The New York Stock Exchange closed the day with mixed results

At the close, the Dow Jones index gained 400 points and rose 0.91 percent to 44,494.94 points.

The S&P 500 index fell 0.11 percent to 6,198.01 points and the Nasdaq index lost 0.82 percent to 20,202.89 points.

While investors followed the developments regarding the tax cut bill and the statements of the US Federal Reserve (Fed) Chairman Jerome Powell, a mixed trend was observed in the stock markets.

Speaking at the ECB Central Banking Forum in Sintra, Portugal, organized by the European Central Bank (ECB), Powell said they want to get more data and see the impact of the tariffs before they start cutting interest rates again.

"As long as the U.S. economy remains in good shape, we think the prudent thing to do is wait," Powell said.

Powell said he could not say whether July would be too early for a rate cut, but stressed that he would not remove the possibility of a rate cut from the table at any meeting and that this would depend on how the data develops.

Powell said they could have lowered the policy rate more if the tariffs had not existed, but they switched to waiting when they saw the size of the tariffs and inflation expectations rose as a result of the tariffs.

US President Donald Trump continued his criticism of Powell, suggesting that anyone could be a better Fed chair than Powell.

Trump responded, "No, I don't," when asked if he was considering extending the tariff break beyond July 9, in a statement he made upon his return from Florida.

Trump said he doubted they could make a trade deal with Japan, and added, "So I'm going to write them a letter and say, 'We thank you very much, and we know you can't do what we need, so you pay 30 percent, 35 percent, or whatever number we set.'"

On the other hand, the US Senate passed the bill that aims to implement the tax cuts promised by Trump during his election campaign.

Trump took aim at Tesla CEO Elon Musk, who has continued to criticize the tax cut measure, arguing that it would greatly endanger the country's financial health.

Trump said that without the subsidies, Musk would have "had to close up shop and go back to South Africa" ​​and added, "Maybe we should get DOGE to take a good look at this."

Tesla shares fell more than 5% after Trump said subsidies received by Musk's companies should be investigated.

On the macroeconomic data side, the number of JOLTS job openings in the US reached 7.769 million in May, the highest level since November 2024.

Although the US manufacturing industry Purchasing Managers Index (PMI) of the Institute for Supply Management (ISM) rose to 49 in June, it pointed out that the contraction in the sector continued.

The manufacturing sector PMI data for June announced by S&P Global also increased to 52.9 with an upward revision. The index rose to its highest level since May 2022.

Construction spending in the US fell 0.3% in May, more than market expectations.