Wall Street futures edge up amid tariff talks, trade turbulence
At 06:36 a.m., U.S. S&P 500 E-minis were up 9.75 points, or 0.16%, Nasdaq 100 E-minis were up 32.5 points, or 0.14%, Dow E-minis were up 81 points, or 0.18%.
Trump said on Tuesday he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, a day after he pressured 14 trading partners with fresh tariff letters. He said "a minimum of seven" tariff notices would be released on Wednesday.
"The timing of these copper and pharma tariff threats suggests ... the Trump administration is trying to pressure the EU and other trade partners into faster deals by creating uncertainty and risk," UBS analysts said.
They also cautioned against over-reacting in the near term, given the lack of clarity on what policy will actually stick.
Wall Street's reaction to the latest tariff developments on Tuesday was relatively muted compared to the sharp sell-off in the previous session that was sparked by the White House's new tariff threats against major trading partners Japan and South Korea.
With the deadline for tariffs now moved to August 1, investors are pinning their hopes on negotiations to stave off an all-out trade war.
European Commission President Ursula von der Leyen said the European Union is working closely with the Trump administration to reach a trade deal, but Brussels is getting ready for all scenarios.
Last week, the S&P 500 and the Nasdaq closed at record highs following a surprisingly strong jobs report that pointed to resilience in the labor market. Now, investors are looking ahead to Thursday's initial jobless claims figures for further insights into the labor market.
Traders will also parse through the minutes from the Federal Reserve's June meeting, due at 2:00 p.m. ET, for any hints about when policymakers might resume easing rates.
While a July rate reduction is almost fully ruled out, the odds of a September cut stand at about 63%, according to CME Group's FedWatch tool.
Amid Trump's chaotic tariff policies, the Fed has refrained from cutting interest rates, wary of how trade uncertainty may impact growth and inflation.
Among stocks, AES Corp (AES.N), opens new tab rose 15.4% in premarket trading after Bloomberg reported that the power provider was exploring options, including a sale.
Health insurer UnitedHealth Group (UNH.N), opens new tab slipped 1.1% after the Wall Street Journal reported that the U.S. Department of Justice was investigating how the company deployed doctors and nurses to gather diagnoses that increased its Medicare payments.
Shares of U.S. advertising firms Interpublic (IPG.N), opens new tab and Omnicom (OMC.N), opens new tab fell 2.9% and 3.4% respectively, after peer WPP (WPP.L), opens new tab slashed its annual profit guidance.
Second-quarter earnings season, set to take off in mid-July, will be in focus as it follows President Trump's landmark tax-cut bill, which was signed into law last week.
The legislation includes some business-friendly tax policies but threatens to stoke inflation, making the Fed's next move harder to predict.
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The Independent
8 minutes ago
- The Independent
Sen. Josh Hawley wants to exclude ‘Biden voters' from $600 Trump tariff rebate checks
Senator Josh Hawley says the legislation he proposes will send $600 tariff rebate checks to Americans, but not to 'Biden voters,' only to 'Trump blue-collar voters.' 'Well, you wouldn't give it to everybody, you'd give it to the working people,' the Missouri Republican told far-right podcaster and former Trump adviser Steve Bannon on Tuesday. 'You'd give it to our people.' 'I mean, you know, the rich people don't need it … what I mean by that is all those Democrat donors of Wall Street, all these hedge fund guys, who all hate the tariffs, by the way.' The senator introduced the American Worker Rebate Act of 2025 on July 28. It proposes refundable tax credits of at least $600 per adult and dependent child, funded by tariff revenues, with a phase-out for incomes exceeding $75,000 for singles and $150,000 for joint filers. Checks could exceed that if revenues are higher. He said on Bannon's War Room podcast, 'We're on track to raise over $150 billion from tariff revenues this year alone, this calendar year alone.' 'My view is, we ought to give a portion [of] that back to our working-class blue-collar voters who powered the Trump revolution, who got this president into office multiple times, and who are the backbone of this nation.' Tariffs are imposed on imports by U.S. companies, which then pass much of the increased costs on to American consumers through higher prices on goods. Any rebate check would likely be swallowed up by those price increases. In the first half of the year, companies rushed to stock up on goods and inputs from overseas in preparation for the impending imposition of tariffs. This has so far prevented large price hikes, but those inventories will begin to dwindle, and soon the cost of goods is expected to start creeping up. 'Biden has crushed these people,' Hawley claimed, turning his ire toward the previous administration. 'What a legacy for Donald Trump to say, 'I'm gonna take a portion of this massive money' that he's raising on these tariffs, and return it to the people who run this country and are gonna build our future.' Hawley's plan, like the pandemic stimulus checks of the first Trump administration, has strict caps on who is eligible for a rebate payment. 'It'd be $600 for every adult and child, so if you've got a big family, you're gonna get more,' he said. 'And you'd phase it out for income, you know? So again, the wealthy — you start making six figures, you get into the big six figures — you'd phase the thing out.' 