US Senate passes the Trump tax cut bill; Asian markets begin the day on a mixed note

US markets ended the day on a mixed note yesterday, 1^st July, 2025. US Senate passed the Trump tax cut bill. The vote came in at 50:50. Vice President J.D. Vance had to cast the decisive vote to get the bill passed. Three Republicans voted against the bill.  The bill will now go to the House of Representatives for its vote.

Nasdaq dragged down by Tesla

Nasdaq ended the day, down by 166.85 points or 0.82%. Nasdaq was pulled down also because of the more than 5% decline in Tesla’s stock price. Dow Jones ended the day, up by 400.17 points or 0.91%. S&P 500 ended the day, down by 6.94 points or 0.11%.

Euro Stoxx 50 ended the day, down by 20.81 points or 0.39%. Dax ended the day, down by 236.3 points or 0.99%. FTSE 100 ended the day, up by 24.37 points or 0.28%.

Asian markets have opened on a mixed note today

Asian markets have opened on a mixed note today. Nikkei 225 has opened the day today, 2^nd July, in red. At 8:50 a.m. IST, it is down by 392.6 points or 0.98%. Hang Seng is up by 130.56 points or 0.54%. Shanghai Composite is down by 1.89 points or 0.055%. Kospi index is down by 32.66 points or 1.06%.

Indian markets are getting mixed cues from foreign markets today. US President Donald Trump has said that Israel has agreed to a 60-day ceasefire in Gaza. Oil prices remain stable at below $70 per barrel levels. At this time, WTI crude for August delivery is trading at $65.44 per barrel. Brent crude for August delivery is trading at $67.12 per barrel.

Dollar came down marginally yesterday after the passage of the Trump tax cut bill by US senate. The bill will add $ 3 trillion to the fiscal deficit of US over the next one decade. Rupee may therefore show some appreciation against the dollar today.

Disclaimer : This content is only for informational purpose. It does not make any recommendation to act or invest. To get any error corrected, please write to content@hdfcsec.com.

Source: Dow Jones