<h3 class="wp-block-heading">How Does The Bill Affect Medicaid?</h3>



<ul class="wp-block-list">
<li>Work mandate expands. Able-bodied adults ages 19-64, including parents of children 14 and older, <a href="https://www.benzinga.com/news/25/06/45762220/medicaid-cuts-are-heroic-speaker-mike-johnson-says-4-8-million-wont-lose-healthcare-unless-they-choo">must log</a> 80 hours a month of work, study or volunteering to keep coverage.</li>



<li>More paperwork. States would verify eligibility twice a year and check income every six months, increasing the odds of procedural terminations.</li>



<li>Cost-sharing rises. Expansion enrollees could be <a href="https://www.kff.org/tracking-the-medicaid-provisions-in-the-2025-budget-bill/">charged</a> up to $35 per visit for many services.</li>



<li>Federal aid shrinks. A $1-trillion Medicaid cut over 10 years would force states to curb benefits or tighten enrollment.</li>



<li>Coverage losses mount. The CBO projects about 12 million more <a href="https://www.kff.org/quick-take/about-17-million-more-people-could-be-uninsured-due-to-the-big-beautiful-bill-and-other-policy-changes/">uninsured</a> by 2034 from the Medicaid provisions alone.</li>
</ul>



See also: <a href="https://www.benzinga.com/news/politics/25/07/46214509/america-has-no-will-to-help-its-middle-class-says-economist-richard-baldwin-so-politicians-find-a-convenient-scapegoat-globalization">America Has No Will To Help Its Middle Class, Says Economist Richard Baldwin: So Politicians &#8216;Find A Convenient Scapegoat — Globalization&#8217;</a>



<h3 class="wp-block-heading">What About Individual Tax Cuts?</h3>



<ul class="wp-block-list">
<li>2017 rates stay. The bill makes the 2017 individual rate cuts and doubled standard deduction permanent, as mentioned in a WSJ <a href="https://www.wsj.com/politics/policy/trump-tax-bill-senate-explained-8272099c">report</a>, avoiding a scheduled January lapse.</li>



<li>Household impact. Average filers would save about $2,900 in 2026, though gains vary sharply by income, the Tax Policy Center <a href="https://taxpolicycenter.org/taxvox/house-tax-cuts-would-benefit-most-tilt-highest-income-households">says</a>.</li>



<li>Few notice. Because the breaks have been in place since 2017, many taxpayers would see no change in withholdings.</li>
</ul>



<h3 class="wp-block-heading">What&#8217;s In It For Seniors?</h3>



<ul class="wp-block-list">
<li>Temporary boost. From 2025-28, Americans 65+ could <a href="https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/">claim</a> an extra $6,000 standard deduction. The benefit phases out above $75,000 for singles, $150,000 for couples.</li>



<li>Social Security tax stays. The carve-out <a href="https://apnews.com/article/trump-congress-big-bill-tax-social-security-adea287e00c7c553f69f3667d3ef78cc">replaces</a> Trump's campaign pledge to end taxes on benefits.</li>



<li>Collateral hit. Low-income dual-eligibles could <a href="https://www.washingtonpost.com/health/2025/07/01/trump-big-beautiful-bill-health-care-medicaid-impacts/">lose</a> Medicaid help with Medicare premiums as states trim programs.</li>
</ul>



<h3 class="wp-block-heading">How Does The Bill Impact Student Loans?</h3>



<ul class="wp-block-list">
<li>Loan caps. Graduate borrowing would <a href="https://www.nasfaa.org/news-item/36533/Cassidy_Unveils_Senate_s_Education_Portion_of_Reconciliation">cap</a> at $20,500 a year, $100,000 lifetime. Parent PLUS loans would max at $20,000 a year, $65,000 overall.</li>



<li>Fewer options. Grad PLUS and subsidized loans disappear, leaving just a standard plan and one income-based option.</li>



<li>Harder relief. Deferments and forbearances tighten, and forgiveness periods stretch to 30 years.</li>
</ul>



<h3 class="wp-block-heading">What&#8217;s For Parents?</h3>



<ul class="wp-block-list">
<li>Credit rises. The child tax credit <a href="https://www.journalofaccountancy.com/news/2025/jun/tax-changes-in-senate-budget-reconciliation-bill/">jumps permanently</a> to $2,200 per kid, indexed to inflation.</li>



<li>Income limits. Full credit available up to $200,000 (single) / $400,000 (joint). Phases out above those thresholds. </li>



<li>Work-linked aid. Parents of teens 14+ must meet Medicaid and SNAP work rules to retain assistance.</li>
</ul>



