Nasdaq closes lower, Dow ends sharply higher

On July 1, the Nasdaq closed down 0.82%, weighed by losses in major tech stocks, particularly Tesla, which fell over 4% following renewed tensions between CEO Elon Musk and President Donald Trump. The NYFANG index also dropped more than 1%. Meanwhile, the Dow rose 0.91% in a session marked by low liquidity and mixed signals. Investors reacted to the Senate's passage of Trump's costly tax package and his firm stance on trade deal deadlines. Fed Chair Jerome Powell reiterated a cautious approach to rate cuts, citing uncertainty around tariffs and inflation.