July 2, Wednesday

High-Level Voices: 
The U.S. Senate passed the "Big and Beautiful" tax and spending bill, which will now be sent to the House of Representatives. President Trump expressed confidence that the tax bill will pass in the House.

Overall Sentiment: 
Yesterday, the U.S. Senate smoothly passed the "Big and Beautiful" bill. Elon Musk suddenly criticized the bill, and Trump responded, suggesting that the Department of Government Efficiency could investigate subsidies to Musk's companies to save budget quickly. Musk fired back, challenging the government to cut all subsidies entirely. Tesla is about to release new delivery data, widely expected to be disappointing.
Some speculate Musk's political remarks may be an attempt to divert attention from the poor data. Tesla's stock fell over 5%. 
The Fed Chair stated at the ECB annual meeting that, without Trump's tariffs, the Fed might have already cut interest rates. 
The President is too busy to respond to either side effectively.