<h3 class="wp-block-heading">What About "Trump Accounts"?</h3>



<ul class="wp-block-list">
<li>$1,000 seed. Every baby born 2025-28 receives a <a href="https://www.benzinga.com/personal-finance/management/25/06/45853025/trump-account-promises-1000-for-every-kid-but-not-everyone-thinks-its-the-smartest-idea-out-there">$1,000 government deposit</a> into a stock-index account. Parental top-ups. Parents may add up to $5,000 yearly. Withdrawals barred until age 18.</li>



<li>Pilot scope. Lawmakers dub the three-year test "Trump Accounts," echoing ideas long pushed by Sen. Cory Booker (D-NJ).</li>
</ul>



Read next: <a href="https://www.benzinga.com/government/regulations/25/05/45506863/trumps-big-beautiful-bill-advances-heres-who-wins-and-loses">Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Advances: Here&#8217;s Who Wins And Loses</a>



Image Via Eric Hartline-Imagn Images

Financing

How Trump's 'Big Beautiful Bill' Impacts SNAP, Medicaid, Taxes And Student Loans

Leading cryptocurrencies fell alongside tech stocks Tuesday as the Senate passed President Donald Trump's mega tax-and-spending bill.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.85%</td><td>$105,518.53</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.03%</td><td>$2,395.09</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.72%</td><td>$0.1582</td></tr></tbody></table></figure>



What Happened: Bitcoin went downhill, hitting an intraday low of $105,157.40. The trading volume rose over 6% in the last 24 hours, suggesting significant sell pressure. Ethereum trended downward in the $2,400 region.



The decline erased over $220 million worth of bullish longs, with total liquidations reaching $258 million.&nbsp;



Meanwhile, over $500 million in short positions risked liquidation if Bitcoin surges to $109,000.



Bitcoin&#8217;s open interest fell 3.38% in the last 24 hours, while Ethereum recorded a gain of 0.88%. When open interest increases while the price falls, it suggests that more traders are entering short positions.



The "Greed" sentiment prevailed in the market, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Four (FORM)</td><td>+0.87%</td><td>$2.97</td></tr><tr><td>Pax Gold (PAXG)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.54%</td><td>$3,344.67</td></tr><tr><td>Tether Gold (XAUT)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.51%</td><td>$3,335.99 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.25 trillion, contracting 2.07% in the last 24 hours.



Stocks traded mixed to begin the second half of 2025. The Dow Jones Industrial Average climbed 400.17 points, or 0.91%, to end at 44,494.94. The S&amp;P 500 dipped 0.11% to close at 6,198.01, while the tech-focused Nasdaq Composite slid 0.82% to settle at 20,202.89.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) led the tech sell-off, falling 5.34% and 2.97%, respectively.



Additionally, Trump's <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">mega tax-and-spending bill</a>, a package that could add trillions to the national debt, passed the Senate with a thin margin.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez noticed a Bitcoin bearish signal that has historically "predicted every major crash."



The TD Sequential just gave a quarterly sell signal. This is a rare warning," Martinez said. "If it plays like before, Bitcoin can drop below $40,000.



The bold prediction didn't go too well with users on X, many of whom dismissed his findings.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This one indicator has predicted every major Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> crash! <a href="https://t.co/0f0q5AO2zv">pic.twitter.com/0f0q5AO2zv</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1940059317354324355?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Note that the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.&nbsp;



Martinez also assessed Ethereum's trajectory, sensing optimism about the asset.



"But let's be real: I expect more chop until we get a sustained close outside the $2,227–$3,385 range," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Heard a company added an inflationary asset like <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to its balance sheet, and suddenly everyone's bullish again. But let's be real: I expect more chop until we get a sustained close outside the $2,227–$3,385 range. <a href="https://t.co/EfWSrew6jX">pic.twitter.com/EfWSrew6jX</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1940138841383276815?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Rido on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46205961/bitcoin-vs-gold-which-is-better-in-2025">Gold Rarely Beats Bitcoin, But 2025 Could Be Another Blowout Year</a></li>
</ul>

Cryptocurrency

Markets

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Mirror Tech Stocks Sell-Off As Trump's 'Big Beautiful Bill' Passes Senate: Analyst Spots 'Rare Warning' For BTC

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk has praised President&nbsp;Donald Trump&nbsp;for his role in resolving the Gaza ceasefire, a development that could have significant implications for the region.



What Happened: Musk took to X early Wednesday to credit Trump for the Gaza ceasefire, which was facilitated by the mediation efforts of Qatar and Egypt. The truce was announced on July 2, following a 60-day negotiation period as per President Trump&#8217;s Truth Social post.



