Key Takeaways
- U.S. equities were mixed at midday with the markets focused on how U.S. tax and spending policy could impact the market.
- The acceleration of the spat between CEO Elon Musk and President Trump sent shares of Tesla lower.
- Casino shares jumped on strong June gambling revenue in Macau.
U.S. equities were mixed at midday as the market weighed the impact of U.S. tax and spending policies. The S&P 500 and Nasdaq fell from their record highs, while the Dow Jones Industrial Average was up.
Tesla (TSLA) shares dropped when the feud between CEO Elon Musk and President Donald Trump reignited, with Trump suggesting the government should look into the electric vehicle (EV) maker’s subsidies.
Sweetgreen (SG) shares declined on a downgrade and price target cut by TD Cowen, which pointed to weakness in the salad restaurant chain's urban locations.
Shares of AeroVironment (AVAV) slid after the military drones manufacturer said it would offer $1.35 billion in stock and convertible notes to help pay for its $4.1 billion purchase of defense tech firm BlueHalo.
Shares of Wynn Resorts (WYNN), Las Vegas Sands (LVS), and MGM Resorts International (MGM) surged after China reported June gambling revenues at Macau casinos were well above expectations.
Packaging Corporation of America (PKG) shares gained when the maker of packing material bought the containerboard business from Greif for $1.8 billion.
Shares of Hasbro (HAS) climbed on an upgrade from Goldman Sachs, which said the toymaker should benefit from “Magic: The Gathering” card game.
Oil and gold futures rose. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower.
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