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- Stock Market Live July 1: Trump and Musk's Renewed Feud Drives Down S&P 500 (VOO)</p>
<p>Joel SouthJuly 1, 2025 at 11:19 PM</p>
<p>This article will be throughout the day, so check back often for more daily updates.</p>
<p>The Vanguard S&P 500 ETF (NYSEMKT: VOO) set a second all-time high record Monday evening, 568.03, but it looks like this may not last. The ETF that tracks the fortunes of America's 500 largest companies is trading 0.3% lower pre-market. And why?</p>
<p>Maybe ask Messrs. Trump and Musk.</p>
<p>Responding to criticism from his former tech confidant Elon Musk, who called the President's "big, beautiful bill" "utterly insane and destructive" because it will add to the federal budget deficit, and the federal debt, President Trump threatened last night to sic the Department of Government Efficiency on Musk's several companies, seeking out and repealing contracts to SpaceX and Tesla (Tesla (Nasdaq: TSLA).</p>
<p>"Elon may get more subsidy than any human being in history," wrote the President on Truth Social. "No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!"</p>
<p>Tesla investors are spooked, and the stock is down 5.8% already in pre-market trading.</p>
<p>Analyst Calls</p>
<p>CFRA downgraded homebuilder KB Home (NYSE: KBH) to sell last night, with a $49 price target. Wells Fargo had previously lowered its price target on the stock to a similar level, $50, warning of weak earnings in 2026.</p>
<p>Goldman Sachs downgraded S&P 500 component company Textron (NYSE: TXT) to neutral this morning, with an $85 price target. "TXT appears to be losing share in business jet," warns the analyst, "and there is limited growth at Systems and Industrial."</p>
<p>On the plus side, Argus Research is upgrading S&P 500 component Nike (NYSE: NKE) to buy -- also with an $85 price target. "We believe a recovery is underway," argues Argus. "Following efforts to clear its inventory in the second half of FY25, most of the company's products are up-to-date and attracting customers."</p>
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<p>The post Stock Market Live July 1: Trump and Musk's Renewed Feud Drives Down S&P 500 (VOO) appeared first on 24/7 Wall St..</p>
Source: AOL Money
Source: AsherMag
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