TSLA STOCK: <a href="https://www.benzinga.com/quote/TSLA">Check out Tesla&#8217;s stock price and how it&#8217;s trading today</a>



&#8220;Credit where credit is due. @realDonaldTrump has successfully resolved several serious conflicts around the world,&#8221; posted Musk



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Credit where credit is due. <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> has successfully resolved several serious conflicts around the world. <a href="https://t.co/0EyHHy5Gfo">pic.twitter.com/0EyHHy5Gfo</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1940280279631110257?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: This surprising diplomatic shift, as highlighted by Musk, comes on the heels of a proposed 60-day ceasefire in Gaza by Trump, with Israel&#8217;s agreement. The proposal was to be <a href="https://www.benzinga.com/news/politics/25/07/46212181/trump-says-israel-ready-for-60-day-ceasefire-in-gaza-hopes-hamas-takes-the-deal-because-it-wont-get-better">delivered to Hamas</a> by mediators from Qatar and Egypt.



This development also follows reports of Trump and Israeli Prime Minister&nbsp;Benjamin Netanyahu&nbsp;working <a href="https://www.benzinga.com/news/politics/25/06/46133523/trump-and-israels-netanyahu-working-on-plan-to-end-gaza-war-expand-abraham-accords-report">on a plan</a> to end the Gaza war and expand the Abraham Accords, with new countries joining the peace agreement. The plan would require Israel to commit to supporting a future Palestinian state. However, Netanyahu&#8217;s office had denied the report at that time.



In late June, Trump announced that the United States would engage in nuclear talks with Iran next week, following a series of devastating U.S. airstrikes that, according to intelligence officials, "severely damaged" Tehran's nuclear infrastructure and brought the 12-day Israel-Iran conflict to an end.



Meanwhile, Musk has been vocal about his displeasure with Trump&#8217;s &#8220;Big, Beautiful Bill,&#8221; which he believes does not represent the majority of Americans. He has <a href="https://www.benzinga.com/news/politics/25/07/46187403/elon-musk-is-unhappy-with-trumps-big-beautiful-bill-and-just-reminded-everyone-that-80-voted-for-a-new-party">even threatened </a>to launch an &#8220;America Party&#8221; if Congress approves the spending package.



Wedbush analyst Dan Ives also <a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">predicts a weak performance</a> for Tesla Inc. amid a fallout between CEO Musk and President Trump. The stock on Tuesday ended 5.34% lower after Trump said that without government subsidies, Musk would have to "close up shop and<a href="https://www.benzinga.com/markets/tech/25/07/46189226/tesla-stock-falls-nearly-5-in-tuesday-pre-market-whats-going-on"> head back home to South Africa."</a>



<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/tech/25/07/46193084/tesla-stock-slump-tied-to-trump-musk-junior-high-school-friendship-gone-sour-says-dan-ives-but-predicts-it-will-settle-down">Tesla Stock Slump Tied To Trump-Musk &#8216;Junior High School Friendship&#8217; Gone Sour, Says Dan Ives — But Predicts It Will &#8216;Settle Down&#8217;</a> </li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Backs Trump Over Gaza Ceasefire Despite Public Spats: 'Credit Where Credit Is Due'

Investor Gary Black, the managing director of Future Fund LLC, says that Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Q2 deliveries could miss estimates amid the company's Robotaxi plans in Austin.



What Happened: "Tomorrow's $TSLA 2Q deliveries could be a &#8216;buy the news&#8217; event, given low expectations going into the release," the investor said in a post on social media platform X on Tuesday.



He added that Tesla would miss delivery estimates calculated by the market. Black then predicted 370k deliveries for the company with a -17% YoY decline as opposed to Wall Street estimates of 385k deliveries and a -13% YoY decline.



Black also questioned whether people would focus on the numbers. " I'm not sure it matters as everyone is focused on if and when TSLA robotaxi can scale," he said before adding that the Robotaxi launch in Austin did have a "safety driver in the passenger seat and there were a few disengagements.



The investor also outlined how Elon Musk's close aide, Omead Afshar's departure from Tesla, "confirmed" the poor delivery figures in Q2.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tomorrow's <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> 2Q deliveries could be a "buy the news" event, given low expectations going into the release. That said, I believe TSLA will miss expectations (my est 370K -17% YoY vs WS 385K -13% YoY), but I'm not sure it matters as everyone is focused on if and when TSLA… <a href="https://t.co/o3Ze2crzg5">pic.twitter.com/o3Ze2crzg5</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1940125596438454506?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The news comes as the investor had previously said that <a href="https://www.benzinga.com/markets/large-cap/25/06/46161226/gary-black-warns-tesla-q2-deliveries-will-disappoint-says-cheaper-models-could-cannibalize-sales-and-see-ideal-re-entry-22-below-current-levels">Q2 deliveries for Tesla</a> would disappoint and reiterated his stance that the planned cheaper models could cannibalize sales.



