Stock Market Rollercoaster: Tesla Tanks, Dow Soars Amid Trump's Budget Drama

Hang onto your hats, folks! The U.S. stock market was a wild ride today, with the major indices all over the place. Tesla's nosedive slammed the brakes on the S&P 500 and Nasdaq, leaving investors gasping.

After President Trump's budget bill squeaked through the Senate, the U.S. stocks were a mixed bag. On Tuesday, June 1, the Dow Jones shot up 340 points, a solid 0.77% gain. But hold up! The S&P 500 took a step back from its record highs, dipping 0.11%, while the tech-heavy Nasdaq Composite plummeted 0.61%.

Traders were glued to the screen, watching the drama unfold with trade talks and Trump's massive budget bill. The Senate voted 51-50 on this beast, with Vice President JD Vance stepping in to break the tie. Now, it's off to the House for the next round.

This bill's a doozy, folks. It's promising trillions in tax cuts while slashing spending on Medicaid, food stamps, and clean energy. And get this, it's set to jack up the nation's deficit by an estimated $3.3 trillion! No wonder some Republican Senators, like Rand Paul, Susan Collins, and Thom Tillis, threw in the towel and voted against it.

Musk reignites feud with Trump

But wait, there's more! The bill's cuts to clean energy and sweet deals for the fossil fuel industry have Elon Musk seeing red. Musk, once a Trump buddy, is back at it, calling the bill "utterly insane and destructive."

Remember, Musk's Tesla has been raking in the dough from U.S. subsidies to clean energy, especially for electric vehicles. In response to Musk's trash talk, Trump's threatening to put a microscope on Musk's juicy government contracts, including those with SpaceX.

Right now, traders think Trump's holding all the aces, and some are sweating bullets over what this could mean for Tesla's future. When the market opened, Tesla shares crashed nearly 8%, dropping from $320 to $295 before clawing back to $303.