Wall Street is split as Tesla and tech drop while most other US stocks climb

NEW YORK (AP) — A mixed day of trading left the U.S. stock market split on Tuesday as Wall Street’s momentum slowed after setting record highs in each of the last two days.

The S&P 500 dipped 0.1% for its first loss in four days. The Dow Jones Industrial Average rose 400 points, or 0.9%, and the Nasdaq composite fell 0.8%.

Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies.

Tesla fell 5.3% and was one of the heaviest weights on the S&P 500. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.

Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500.

But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.

Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.

All told, the S&P 500 slipped 6.94 points to 6,198.01. The Dow Jones Industrial Average rose 400.17 to 44,494.94, and the Nasdaq composite fell 166.84 to 20,202.89.

The overall U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of Trump’s tariffs.

Many of Trump’s stiff proposed taxes on imports are currently on pause, and they’re scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation.

Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government’s debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.

Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much “excess optimism” is in the market is not far from the peaks seen during the “meme stock” craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium.

Other signals include demand for what are known as “blank-check companies,” which are essentially piles of cash that hunt for privately held companies to buy. When too much optimism is in the market, it can inflate stock prices to too-high levels in what’s called a “bubble.”

Of course, “market bubbles are infamously difficult to predict and can endure far longer than anticipated before correcting,” according to the Barclays strategists led by Stefano Pascale and Anshul Gupta.

In the bond market, Treasury yields swiveled following some mixed reports on the U.S. economy.

One said U.S. employers were advertising more job openings at the end of May than the month before and than economists expected. That could be an encouraging signal for a job market that had been appearing to settle into a low-hire, low-fire state.

Separate reports on U.S. manufacturing were more mixed. One from the Institute for Supply Management said U.S. manufacturing activity shrank again in June, though not by as much as the month before.

“Customers do not want to make commitments in the wake of massive tariff uncertainty,” one survey respondent in the fabricated metal products industry said.

A separate report from S&P Global suggested manufacturing production returned to growth in June after three months of declines.

The yield on the 10-year Treasury held at 4.24%, where it was late Monday, after bouncing from a modest loss to a modest gain earlier in the day.

The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its main interest rate, rose more sharply to 3.77% from 3.72%. Better-than-expected data on the economy could push the Fed to stay on pause with interest rates, after it halted its cuts to rates at the start of this year.

Fed Chair Jerome Powell said again on Tuesday that he wants to wait for more evidence about how Trump’s tariffs will affect the economy and inflation before resuming cuts to interest rates. That’s despite Trump’s angry insistences lately that Powell and the Fed act more quickly to give the economy a boost through lower rates.

In stock markets abroad, indexes were mixed in Europe and Asia.

Japan’s Nikkei 225 fell 1.2%, and South Korea’s Kospi rose 0.6% for two of the larger moves.

AP Writers Teresa Cerojano and Matt Ott contributed.

Trader Niall Pawa, left, works with a colleague on the floor of the New York Stock Exchange, Tuesday, July 1, 2025. (AP Photo/Richard Drew)

Trader Drew Cohen works on the floor of the New York Stock Exchange, Tuesday, July 1, 2025. (AP Photo/Richard Drew)

A reflection of a window shows the New York Stock Exchange on Monday, June 30, 2025, in New York. (AP Photo/Yuki Iwamura)

People walk past the New York Stock Exchange on Monday, June 30, 2025, in New York. (AP Photo/Yuki Iwamura)

Wall Street sign hangs next to the New York Stock Exchange on Monday, June 30, 2025, in New York. (AP Photo/Yuki Iwamura)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person rests under the intense sun near an electronic stock board displaying Japan's Nikkei index at a securities firm Tuesday, July 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks under the intense sun near an electronic stock board displaying Japan's Nikkei index at a securities firm Tuesday, July 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

PITTSBURGH (AP) — Lamar Jackson thought it was over. That the Baltimore Ravens' unwieldy season would end up in a familiar spot: the playoffs.

Then, rookie kicker Tyler Loop's potential game-winning field goal from 44 yards out drifted a little right. And then a little further right. And then a little further right still.

By the time it fluttered well wide of the goalposts, the playoffs were gone. So was Jackson's certainty after a 26-24 loss to Pittsburgh on Sunday night sent the Ravens into what could be a turbulent offseason.

“I'm definitely stunned, man,” Jackson said. “I thought we had it in the bag. ... I don't know what else we can do.”

Jackson, who never really seemed fully healthy during his eighth season as he battled one thing after another, did his part. The two-time NFL MVP passed for 238 yards and three touchdowns, including two long connections with Zay Flowers in the fourth quarter that put the Ravens (8-9) in front.