Tesla has been battling a sales slump for some time, with the company reaching record market lows in several regions throughout the globe. Tesla sales declined more than 60% in <a href="https://www.benzinga.com/markets/tech/25/07/46189042/elon-musk-led-teslas-european-woes-worsen-with-sales-down-over-60-in-sweden-and-denmark">Sweden and Denmark</a>, sales data released by researchers suggests.



Musk has also <a href="https://www.benzinga.com/news/politics/25/07/46189313/ross-gerber-says-elon-musk-enabled-the-president-as-trump-slams-tsla-ceo-over-subsidies-calls-out-tesla-boards-silence-on-absurd-attack">been at odds</a> with U.S. President Donald Trump over the latter's Big, Beautiful Bill, which aims to introduce a series of subsidy cuts and reiterates the President's <a href="https://www.benzinga.com/news/politics/25/06/45943245/trump-says-he-was-amazed-that-tesla-ceo-elon-musk-endorsed-him-despite-his-anti-ev-stance">anti-EV stance</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="203" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1024x203.jpg" alt="" class="wp-image-969576" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1024x203.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-300x60.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-768x153.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025-1536x305.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/02000503/TSLA-JUL-2-2025.jpg 1560w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46211529/cathie-wood-doubles-down-on-tesla-amid-elon-musks-feud-with-trump-sells-3-million-worth-of-coinbase-stock">Cathie Wood Doubles Down On Tesla Amid Elon Musk&#8217;s Feud With Trump, Sells $3 Million Worth Of Coinbase Stock</a></li>
</ul>



Photo courtesy: Ken Wolter / Shutterstock.com

Gary Black Says Tesla's Q2 Deliveries Could Be A 'Buy The News' Event: 'I Believe TSLA Will Miss'

On Tuesday, Senate Republicans' narrow passage of President Donald Trump's massive <a href="https://www.benzinga.com/news/politics/25/07/46211326/one-big-beautiful-bill-passes-senate-with-jd-vances-tie-breaking-vote-trump-says-its-going-to-go-very-nicely-in-the-house">tax-and-spending package</a> is drawing sharp reactions from both sides of the aisle.



What Happened: Sen. Lisa Murkowski (R-Alaska) took to X, formerly Twitter, and said the bill was "one of the hardest votes I have taken," citing key wins for Alaska, including Coast Guard investment. Still, she warned, "It is not good enough for the rest of our nation—and we all know it."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This was one of the hardest votes I have taken during my time in the Senate.   My goal throughout the reconciliation process has been to make a bad bill better for Alaska, and in many ways, we have done that. In addition to extending pro-growth tax cuts, a larger child tax…&mdash; Sen. Lisa Murkowski (@lisamurkowski) <a href="https://twitter.com/lisamurkowski/status/1940124362625175934?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



U.S. Senator Elizabeth Warren (D-Mass) also took to X and said, "This fight isn&#8217;t over. Donald Trump's ‘Big Beautiful Bill' is headed to the House, and we have the power to stop it."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This fight isn&#39;t over. Donald Trump's "Big Beautiful Bill" is headed to the House, and we have the power to stop it. <a href="https://t.co/Rf0kfti7YZ">pic.twitter.com/Rf0kfti7YZ</a>&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1940140639993438352?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/politics/25/06/45945131/trumps-big-beautiful-bill-could-cost-professional-firms-73-billion-lawyers-and-accountants-join-forces-to-resist">Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; Could Cost Professional Firms $73 Billion, Lawyers And Accountants Join Forces To Resist</a>



