Will Trump's Tariffs Spoil Earnings Season?
Meantime, we're taking a look at the earnings reports streaming in; Polymarket's plan to make betting available in the United States, and your thoughts on the Coldplay kiss-cam episode I wrote about on Monday.
C.E.O.s in the spotlight
Wall Street had set a pretty low bar for this earnings season. Fears that President Trump's trade war would roil supply chains and inflation and concerns of consumers pulling back on purchases were expected to weigh on corporate profits and guidance.
So far, that hasn't materialized. The S&P 500 closed at another record on Monday, helped by a batch of somewhat upbeat earnings calls, even with little evident progress on trade talks before Trump's Aug. 1 tariffs deadline.
But a new test begins this week. Bellwethers like Coca-Cola and General Motors are next in line. The carmaker on Tuesday reported a second-quarter sales decline, and said that tariffs on foreign-made vehicles and parts wiped out $1.1 billion in profits in the same period. Stellantis said something similar on Monday.
Mary Barra, G.M.'s C.E.O., wrote in a statement that the company was adapting 'to new trade and tax policies, and a rapidly evolving tech landscape.'
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