As the conflict between U.S. President Donald Trump and Tesla Chief Executive Officer Elon Musk intensifies, major indices on the New York Stock Exchange closed mixed.
On the first trading day of the third quarter, on the 1st (Eastern Daylight Time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed up 400.17 points (0.91%) at 44,494.94. The Standard & Poor's (S&P) 500 index fell 6.94 points (0.11%) to 6,198.01, while the technology-heavy Nasdaq Composite index finished 166.84 points (0.82%) lower at 20,202.89.
Earlier, Trump warned Musk, who is opposing his comprehensive tax cut bill titled "One Big Beautiful Bill Act," that he could "lose a lot more than just the electric vehicle mandate."
The day before, Musk mentioned the possibility of a new party forming, saying, "If this crazy bill passes, the 'America Party' will be established the next day." In response, Trump asserted on his social media platform Truth Social that subsidies for Musk's corporations should be reduced, escalating the conflict.
Additionally, the ongoing trade negotiations and the differing stances between Trump and representatives from various countries are believed to be suppressing market sentiment.
On the 30th, Trump said, "Countries around the world are being disrespectful to the U.S.," adding that "Despite experiencing a rice shortage, Japan is unwilling to import American rice," targeting Japan.
Japan has stated, "We are not considering sacrificing agriculture in future negotiations."
The European Union (EU) is demanding preemptive tariff exemptions applicable to specific institutional sectors immediately after the conclusion of a comprehensive trade agreement, stating that it cannot agree if these demands are not met.
Maroš Šefčovič, the EU Commissioner for Trade and Economic Security, is preparing to visit the U.S. on the 3rd for negotiations.