Sen. Bernie Sanders (I-VT), who has previously <a href="https://www.benzinga.com/news/politics/25/06/46160881/bernie-sanders-slams-trumps-big-beautiful-bill-as-a-gift-for-billionaires-the-most-dangerous-piece-of-legislation-in-modern-history">slammed the bill</a> for helping the rich and harming working families, offered an amendment to expand Medicare by cutting drug prices, but Republicans blocked it.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many seniors can't afford dental care, hearing aids or glasses. I'm proud that all Democrats supported my amendment last night to expand Medicare to cover dental, hearing and vision paid for by cutting prescription drug costs for Medicare in half. No Republicans voted for it. <a href="https://t.co/5TpaxPDDmn">pic.twitter.com/5TpaxPDDmn</a>&mdash; Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1940211709995790599?ref_src=twsrc%5Etfw">July 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sen. Rand Paul (R-KY) also took to social media and said he offered to support the bill if it included a 90% debt ceiling reduction. "Congress chose to sell out taxpayers instead," he wrote. "Only once the bill is released will we know what the true price was."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Throughout the Vote-a-rama, I was working all night to stop Congress from adding to our debt. I met with <a href="https://twitter.com/VP?ref_src=twsrc%5Etfw">@VP</a> and I reiterated my offer to vote for the bill—if it included a 90% reduction in the debt ceiling. No earmarks. No handouts. Just real fiscal reform. I wasn't looking…&mdash; Senator Rand Paul (@SenRandPaul) <a href="https://twitter.com/SenRandPaul/status/1940056272335745188?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sen. Marsha Blackburn (R-Tenn.) praised the bill for having the largest-ever investment in border security. "The One Big Beautiful Bill we just passed in the Senate will deliver the largest investment ever in border security and make this possible."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">President Trump and Senate Republicans promised to secure the border. The One Big Beautiful Bill we just passed in the Senate will deliver the largest investment ever in border security and make this possible.&mdash; Sen. Marsha Blackburn (@MarshaBlackburn) <a href="https://twitter.com/MarshaBlackburn/status/1940139210603917482?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It's Important: The Senate passed the legislation in a 51-50 vote, with Vice President JD Vance breaking the tie. The bill, dubbed the "Big Beautiful Bill" by Trump, <a href="https://www.benzinga.com/markets/economic-data/25/06/46165307/us-credit-rating-would-fall-if-trumps-big-beautiful-bill-is-approved-says-thomas-massie-heres-what-it-means-for-americans">includes sweeping tax cuts</a>, record border security funding and controversial changes to welfare programs. It could add $3.3 trillion to the national debt.



The bill now goes to the House of Representatives, where Republicans have a slim majority, so the final vote is expected to be very close. Trump wants to sign this bill into law by July 4th.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46187403/elon-musk-is-unhappy-with-trumps-big-beautiful-bill-and-just-reminded-everyone-that-80-voted-for-a-new-party">Elon Musk Is Unhappy With Trump&#8217;s &#8216;Big Beautiful Bill&#8217; And Just Reminded Everyone That 80% &#8216;Voted&#8217; For A New Party</a></li>
</ul>



Photo Courtesy: Mark Reinstein on Shutterstock.com



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Lisa Murkowski Defends Alaska Carveouts As Elizabeth Warren, Bernie Sanders And Rand Paul Condemn Trump's 'Big Beautiful' Bill: 'Not Good Enough For The Rest Of Our Nation'

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled mixed on Tuesday, with the Dow Jones index gaining 400 points during the session. The U.S. Senate approved President Donald Trump&#8217;s &#8220;One Big, Beautiful Bill.&#8221;



On the economic front, the number of job openings climbed by 374,000 to 7.769 million in May. The ISM manufacturing PMI rose to 49 in June versus 48.5 in the previous month, compared to market estimates of 48.8. U.S. construction spending declined by 0.3% month-over-month to an annual rate of $2,138 billion in May.



MSC Industrial Direct Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>) posted better-than-expected financial results for its fiscal third quarter of 2025.



Most sectors on the S&amp;P 500 closed on a positive note, with materials, health care and energy stocks recording the biggest gains on Tuesday. However, information technology and communication services bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 400 points to 44,494.94 on Tuesday. The S&amp;P 500 fell 0.11% to 6,198.01, while the Nasdaq Composite declined 0.82% to 20,202.89 during Tuesday's session.



Investors are awaiting earnings results from UniFirst Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNF#NYSE">UNF</a>) and The Greenbrier Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBX#NYSE">GBX</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 65.2, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 65.5.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



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</ul>



Photo courtesy: Shutterstock

Pre-Market Outlook

Dow Jumps 400 Points As Senate Approves Tax Bill: Investor Sentiment Edges Lower, But Fear Index Remains In 'Greed' Zone

Rocket Lab Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) shares are up more than 650% over the past year and the company is on a hot streak of rapid, <a href="https://www.benzinga.com/news/space/25/06/46185205/rocket-lab-breaks-records-and-stock-up-640-in-past-year-ast-spacemobile-impresses-defense-kuiper-grows">successful launches. </a>



Last weekend, Rocket Lab completed two rocket launches from the same site within 48 hours, a record turnaround for the company.&nbsp;



What To Know: Rocket Lab CEO Peter Beck<a href="https://www.youtube.com/watch?v=V7NAK5xMN1w"> joined </a>CNBC's Closing Bell Overtime on Monday where he highlighted strong demand for launches from both commercial and government customers, especially as the market seeks <a href="https://www.benzinga.com/trading-ideas/movers/25/06/46119769/rocket-lab-rklb-stock-hits-a-new-all-time-high-whats-going-on">more competition</a> beyond SpaceX.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/tech/25/06/46182769/what-happened-with-apple-stock-today?utm_source=articleShare">What Happened With Apple Stock Today?</a>



In fact, the CEO said that demand is one thing he does not worry about.&nbsp;



"I worry about a lot of things at night, but that's probably not one of them — is demand," Beck said. 



