Tonight’s Highlights | S&P and Nasdaq Futures Hit Record Highs Pre-Market, Big & Beautiful Bill Faces Senate Challenge
On Monday, June 30, Beijing time (Sunday, June 29, Eastern Time), U.S. stock index futures rose pre-market.
As of this report, S&P 500 futures gained 0.37% and Nasdaq 100 futures rose 0.56%, both hitting all-time highs. Dow Jones futures climbed 0.51%.
Meta surged nearly 2% pre-market, and Google Class C rose over 1.7%. Earlier, Canada announced the withdrawal of its digital services tax to advance broader trade talks with the U.S., aiming for an agreement by July 21.
On the previous trading day (last Friday), the S&P 500, Nasdaq Composite, and Nasdaq 100 all closed at record highs.
Ken Mahoney, CEO of Mahoney Asset Management, said, “Negative factors like Middle East conflicts, tariffs, and weak economic data have been consistently offset by U.S. market performance. All expected market crashes have failed to materialize.”
“Instead, the market continues to do what bull markets do best: climb the wall of worry. We believe this rally could persist, though with inevitable downward fluctuations,” Mahoney added.
Later today, the U.S. Senate will begin voting on Trump’s “Big & Beautiful” bill. Per Xinhua, the bill includes significant tax cuts, renewable energy subsidies, social security spending, and increased military and border security funding.
Elon Musk, the world’s richest man, slammed the bill as “insanely destructive” on social media, warning that its $5 trillion debt ceiling increase—the largest in history—puts the U.S. on a “fast track to debt enslavement.”
Mitsubishi UFJ Financial Group strategist Lloyd Chan noted, “Ongoing U.S. fiscal and trade uncertainties continue to exert cyclical downward pressure on the dollar. Trump’s policies could lead to a surge in fiscal debt, a key factor further weakening the dollar.”
European markets mostly declined, with Germany’s DAX down 0.04%, UK’s FTSE 100 down 0.15%, and France’s CAC 40 down 0.01%.
Company News
Trump on Musk: He’s a Bit Frustrated, Recent Behavior “Inappropriate”
Per Xinhua, on June 29, President Trump discussed his relationship with Elon Musk, calling him “a bit frustrated” and his recent behavior “inappropriate” after Musk fiercely criticized the “Big & Beautiful” tax and spending bill.
In a Fox News interview, Trump said, “I haven’t talked to him much, but I think Elon is a great guy who will keep doing well. He’s smart and campaigned with me, but he’s been a bit frustrated, which isn’t appropriate.” When asked why, Trump cited Musk’s opposition to electric vehicle mandates, saying, “I don’t want everyone forced to own an electric car.”
Tesla Launches First V4 Superchargers, Opens to Non-Tesla Vehicles
Tesla announced the launch of its first V4 Superchargers, operational in service areas across Shanghai, Gansu, Zhejiang, and Chongqing, featuring six safety protections like rain and water resistance. These chargers are open to non-Tesla vehicles for the first time.
Strategy Boosts Bitcoin Holdings with $531.9M Purchase
Strategy (formerly MicroStrategy) spent ~$531.9 million from June 23-29 to acquire 4,980 bitcoins at ~$106,801 each. As of 2025, its bitcoin investments have yielded a 19.7% return. By June 29, Strategy held 597,325 bitcoins, purchased at an average of $70,982, totaling ~$42.4 billion.
OpenAI Plans Salary Adjustments to Counter Meta Poaching
As Meta poached several senior researchers, OpenAI’s Chief Research Officer Mark Chen assured staff that leadership is actively addressing the issue, “working around the clock” to negotiate with candidates and exploring creative ways to reward top talent. Eight researchers left for Meta last week, with Altman noting Meta offered “$100M signing bonuses” in a podcast.
Toyota’s Daihatsu Halts Some Japan Plant Operations Due to Parts Shortage
Daihatsu, a Toyota subsidiary, announced on June 30 that parts shortages will pause operations at its Shiga No. 2 plant (July 8-11) and Oita Nakatsu No. 2 plant (July 7-11).
Singapore Transport Minister Visits Pony.ai to Discuss Autonomous Driving Plans
On June 27, Singapore’s Acting Transport Minister Jeffrey Siow led a delegation to Pony.ai’s Guangzhou R&D center, discussing China’s autonomous driving experience and plans for its implementation in Singapore’s public transport system.
VinFast’s Second Vietnam Factory Begins Production
Vietnam’s electric vehicle maker VinFast began production at its second factory in Ha Tinh province, with an initial annual capacity of 200,000 vehicles.