As Microsoft (MSFT) and Apple (AAPL) were dragged lower, the Dow fell. Pushed by Majority Leader Chuck Schumer, the Senate voted to approve an increase in the debt ceiling. Meanwhile, Tesla (TSLA) came across a short circuit after CEO Elon Musk sold shares again. After the Senate passed by a 50-49 vote to increase the debt ceiling by $2.5 trillion, Congress was closer to raising the debt ceiling on Tuesday.
The House of Representatives is expected to approve the measure, which President Joe Biden will sign off on later Tuesday or early Wednesday.
Schumer said earlier tuesday that they would raise the debt ceiling to a level "commensurate with the amount of money needed to move into 2023."
Earlier, the Democratic leader struck a deal with Republican presidential candidate Mitch McConnell that would allow the Senate to raise the debt ceiling at one time with a simple majority vote. This means that it does not need to go through the reconciliation process. The NASDAQ composite rebounded from its lows but closed below the key 50-day moving average after falling 1.1%. Peloton Interactive (PTON) became one of the worst laggards after falling 5%. Atlassian (TEAM) also struggled, slipping 4.9 percent.
The S&P 500 also underperformed, down 0.7%. However, it does remain above the 50-day line. Adobe (ADBE), Enphase Energy (ENPH) and ServiceNow (NOW) are some of the worst performers in the index. Tesla shares rose in late trading, but still closed down 0.8%. Shares fell after CEO Elon Musk sold more shares.
Musk sold another 934,091 shares of Tesla stock worth about $906.5 million, according to the documents. He also exercised stock options to buy 2.13 million shares of Tesla stock.
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