Trump lashes out after U.S. economic data points to tariff slowdown
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Globe and Mail
8 minutes ago
- Globe and Mail
Dow leaps 500 points as US stocks recover most of Friday's wipeout
NEW YORK (AP) — U.S. stocks are rallying on Monday and grabbing back most of their sharp loss from last week, when worries about how President Donald Trump's tariffs may be punishing the economy sent a shudder through Wall Street. The S&P 500 jumped 1.3% in afternoon trading to claw back more than three quarters of Friday's drop. The Dow Jones Industrial Average was up 507 points, or 1.2%, with an hour remaining in trading, and the Nasdaq composite was 1.8% higher. Idexx Laboratories helped lead the way and soared 26.9% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year. Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands climbed 2.6%. They helped offset a 3.7% drop for Berkshire Hathaway after Warren Buffett's company reported a drop in profit for its second quarter from a year earlier. The weakening was due in part to the falling value of its investment in Kraft Heinz. The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive. Stocks just sank to their worst week since May not so much on that criticism but on worries that Trump's tariffs may be hitting the U.S. economy following a longer wait than some economists had expected. Job growth slowed sharply last month, and the unemployment rate worsened to 4.2%. Trump reacted to the disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the Federal Reserve, which could lower interest rates in order to shoot adrenaline into the economy. The Fed has instead been keeping rates steady this year, in part because lower rates can send inflation higher, and Trump's tariffs may be set to increase prices for U.S. households. Friday's stunningly weak jobs report did raise expectations on Wall Street that the Fed will cut interest rates at its next meeting in September. That caused Treasury yields to slump in the bond market, and they slipped a bit more on Monday. The yield on the 10-year Treasury eased to 4.19% from 4.23% late Friday. The two-year yield, which moves more closely with expectations for Fed action, edged down to 3.67% from 3.69%. 'In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,' according to David Lefkowitz, head of US equities at UBS Global Wealth Management. Such hopes, combined with profit reports from big U.S. companies that have largely come in better than expected, could help steady a U.S. stock market that may have been due for some turbulence. Before Friday, the S&P had gone more than a month without a daily swing of 1%, either up or down. This upcoming week may feature fewer fireworks on Wall Street following last week's jobs report and profit updates from some of the U.S. stock market's most influential companies. This week's highlights will likely include earnings reports from The Walt Disney Co., McDonald's and Caterpillar, along with updates on U.S. business activity. On Wall Street, Wayfair jumped 12.3% after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected. Tesla rose 2.3% after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. The move, coming six months after a judge ordered the company to revoke his massive pay package, could remove potential worries that Musk may leave the company. CommScope soared 88.6% after reaching a deal to sell its connectivity and cable business to Amphenol for $10.5 billion in cash. Amphenol rose 3.6% American Eagle Outfitters jumped 23.3% after Trump weighed in on the debate surrounding the retailer's advertisements, which extol actor Sydney Sweeney's great jeans. Some critics thought the reference to the blonde-haired and blue-eyed actor's 'great genes' may be extolling a narrow set of beauty standards. 'Go get 'em Sydney!' Trump said on his social media network. On the losing side of Wall Street was On Semiconductor, which fell 13.6% after it only matched analysts' expectations for profit in the latest quarter. The company, which sells to the auto and industrial industries, said it's beginning to see 'signs of stabilization' across its customers. In stock markets abroad, indexes rose across much of Europe and Asia. South Korea's Kospi rose 0.9%, and France's CAC 40 climbed 1.1%, while Japan's Nikkei 225 was an outlier with a drop of 1.2%. ___ This version has been corrected to say that the U.S. stock market had its worst week last week since May, not April.