Rocket Lab's smaller Electron rocket is seeing increased use, often launching entire satellite constellations, and its upcoming Neutron rocket aims to break SpaceX's dominance in the medium-lift market.



The company has<a href="https://www.benzinga.com/general/space/25/05/45633311/rocket-lab-stock-surges-on-geost-acquisition-strengthening-companys-positioning-for-golden-dome"> also expanded </a>through acquisitions, including Geost and a German firm, Manaric. These moves allow Rocket Lab to offer end-to-end services by building not just rockets and spacecraft, but also payloads, which strengthens its position in national security and defense.



Beck noted that about half of Rocket Lab's business comes from commercial customers and half from governments, with national security becoming increasingly important as global instability drives up demand for space assets.



RKLB Price Action: Rocket Lab shares are up 656% over the past year and ended Tuesday's session at $34.33, according to<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro.</a>&nbsp;



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<li><a href="https://www.benzinga.com/markets/tech/25/07/46199580/microsoft-rivian-intel-slash-jobs-in-june-tech-layoff-spree?utm_source=articleShare">Microsoft, Rivian, Intel Slash Jobs In June Tech Layoff Spree</a></li>
</ul>



Image: Shutterstock

SPACE

Management

General

RKLB

650% Later, Rocket Lab CEO Isn't One Bit Worried

A mixed trading session took shape Tuesday on Wall Street, as investors rotated out of high-flying tech stocks <a href="https://www.benzinga.com/markets">and into lagging sectors.</a>



By midday in New York, the Nasdaq 100 dropped 0.7% to 22,500 points, while small caps in the Russell 2000 jumped 1.9% and the Dow Jones Industrial Average climbed 1.2%, reflecting strength in blue-chip and small-cap names. The S&amp;P 500 was flat at 6,200 points.



Shares of Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) fell 4% despite a lack of major news, as investors appeared willing to take some profits following a year-to-date rally of over 70%.



<h1 class="wp-block-heading">Powell Keeps July Rate Cut On the Table</h1>



Speaking at the European Central Bank's symposium in Sintra, Fed Chair Jerome Powell signaled that most officials still expect to cut interest rates later this year. 



Notably, Powell rejected the speculation that a July rate cut is off the table, reaffirming the Fed's data-dependent stance. 



Meanwhile, the U.S. Senate approved President Donald Trump's One Big Beautiful Bill. 



The U.S. dollar index held steady as the greenback attempted to snap a nine-day losing streak against the euro — the longest stretch of declines since 2003. Treasury yields edged slightly higher, with the 10-year note rising three basis points to 4.26%.



On the sector front, materials outperformed, breaking above their 200-day moving average for the first time in 2025. Technology lagged. 



In industry highlights, solar stocks rallied after the Senate approved a tax-and-spending bill that scrapped a proposed excise tax on renewable energy projects. Upward momentum was seen from Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), up 10%; SolarEdge Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>), up 9.7% and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>), up 4%, while the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) surged 5.4%.



Commodities advanced broadly, with gold gaining 1% to $3,340 per ounce and silver rising 0.5% to $36.20. Copper edged up 0.2%, reaching its highest level since late March, while oil climbed 1% to $65.71 a barrel.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) softened 1% to $106,000.



<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day chg. %</td></tr><tr><td>Russell 2000</td><td>2,209.86</td><td>+1.9%</td></tr><tr><td>Dow Jones</td><td>44,532.74</td><td>+1.2%</td></tr><tr><td>S&amp;P 500</td><td>6,203.82</td><td>0.0%</td></tr><tr><td>Nasdaq 100</td><td>22,530.87</td><td>-0.7%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) edged 0.1% up to $568.25.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.9% to $444.24.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;eased 0.7% to $547.62.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.2% to $218.26.</li>



<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 3%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.8%.</li>
</ul>



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</ul>

Eurozone

ENPH

SEDG

Palantir Stumbles, Solar Stocks Rally As Senate Approves Tax Bill: What's Moving Markets Tuesday?

The first half of 2025 has come to a close and 21 of the 30 stocks that make up the <a href="https://www.benzinga.com/topic/dow-jones-industrial-average">Dow Jones Industrial Average Index</a> are positive year-to-date.



