Core Viewpoint - Musk has criticized the "big and beautiful" tax and spending bill promoted by President Trump, suggesting that lawmakers supporting it should feel ashamed, and warned that if the bill passes, a "Party of America" will be formed [1] Group 1 - Musk's criticism of the "big and beautiful" bill has been reiterated multiple times [1] - Trump's comments indicate that Musk's dissatisfaction stems from the bill's proposal to eliminate tax credits for electric vehicle consumers, which directly impacts Tesla's interests as Musk is the CEO [1]

Market Performance - The U.S. stock market showed mixed performance on July 1, with the Dow Jones Industrial Average reaching a four-month high, up 0.91% to 44,494.94 points [2][3] - The S&P 500 index fell by 0.11% to 6,198.01 points, while the Nasdaq Composite index decreased by 0.82% to 20,202.89 points [3] Technology Sector - Major tech stocks mostly declined, with Tesla's stock dropping over 5%, bringing its market capitalization back below $1 trillion [3] - Other notable declines included Nvidia down nearly 3%, Meta down over 2%, and Microsoft down more than 1% [3] Banking Sector - Most bank stocks rose, with Citigroup, Bank of America, and Wells Fargo all increasing by over 1% [3] Energy Sector - Energy stocks collectively rose, with Schlumberger up over 4%, and both Occidental Petroleum and ConocoPhillips rising by more than 2% [4] Airline Sector - Most airline stocks increased, with Southwest Airlines up over 3% and American Airlines up more than 2% [5] Semiconductor Sector - The semiconductor sector saw a majority of stocks decline, with the Philadelphia Semiconductor Index down 0.7% [5] International Markets - The Nasdaq Golden Dragon China Index saw a slight increase of 0.2%, with notable gains in stocks like Huya Live up nearly 13% [5]

Core Viewpoint - The U.S. Senate narrowly passed the "Big and Beautiful" tax and spending bill, with some Democratic senators accusing the Senate version of being a "robbing the poor to pay the rich" measure [1] Group 1 - The bill was passed on July 1, local time [1] - The passage of the bill reflects ongoing partisan divisions regarding fiscal policy [1] - The term "Big and Beautiful" suggests a focus on significant financial implications for various sectors [1]

Core Viewpoint - The ongoing conflict between President Trump and Elon Musk over the "Big and Beautiful" tax and spending bill highlights significant disagreements regarding government subsidies and fiscal policy [1][3][4]. Group 1: Dispute Overview - Trump criticized Musk for receiving substantial government subsidies, suggesting that without them, Musk's companies would struggle to survive [3]. - Musk responded by calling for the elimination of all subsidies immediately, indicating a strong stance against government financial support [3]. - The conflict has escalated, with Musk labeling the "Big and Beautiful" bill as "completely insane and destructive," and urging the formation of a new political party focused on public welfare [4]. Group 2: Financial Implications - Musk's criticism of the bill has led to volatility in Tesla's stock price, with a market value loss of approximately $150 billion at one point, although it later recovered [4]. - The ongoing disputes may impact the Republican Party's chances in the 2026 midterm elections, as concerns grow over Musk's influence and the potential fallout from his disagreements with Trump [4]. Group 3: Legislative Context - The Senate began discussing amendments to the "Big and Beautiful" bill on June 30, with a series of open votes expected to lead to a final vote soon after [5]. - The White House has actively promoted the bill, indicating its significance in the current political landscape [5].

Core Viewpoint - The U.S. Senate commenced a day-long voting session on amendments to the "Big and Beautiful" tax and spending bill, which is strongly supported by President Trump, with a final vote expected to follow [1] Group 1: Legislative Process - The Senate's voting session is anticipated to last until late at night, indicating the urgency and importance of the legislation [1] - The Democratic Party is expected to propose amendments aimed at eliminating tax cuts for the wealthy and cutting Medicaid programs [1] - Prior to the final vote, the Senate will conduct a "marathon" voting session, allowing senators to propose an unlimited number of amendments for consideration [1]