Wall Street is watching for progress on trade talks and on President Trump's massive budget bill in the Senate.

Wall Street is coming off a holiday-shortened week during which the S&P 500 and Nasdaq Composite posted fresh all-time highs.

Shares of Microchip Technology Incorporated MCHP rose sharply during Tuesday's session. Mizuho analyst Vijay Rakesh maintained Microchip Technology with an Outperform rating and raised the price target from $78 to $85. Microchip Technology shares jumped 4.1% to $74.36 on Tuesday.

US stock market today took a dip as President Trump announced fresh tariff threats, shaking investor confidence. The Dow, S&P 500, and Nasdaq all closed lower on Monday, with Tesla stock sliding amid political uncertainty.

Shares of technology companies fell as Elon Musk's latest feud with President Donald Trump weighed on Tesla shares. Shares of the electric car maker slid by almost 7% after Musk vowed to field candidates for a new party in the upcoming mid-term elections, stoking fears of reprisal and distraction.

Markets are seeking clarity on President Trump's tariffs, with the president targeting Aug. 1 for new country-specific tariffs.

Wall Street's main indexes opened lower due to tariff tensions and Tesla shares fell as CEO Elon Musk unveiled plans for a political party. The Dow Jones fell by 25.2 points, the S&P 500 dropped 20.3 points,

The S&P 500 and Nasdaq Composite pulled back from record levels as investors await President Trump’s new trade deals and tariff updates. Tesla shares sank after CEO Elon Musk jumps back into politics.

Uncertainty surrounding U.S. trade tariff policies are keeping investors cautious, whilst Tesla (NASDAQ: TSLA)

Stocks on Wall Street fell sharply on Monday, led by losses across major indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq. The S&P 500 shed 0.8%, its worst single-day drop since mid-June, while the Dow and Nasdaq both declined 0.9%. Despite the setback, all three indices remained close to their recent record highs.

The SPDR S&P 500 ETFSPY was down 0.1% after the market open. Nvidia, Tesla Climb; Kellogg Soars On Buyout Deal.