Investing

US stocks slip at open: S&P down 0.3%, Nasdaq slips 0.4%

US stocks slipped on Tuesday, pulling back after a strong second-quarter finish that saw the S&P 500 notch another record high.

The S&P 500 fell 0.3%, the Nasdaq Composite declined 0.4%, and the Dow Jones Industrial Average edged down by 33 points, or 0.1%.

Tesla shares dropped 7% after President Donald Trump posted on Truth Social, suggesting that the Department of Government Efficiency (DOGE) should investigate government subsidies received by Elon Musk’s companies.

The remarks came days after Musk criticized Trump’s wide-ranging spending legislation, referred to by the president as a “big, beautiful bill” calling it “utterly insane and destructive.”

Responding to Trump’s post, Musk wrote on X: “I am literally saying CUT IT ALL. Now.”

The billionaire also suggested that a new political party would be formed if the bill is passed.