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)

CRANS-MONTANA, Switzerland (AP) — In the aftermath of a fire inside a Swiss Alpine bar that killed 40 people celebrating the new year, survivors, friends and family members, the region’s top authorities and even Pope Leo have spoken to the public in remarks in French, Italian, German and English, reflecting the tradition of Swiss multilingualism.

Another 119 people were injured in the blaze early Thursday as it ripped through the busy Le Constellation bar at the ski resort of Crans-Montana, authorities said. It was one of the deadliest tragedies in Switzerland’s history.

Investigators said Friday that they believe sparkling candles atop Champagne bottles ignited the fatal fire when they came too close to the ceiling of the crowded bar.

Here’s a look at what people said in the wake of the disaster:

— “I’m looking everywhere. The body of my son is somewhere,” Laetitia Brodard told reporters Friday in Crans-Montana as she searched for her son, 16-year-old Arthur. “I want to know, where is my child, and be by his side. Wherever that may be, be it in the intensive care unit or the morgue.”

— “We were bringing people out, people were collapsing. We were doing everything we could to save them, we helped as many as we could. We saw people screaming, running,” Marc-Antoine Chavanon, 14, told The Associated Press in Crans-Montana on Friday, recounting how he rushed to the bar to help the injured. “There was one of our friends: She was struggling to get out, she was all burned. You can’t imagine the pain I saw.”

— “It was hard to live through for everyone. Also probably because everyone was asking themselves, ‘Was my child, my cousin, someone from the region at this party?’” Eric Bonvin, general director of the regional hospital in Sion that took in dozens of injured people, told AP on Friday. “This place was very well known as somewhere to celebrate the new year,” Bonvin said. “Also, seeing young people arrive — that’s always traumatic.”

— “I have seen horror, and I don’t know what else would be worse than this,” Gianni Campolo, a Swiss 19-year-old who was in Crans-Montana on vacation and rushed to the bar to help first responders, told France's TF1 television.

—“You will understand that the priority today is truly placed on identification, in order to allow the families to begin their mourning,” Beatrice Pilloud, the Valais region's attorney general, told reporters Friday during a news conference in Sion.

Pope Leo said in a telegram Friday to the bishop of Sion that he " wishes to express his compassion and concern to the relatives of the victims. He prays that the Lord will welcome the deceased into His abode of peace and light, and will sustain the courage of those who suffer in their hearts or in their bodies.”

— “We have numerous accounts of heroic actions, one could say of very strong solidarity in the moment,” Cantonal head of government Mathias Reynard told RTS radio Friday. "In the first minutes it was citizens — and in large part young people — who saved lives with their courage.”

— “Switzerland is a strong country not because it is sheltered from drama, but because it knows how to face them with courage and a spirit of mutual help," Swiss President Guy Parmelin, speaking on his first day in the position that changes hands annually, told reporters Thursday.

People bring flowers near the sealed off Le Constellation bar in Crans-Montana, Swiss Alps, Switzerland, Friday, Jan. 2, 2026, where a devastating fire left dead and injured during the New Year's celebrations. (AP Photo/ Antonio Calanni)

A woman holding a stuffed animal, whose daughter is missing, gather with others near the sealed-off Le Constellation bar in Crans-Montana, Switzerland, Friday, Jan. 2, 2026, where a devastating fire left dead and injured during the New Year's celebrations. (AP Photo/Baz Ratner)

People light candles near the sealed off Le Constellation bar in Crans-Montana, Swiss Alps, Switzerland, Friday, Jan. 2, 2026, where a devastating fire left dead and injured during the New Year's celebrations. (AP Photo/ Antonio Calanni)