It just wasn't enough. Baltimore's defense, which played most of the second half without star safety Kyle Hamilton after Hamilton entered the concussion protocol, wilted against 42-year-old Steelers quarterback Aaron Rodgers.

Rodgers passed for a season-high 294 yards, including a 26-yard flip to a wide-open Calvin Austin with 55 seconds to go after a defender slipped, symbolic of a season in which Baltimore's defense only occasionally found its form.

Still, the Ravens had a chance when Jackson found Isaiah Likely for a 28-yard gain on fourth down from midfield. A couple of snaps later, the 24-year-old Loop walked on to try to lift Baltimore to its third straight division title.

Instead, the rookie said he “mishit” it. Whatever it was, it never threatened to sneak between the goalposts.

“It’s disappointing,” Loop said.

Loop was talking about the game. He might as well have been talking about his team's season.

The Ravens began 1-5 as Jackson dealt with injuries and the defense struggled to get stops. Baltimore found a way to briefly tie the Steelers for first in late November, only to then split its next four games, including a home loss to Pittsburgh.

Still, when Jackson and the Ravens walked onto the Acrisure Stadium turf on Sunday night in the 272nd and final game of the NFL regular season, Baltimore was confident. The Ravens drilled Pittsburgh in the opening round of the playoffs a year ago behind the ever-churning legs of running back Derrick Henry.

When Henry ripped off a gain of 40-plus yards on the game's first offensive snap, it looked like it was going to be more of the same. While Henry did rush for 126 yards and joined Hall of Famer Barry Sanders as the only running backs in NFL history to have five 1,500-yard seasons, he was less effective in the second half.

Even that first run was telling of what night it was going to be, as an illegal block by wide receiver Zay Flowers cost Baltimore some field position. The Ravens ended up scoring on the drive anyway, thanks to a 38-yard fourth-down flip from Jackson to a wide-open Devontez Walker, but it started a pattern that was hard to shake as several steps forward were met with one step back on a night the Ravens finished with nine penalties for 78 yards.

“We were having a lot of penalties, which kept stopping drives," Jackson said. “But I'm proud of my guys because we kept overcoming. We kept overcoming adversity and situations like this. Divisional games (can) be like that sometimes.”

Particularly when the Steelers are on the other side of the line of scrimmage. Pittsburgh has won 10 of the last 13 meetings. And while a handful of them have been in late-season matchups with the Ravens already assured of reaching the playoffs, the reality is the Steelers have been able to regularly do something that most others have not: found a way to beat Jackson.

“It comes down to situations like this,” Jackson said. “Two-point conversion one year. Field goal another year. And again this year. Just got to find a way to get that win here.”

And figure out who is going to be around to help get it.

Head coach John Harbaugh's 18th season in Baltimore ended with the Ravens missing the playoffs for just the second time in eight years. Jackson turns 29 this week and is still one of the most electric players in the league.

Yet Harbaugh and Jackson have yet to find a way to have that breakthrough season that Harbaugh enjoyed with Joe Flacco in 2013 when the Ravens won the Super Bowl.

There was hope when the season began that the roadblocks that have long been in the franchise's way — Kansas City and Patrick Mahomes chief among them — would be gone.

While the Ravens did get their way in a sense — the Chiefs will watch the playoffs from afar for the first time in a decade after a nightmarish season of their own — it never all came together.

Jackson declined to endorse Harbaugh returning for a 19th season, saying the loss was still too fresh to zoom out on what it might mean for the franchise going forward.

Harbaugh, for his part, certainly seems up for running it back in the fall.

“I love these guys,” he said afterward. “I love these guys.”

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Baltimore Ravens quarterback Lamar Jackson, right, hands the ball off to running back Derrick Henry (22) during the first half of an NFL football game against the Pittsburgh Steelers, Sunday, Jan. 4, 2026, in Pittsburgh. (AP Photo/Gene J. Puskar)

Baltimore Ravens head coach John Harbaugh talks with an offical during the second half of an NFL football game against the Pittsburgh Steelers, Sunday, Jan. 4, 2026, in Pittsburgh. (AP Photo/Justin Berl)

Pittsburgh Steelers defensive tackle Cameron Heyward, left, greets Baltimore Ravens quarterback Lamar Jackson (8) after an NFL football game Sunday, Jan. 4, 2026, in Pittsburgh. (AP Photo/Gene J. Puskar)

Pittsburgh Steelers safety Jabrill Peppers (40) reacts after Baltimore Ravens kicker Tyler Loop (33) missed a field goal attempt in the second half of an NFL football game against the Pittsburgh Steelers, Sunday, Jan. 4, 2026, in Pittsburgh. (AP Photo/Gene J. Puskar)