FX.co ★ Dow Climbs as Senate Passes Trump Budget Bill

On Tuesday, U.S. stock markets showed a mixed performance following the Senate's approval of President Trump's comprehensive budget bill. Investors remained vigilant, monitoring ongoing trade developments. The S&P 500 edged down by 0.1%, while the Nasdaq decreased by 0.8%, both retreating from Monday’s record highs amid conflicting sentiments: optimism surrounding potential stimulus measures was tempered by apprehension over the bill's multi-trillion-dollar cost. Conversely, the Dow Jones Industrial Average saw a significant rise, gaining 400 points, largely due to notable gains in healthcare stocks, with UnitedHealth climbing 4.5% and Amgen rising 4%. The technology sector, on the other hand, weighed down on the Nasdaq, led by Tesla's 5.3% decline, following President Trump's renewed conflict with Elon Musk involving threats to revoke federal subsidies. Federal Reserve Chair Jerome Powell maintained a cautious stance on interest rate adjustments, citing inflation risks linked to tariffs and emphasizing the need for additional data. Additionally, job openings for May exceeded expectations, supporting the Fed's measured approach to monetary policy.