Markets may kick off the week with some volatility following a holiday-shortened stretch marked by lighter volume. The passage of the comprehensive legislative package—dubbed the “Big Beautiful Bill” by supporters and the “Big Bullsh** Bill” by critics—provided a short-term lift by removing political uncertainty. However, the full market impact is likely to unfold over the coming weeks as investors digest the bill’s finer details. At over 1,000 pages, the scope and downstream implications across sectors (particularly energy, healthcare, and capital gains treatment) are still being unpacked.
In trade, no new deals were made over the weekend, but the administration continues to promise deals are imminent. The 90-day reciprocal tariff pause was to end Wednesday, July 9, but U.S. trade officials have preemptively extended the deadline to August 1. This may buy markets some temporary relief and feeds those believing in the TACO (Trump Always Chickens Out) trade sentiment.
Macro catalysts will be sparse this week. The most notable event is the FOMC minutes release on Wednesday, which should reinforce the Fed’s data-dependent stance and confirm the consensus around two rate cuts in 2025. Barring any major surprises in tone or inflation language, this is unlikely to shake markets.
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FOMC June Meeting Minutes
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Tracking This Week
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Salesforce Inc (NYSE:CRM) failed to win over investors with its Q1 earnings in late May, as CEO Marc Benioff’s enthusiastic pitch couldn’t mask concerns about unimpressive organic growth. The Informatica acquisition also raised eyebrows, with many questioning whether it will truly enhance the platform or follow the underwhelming paths of Slack and Tableau. Still, the stock has held steady in the weeks since, suggesting investors may be ready to look past the disappointment—until the next earnings report.
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Tesla Inc (NASDAQ:TSLA) looks increasingly vulnerable after CEO Elon Musk’s formation of the “America Party,” which likely ends the company’s perceived political advantage. The passage of the Big Beautiful Bill eliminates key tailwinds like EV subsidies and carbon credits, removing billions in potential support. Meanwhile, recent product rollouts—from the Cybertruck to robotaxi—have failed to impress, leaving few remaining growth levers. With the stock still trading at a premium and sentiment turning, Tesla may be at risk of a deeper correction.