Despite the impressive number of stocks with a positive performance in the first six months, the index was up around 4% with several of the components posting large declines.



2025 Performance: Through the first six months of the year, two <a href="https://www.benzinga.com/topic/magnificent-seven">Magnificent Seven stocks </a>are among the 10 best in the Dow Jones Industrial Average and two are among the 10 worst in the index based on performance.



Here's a look at the 10 best Dow Jones Industrial Average stocks in the first half:



<ol class="wp-block-list">
<li>International Business Machines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>): +34.1%</li>



<li>Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>): +23.6%</li>



<li>JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>): +20.9%</li>



<li>Boeing Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>): +18.4%</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): +18.0%</li>



<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>): +17.9%</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): +17.6%</li>



<li>Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>): +17.2%</li>



<li>Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>): +13.6%</li>



<li>Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>): +12.3%</li>
</ol>



Here are the 10 worst performing Dow Jones Industrial Average stocks in the first half:



<ol class="wp-block-list">
<li>UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>): -38.3%</li>



<li>Merck &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>): -20.4%</li>



<li>Salesforce.com Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>): -18.4</li>



<li>Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>): -18.1%</li>



<li>Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>): -6.1%</li>



<li>Home Depot Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>): -5.7%</li>



<li>Procter &amp; Gamble Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>): -5.0%</li>



<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>): -1.1%</li>



<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): Flat</li>



<li>McDonald's Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NASDAQ">MCD</a>): +0.8%</li>
</ol>



Overall the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), which tracks the index, was up around 4% in the first half of 2025. This was a lower gain than the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, which had a 5.7% gain in the first half.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/06/45932660/exclusive-sp-500-new-all-time-highs-again-2025">EXCLUSIVE: S&amp;P 500 To Hit New All-Time Highs Again In 2025? Majority Say Yes, 27% Predict This Range</a>



Why It's Important: Nvidia was one of the new Dow Jones components <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/12/42726598/dow-jones-2024-scoreboard-top-5-winners-losers-and-how-amazon-nvidia-could-reshape-2025">added in 2024</a> and the stock is one of the top performers in the first half of 2025. The stock replaced Intel, which was a top decliner in recent years.



The index also got rid of Walgreens, which was another poor performer in recent years. Its replacement Amazon was flat for the first half of 2025.



The new index makeup is showing strong signs of positive returns.



With 21 of the components positive year-to-date and one flat, this could mark one of the best years by the number of gainers in recent history.



In 2024, 18 of the 30 stocks were up for the full year. In 2023, 19 of the stocks in the index were up.



Perhaps most surprising is that two of the Magnificent Seven stocks rank among the worst performers in the first half of 2025, despite being part of the four Mag 7 members included in the Dow Jones Industrial Average.



Apple was the fourth-worst performer in the index for the first half, falling 18.1%. That marks a sharp reversal from its standout status as the only Dow Jones stock to rank among the top gainers in both 2023 and 2024.



Amazon ranked ninth with a flat return, as only eight of the components were down. 



The Dow Jones Industrial Average remains one of the most closely watched stock market indexes, serving as a gauge of overall market health. With only 30 stocks and a weighting based on stock price, rather than market capitalization, the index is less frequently used by some analysts and market experts than the broader S&amp;P 500 Index.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/07/46198021/nvidia-vs-microsoft-vs-apple-which-stock-reaches-4-trillion-first">Nvidia Vs. Microsoft Vs. Apple: Which Stock Reaches $4 Trillion First?</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

AMZN

CSCO

MSFT

Dow Jones 2025 First Half Scoreboard: Top 10 Winners, Losers — Where Do Nvidia, Apple Stock Rank?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has had a bruising start to 2025, with its stock down about 18% year-to-date and underperforming the broader stock market by 22%—its worst <a href="https://www.benzinga.com/general/education/25/05/45675595/apple-eyes-worst-month-vs-sp-500-since-2018-but-history-says-buy-the-dip-now">half-year stretch since 2013.</a> 



But as July kicks off, investors may find a surprisingly bullish signal in an unexpected place: the calendar.



<h3 class="wp-block-heading">Why Has Apple Struggled So Much In 2025?</h3>



The first half of the year was defined by a perfect storm for Apple—trade tensions, delays in product innovation and a growing AI gap all chipped away at investor confidence.



One of the biggest headwinds came from President Donald Trump&#8216;s renewed tariff agenda. In 2024, Apple generated 64% of its total revenue from overseas, with Greater China and Europe being among its most profitable regions. But in early 2025, trade-related uncertainty soured consumer sentiment abroad, especially in China.



