Dow Jones Today: Stock Futures Slip After Two Days of Record Highs for S&P 500; Tesla Slides as Musk-Trump Fracas Revived

Stock futures are slightly lower Tuesday morning as the market takes a breather from a rally that has sent major indexes to all-time highs.

Futures tied to the Dow Jones Industrial Average were down 0.1% recently, while those linked to the S&P 500 and Nasdaq retreated 0.3% and 0.4%, respectively. Stocks are coming off of three straight days of solid gains—pushing the benchmark S&P 500 index and tech-heavy Nasdaq Composite to record closing levels the previous two sessions—as investors remain hopeful that the U.S. will secure agreements with leading trade partners and that the Federal Reserve will cut interest rates in the coming months.

The S&P 500 and Nasdaq Composite gained 5% and 6.6%, respectively, in June, while the Dow increased 4.3% over the month, marking the second straight month of big gains for the major indexes. Stocks have staged a remarkable recovery from their early-April lows as concerns have subsided about tariffs, and as economic data and corporate earnings have remained strong.

Market participants are keeping a close eye on developments related to trade talks, as a deadline looms next week for massive tariffs to be re-imposed by the Trump administration. Investors are also watching deliberations in the Congress on President Donald Trump’s “One Big Beautiful Bill,” as legislators aim to finalize the tax and spending package by the end of this week. Economic data is also in focus, ahead of the highly anticipated release on Thursday of the June jobs report.

Tesla (TSLA) shares dropped nearly 6% in premarket trading as a feud between Elon Musk and Trump heated up again as the Tesla CEO criticized the budget bill and the president responded by saying Musk had benefited excessively from government subsidies.

Other mega-cap technology stocks were mostly lower. Chip companies Nvidia (NVDA) and Broadcom (AVGO) were each down about 1%, while Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META) fell fractionally. Microsoft (MSFT) and Apple (AAPL) inched higher.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.21% this morning, down from yesterday’s close of 4.23% and at its lowest level since early May. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.5% to 96.51, hitting its weakest level since February 2022.

Bitcoin was at $106,600, down from around $107,500 on Monday afternoon.

West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.6% to $65.50 per barrel. WTI had surged to more than $77 early last week amid concerns that the supply of oil could be disrupted by fighting in the Middle East, but fell sharply once those fears eased.

Gold futures rose 1.6% to $3,360 an ounce, gaining ground for the second straight day.