Morning Movers: Tesla dips as Musk and Trump resume feud

Stock futures are pointing toward a lower open, pressured by concerns over President Trump’s proposed $3.3T tax and spending package and the approaching July 9 tariff deadline. Investors are weighing the economic impact of these policies ahead of key mid-week data and Fed commentary.

The dollar is near multiyear lows, helping lift gold prices, while 10‑year Treasury yields have eased to around 4.2%. Oil and commodities are broadly steady, though Brent has ticked higher amid ongoing Middle East volatility.

All eyes are on this week’s economic calendar with monthly jobs data Thursday, ISM activity surveys and Powell’s remarks in Portugal. Markets have priced in nearly three Fed rate cuts by year-end, though Powell remains cautious on inflation.

In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.43% and Dow futures fell 0.1%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the daily Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why. 

HIGHER –

• Wolfspeed (WOLF) up 82% after filing petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code
• Atai Life Sciences (ATAI) up 26% after reporting its clinical trial evaluating the efficacy and safety of a single dose of BPL-003 in patients with treatment-resistant depression achieved its primary endpoint
• Greif (GEF) up 1% after entering into a definitive agreement to divest its Containerboard business, including its CorrChoice sheet feeder network, in an all-cash transaction for $1.8B to Packaging Corporation of America (PKG)

UP AFTER EARNINGS –

• MSC Industrial (MSM) up 3%
• Radius Recycling (RDUS) up 1%

LOWER –

• Tesla (TSLA) down 6% after President Donald Trump floated the idea that the U.S. Department of Government Efficiency should review subsidies granted to Elon Musk’s companies as part of broader efforts to identify potential cost savings.
• Sweetgreen (SG) down 3% after TD Cowen downgraded the stock to Hold with a price target of $15, down from $25
• Dyne Therapeutics (DYN) down 11% after 24.2M share secondary priced at $8.25
• AeroVironment (AVAV) down 8% after announcing proposed underwritten public offerings of $750M of shares of its common stock and $600M aggregate principal amount of its convertible senior notes due 2030