The numbers confirm it: in the first quarter of 2025, Apple's revenue from Greater China dropped 13% year-over-year to $16.37 billion, down from $18.25 billion during the same quarter of 2024. Local rivals, such as Huawei and Xiaomi, gained market share, while demand for iPhones softened.



Then came Apple's AI problem. While Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) captured market buzz with new AI-driven features and products, Apple offered few details.



With no firm AI roadmap and delays around the iPhone 17 and the Vision Pro international rollout, many investors began rotating out of Apple into higher-growth tech names like Nvidia, Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)



<h3 class="wp-block-heading">Can Apple Turn Things Around In July?</h3>



On the surface, Apple seems out of favor. But dig into the seasonality, and July could offer the kind of bullish argument that flips the narrative.



Apple's seasonal gains in July are unmatched. Over the past 20 years, the stock has ended July higher 17 times, with an average return of 7.6%. 



Even more impressive, Apple is riding a 9-year winning streak in July. The best performances came in 2022 (+18.9%) and 2006 (+18.6%). 



Expand the scope to 30 years, and the signal remains intact: Apple averaged a 7.3% gain in July, with a 77% win rate (23 positive closes out of 30).



The biggest drawdowns occurred in 2001 (-19.2%), 2002 (-13.9%), and 2008 (-5.1%)—but those were years defined by broader market crises. 



More recently, pullbacks have been minor, like -3.3% in 2015 or -0.6% in 2004.



Apple's relative performance versus the S&amp;P 500 in July has been positive in 77% of the past 30 years, with an average outperformance of 5.8%.



No other S&amp;P 500 stock has matched that consistency or magnitude over the same period.



In short, Apple hasn't just risen in July—it's crushed the market in July, time and time again. And with sentiment scraping cycle lows in 2025, history suggests July has often been Apple's golden window for a rebound.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Year</th><th>Apple July Return (%)</th><th>AAPL vs. S&amp;P 500 (%)</th></tr></thead><tbody><tr><td>1994</td><td>27.12</td><td>+23.24</td></tr><tr><td>1995</td><td>-3.10</td><td>-6.08</td></tr><tr><td>1996</td><td>4.76</td><td>+9.78</td></tr><tr><td>1997</td><td>22.81</td><td>+13.91</td></tr><tr><td>1998</td><td>20.70</td><td>+22.12</td></tr><tr><td>1999</td><td>20.24</td><td>+24.22</td></tr><tr><td>2000</td><td>-2.98</td><td>-1.37</td></tr><tr><td>2001</td><td>-19.18</td><td>-18.13</td></tr><tr><td>2002</td><td>-13.88</td><td>-6.53</td></tr><tr><td>2003</td><td>10.60</td><td>+8.83</td></tr><tr><td>2004</td><td>-0.61</td><td>+2.91</td></tr><tr><td>2005</td><td>15.87</td><td>+11.84</td></tr><tr><td>2006</td><td>18.67</td><td>+18.07</td></tr><tr><td>2007</td><td>7.96</td><td>+11.53</td></tr><tr><td>2008</td><td>-5.07</td><td>-4.13</td></tr><tr><td>2009</td><td>14.72</td><td>+6.80</td></tr><tr><td>2010</td><td>2.27</td><td>+8.85</td></tr><tr><td>2011</td><td>16.33</td><td>+18.88</td></tr><tr><td>2012</td><td>4.58</td><td>+3.28</td></tr><tr><td>2013</td><td>14.12</td><td>+8.74</td></tr><tr><td>2014</td><td>2.87</td><td>+4.45</td></tr><tr><td>2015</td><td>-3.29</td><td>-5.16</td></tr><tr><td>2016</td><td>9.01</td><td>+3.75</td></tr><tr><td>2017</td><td>3.27</td><td>+1.96</td></tr><tr><td>2018</td><td>2.80</td><td>+3.58</td></tr><tr><td>2019</td><td>7.64</td><td>+1.40</td></tr><tr><td>2020</td><td>16.51</td><td>+6.08</td></tr><tr><td>2021</td><td>6.50</td><td>+2.37</td></tr><tr><td>2022</td><td>18.86</td><td>+9.92</td></tr><tr><td>2023</td><td>1.28</td><td>+3.06</td></tr><tr><td>2024</td><td>5.44</td><td>+1.18</td></tr></tbody><tfoot><tr><td>Average gain</td><td>7.3%</td><td>5.8%</td></tr><tr><td>Win ratio</td><td>77%</td><td>71%</td></tr></tfoot></table><figcaption class="wp-element-caption">Source: Author&#8217;s own elaboration based on TradingView data</figcaption></figure>



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