U.S. Stocks Mixed After Senate Passes Megabill
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The spirit of innovation is deeply ingrained in America, and Google is helping Americans innovate in ways both big and small. Central Texas Regional Mobility Authority is using Google AI to create smarter tolling systems and improve traffic flow for Texans. This is a new era of American innovation. Find out more at g.co slash American innovation. Here's your closing bell brief for Tuesday, July 1st. I'm Danny Lewis for The Wall Street Journal.

U.S. stock indexes were mixed after Republicans squeaked President Trump's tax and spending megabill through the Senate. The Dow Jones Industrial Average rose 400 points to close at 44,495. The S&P fell seven points, and the Nasdaq lost 167 points. Senate Republicans capped a 26-hour-plus legislative marathon by passing Trump's megabill with a tiebreaker vote by Vice President J.D. Vance.

The move puts Republicans on the verge of locking in extended tax cuts, reductions in Medicaid spending, and more money for defense and border enforcement. But the reworked bill must first pass another vote in the House. One winner after the bill's passage was the transport sector, as trucking and logistics companies rallied on hopes the legislation could spur demand. Shares in Rider System rose more than 6 percent, J.B. Hunt Transport Services gained 5.2 percent, and Landstar System advanced 4.5 percent.

But tensions also flared between Trump and Elon Musk, who has criticized the tax and spending bill. The Tesla CEO said he would support primary challenges against anyone who voted for it, while Trump threatened Tesla's government funding and said he'd consider deporting Musk. Tesla shares fell 5.3%. In other individual companies trading today, AMC Entertainment reached an agreement with its creditors to reduce debt and receive new financing. Shares in the cinema chain fell 9%.

And shares in semiconductor chip supplier Wolfspeed surged 98% after it filed for Chapter 11 bankruptcy to restructure its debt. But shares had fallen 98% this year through yesterday. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

The spirit of innovation is deeply ingrained in America, and Google is helping Americans innovate in ways both big and small. Central Texas Regional Mobility Authority is using Google AI to create smarter tolling systems and improve traffic flow for Texans. This is a new era of American innovation. Find out more at g.co slash American innovation.