Globe and Mail
8 minutes ago
- Globe and Mail
Fendory Pioneers In Officially Licensed Print-on-Demand Merchandise
"Affordable authentic" PUERTO RICO - 04 August, 2025 - Fendory, a leading online marketplace for officially licensed Print-on-Demand (POD) products, announces licensing agreements with global brands to offer fans and creators access to authentic merchandise in a fair, transparent environment. The move reinforces Fendory's mission to protect creative ownership while giving fans access to unique, officially sanctioned designs. Through these partnerships, Fendory sets out to redefine how merchandise is created, sold, and worn—sustainably and ethically. With exclusive rights to release collections under each franchise, Fendory uses brand-approved designs and characters, removing IP infringement risks and reinforcing brand trust. Backed by official licenses, all products meet strict quality standards and ensure fair compensation for creators, brands, and partners. Buyers on can personalize items—adding names, fan notes, or artwork placement—within brand guidelines and without ethical concerns. 'We have seen unofficial merchandise worn by many, and it's disheartening to know that creators and IP owners are often not credited or compensated,' said Nguyen Quang Dong, CEO of Fendory. 'By establishing formal licensing agreements, we aim to build a sustainable ecosystem where everyone involved is respected.' Fendory has already launched several waves of licensed merchandise, with more scheduled throughout 2025. Upcoming collections will include apparel, wall art, accessories, and collectibles inspired by blockbuster franchises such as Avengers, Star Wars, and Transformers. About Fendory Fendory is a Print-on-Demand company dedicated to providing premium licensed merchandise. Established in 2024, the company's mission is to promote transparency and empower a more conscious buying decision of officially licensed products. Fendory's licensed collections of apparel, accessories, and collectibles have reached thousands of fans and buyers online.
CBC
9 minutes ago
- CBC
Champagne, Anand travelling to Mexico to strengthen Canada's trade ties: sources
Social Sharing Finance Minister François-Philippe Champagne says he and Foreign Affairs Minister Anita Anand will be travelling to Mexico City to look at strengthening Canada's economic partnership with Mexico. "The meetings will be constructive in that respect — looking at markets, looking at diversification, looking at strengthening our partnership with our Mexican colleagues," Champagne told Radio-Canada in Trois-Rivières, Que., on Monday afternoon. The news was first reported Sunday evening by the Globe and Mail. Two senior Canadian government sources told CBC News the meetings are happening tomorrow and Wednesday. The ministers are expected to return to Canada on Thursday. The sources say the goal of the visit is to advance Canada's bilateral relationship with Mexico and strengthen trade ties. Champagne and Anand are expected to meet with Mexican President Claudia Sheinbaum on Tuesday morning. Champagne said the visit "is all complementary to what we've been saying — that we need to engage with strategic partners around the world. And if you look at the [U.S.-Mexico-Canada Agreement] as a trading bloc, that's the second-largest trading bloc in the world." "So it is important for us to engage with our Mexican friends," the finance minister added. One source told CBC that the trip "is all about relationship building" and the two ministers' expected meeting with Sheinbaum will lay the groundwork for a future bilateral meeting between the Mexican president and Prime Minister Mark Carney. Carney and Sheinbaum have spoken at least four times since the prime minister came into office. In June, the two met at the G7 Leaders' Summit in Alberta. A press release posted on Carney's website said he and Sheinbaum agreed to "deepen bilateral collaboration at the ministerial level" and they "looked forward to meeting again in Mexico in the coming months." Trump extends tariff deal with Mexico The Canadians' visit comes days after U.S. President Donald Trump announced he had agreed with Sheinbaum to extend an existing trade deal with Mexico for 90 days and continue talks over the period with a goal of signing a new deal. "Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum and Copper," Trump said in a Truth Social post. "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many." Canada did not get an extension. Trump signed an executive order raising tariffs on Canadian goods that are not compliant with USMCA to 35 per cent. The carve-out for USMCA-compliant goods means very few Canadian products will actually be subjected to the elevated tariff. The U.S. president criticized Canada's "lack of co-operation" in curbing the flow of fentanyl southward and for retaliating against his existing tariffs. On Sunday, Canada-U.S. Trade Minister Dominic LeBlanc said he expects Carney and Trump will have a conversation with each other "over the next couple of days." LeBlanc left Washington earlier this week without a trade deal, but he told host Margaret Brennan, host of CBS's Face The Nation, that he came out of discussions "with a better understanding of the American concerns in the trading relationship.
