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Stock Market Today: Tesla Stuck on the Highway as Trade Deal Deadline Nears

Jason Meshnick, CMT

Mon, Jul 7, 2025, 11:18 AM 4 min read

Stock Market Today: Tesla Stuck on the Highway as Trade Deal Deadline Nears originally appeared on TheStreet.

Updated at 11:40 a.m. EDT

Stocks are broadly lower following the holiday weekend. The S&P, Nasdaq, and Russell 2000 are lower by 0.64%, 0.72%, and 1.06% respectively.

Among major stocks, the biggest loser is Tesla, which has lost more than 7% today following Musk's call for a new American Party.

Among big cap winners, Lockheed Martin (LMT) is the top performer, gaining 1.38%. That stock has languished so far this year and remains below the $485.94 price it ended 2024 at.

Overall, breadth is negative. 61% of all stocks trading in the U.S. are down today and about 78% of S&P 500 constituents.

If you look closely at the S&P 500 heat map above, one stock stands out for being bright green. That's Uber Technologies (UBER) . That stock is up over 3.5% to an all-time-high of $97.12. Driving its shares higher include Tesla's implosion as well as news of an expected Dubai trial of Uber partner-Pony.ai's robotaxi later this year.

Welcome back after a long holiday weekend. I hope you were able to enjoy the time.

This morning, stock market futures remain below Thursday's close but have been rallying.

S&P 500 Futures from Thursday, July 3rd, through Monday morning pre-market open.ThinkOrSwim

The S&P 500 is off by 0.23% while the Nasdaq is lower by 0.40%.

It's expected to be a quiet week for news with the only major earnings reports coming on Thursday. Economic reports are expected to be quiet, too, with the biggest news coming from the Fed on Wednesday when it releases its May FOMC meeting minutes.

Tariffs: The 90-day pause in tariffs was expected to end this Wednesday. So far, we have trade deals with the U.K., China, and Vietnam, while deals with India and South Korea are said to be close. We’ll be watching for others, though it appears the the new deadline could be August 1st.
The BRICS summit kicked off yesterday and will end this morning. News out of the Rio de Janeiro meeting includes criticism of NATO’s increase in defense spending and a 31-page document condemning the Urkranian attacks on Russia. The member states are also considering creating their own currency to compete with the dollar. President Trump has promised an additional 10% tariff on any country “aligning themselves with the Anti-American policies of BRICS.” With no exceptions.
The Economy is softening. Although last week’s employment numbers looked strong, private sector employment is decreasing. GDP estimates are also on the decline.