'So this is not going to the hedge fund managers or all the Biden voters. This is not going to the Wall Street kingpins. So they don't need any of it,' Hawley continued. Hawley failed to note that President Joe Biden was not on the ballot in the 2024 election. He was replaced on the Democratic Party ticket by Vice President Kamala Harris. Continuing to rail against the previous administration, he said: 'This is going to the Trump blue collar voters, the people who Joe Biden crushed, the people who didn't get a raise under Joe Biden for four long years, the people who cannot afford their gas, because Joe Biden shut down our energy, who can't afford their groceries, because Joe Biden drove up the price of everything.' He added: 'And it is a message from us to them, from Trump to these folks that he is here to deliver for them.' The Tax Foundation reported on Monday that Trump's tariffs will raise the costs of food for Americans in addition to the more widely covered impact on the cost of manufactured goods. In 2024, the US imported approximately $221 billion in food products, 74 percent of which ($163 billion) would be subject to the Trump tariffs. Some popular food products, such as bananas and coffee, are almost entirely imported. Critics of the plan to issue $600 rebate checks to Americans argue that the money should instead be used to pay down the national debt, which has increased by another $3.4 trillion thanks to Trump's 'Great, Big, Beautiful Bill,' according to the Congressional Budget Office. Others note that this is a repeat of the Covid-19 pandemic recovery stimulus measures implemented by both the first Trump administration and the Biden administration, which sent out direct checks to individuals. In both instances, there were complaints that the relief provided by the money was short-lived, and Republicans criticized President Biden's $1.9 trillion economic stimulus package, 'The American Rescue Plan,' specifically for stoking rapid inflation. Concerning the Hawley plan, its similarities to earlier initiatives and the inflationary pressure they fueled, opinion writer Josh Barro quipped on X: 'The stimulus will continue until inflation improves.' The U.S. economy experienced a surprising three percent expansion between April and June, offering a temporary rebound from a first-quarter downturn linked to disruptions from Trump's trade disputes. Yet, despite this growth, the report's underlying data suggests a continued apprehension among American consumers and businesses. This caution is rooted in the economic uncertainty created by Trump's tariff plans.
The Independent
8 minutes ago
- The Independent
Palestine Action High Court challenge can go ahead, judge rules
Palestine Action's co-founder has won a bid to bring a High Court challenge over the group's ban as a terror organisation. Huda Ammori is challenging Home Secretary Yvette Cooper's decision to proscribe the group under anti-terror laws, announced after the group claimed responsibility for action in which two Voyager planes were damaged at RAF Brize Norton on June 20. The ban means that membership of, or support for, the direct action group is a criminal offence punishable by up to 14 years in prison. Earlier this month, lawyers for Ms Ammori asked a judge to allow her to bring the High Court challenge over the ban, describing it as an 'unlawful interference' with freedom of expression. And in a decision on Wednesday, judge Mr Justice Chamberlain said that two parts of the arguments on Ms Ammori's behalf were 'reasonably arguable'. In his ruling, he said it was arguable that the proscription 'amounts to a disproportionate interference' of Ms Ammori's rights to freedom of expression and freedom of assembly. He said: 'That being so, the point will have to be determined at a substantive hearing and it would not be appropriate for me to say more now.' The judge continued that a second argument, that Ms Cooper failed to consult Palestine Action 'in breach of natural justice', could also go to a full hearing. He said: 'As a matter of principle, I consider that it is reasonably arguable that a duty to consult arose.' He continued: 'Having considered the evidence, I also consider it reasonably arguable that there was no compelling reason why consultation could not have been undertaken here.' Mr Justice Chamberlain refused to allow Ms Ammori to challenge the Government's decision on several other grounds, including a claim that the Home Secretary failed to gather sufficient information on Palestine Action's activities or the impact of the proscription on people associated with it. He also refused to allow Ms Ammori to argue that Ms Cooper breached her duty under the Equality Act, and took into account 'irrelevant considerations', such as whether Palestine Action's methods were 'morally or politically justifiable'. Following the ruling, Ms Ammori said: 'This landmark decision to grant a judicial review which could see the Home Secretary's unlawful decision to ban Palestine Action quashed, demonstrates the significance of this case for freedoms of speech, expression and assembly and rights to natural justice in our country and the rule of law itself.' She continued: 'We will not stop defending fundamental rights to free speech and expression in our country and supporting Palestinian people against a genocide being livestreamed before our eyes.' Raza Husain KC, for Ms Ammori, previously told the court at the hearing on July 21 that the ban had made the UK 'an international outlier' and was 'repugnant'. Mr Husain added: 'The decision to proscribe Palestine Action had the hallmarks of an authoritarian and blatant abuse of power.' The Home Office is defending the legal action. Sir James Eadie KC, for the department, said in written submissions that by causing serious damage to property, Palestine Action was 'squarely' within part of the terrorism laws used in proscription. He said: 'There is no credible basis on which it can be asserted that the purpose of this activity is not designed to influence the Government, or to intimidate the public or a section of the public, and for the purpose of advancing a political, religious, racial or ideological cause.' Previously, Ben Watson KC, for the Home Office, said Palestine Action could challenge the Home Secretary's decision at the Proscribed Organisations Appeal Commission (POAC), a specialist tribunal, rather than at the High Court. Sir James said that an 'exceptional case' would be needed for it to go to the High Court, rather than the POAC. Mr Justice Chamberlain said on Wednesday that a High Court challenge could take place in the autumn of this year, whereas an appeal to the specialist tribunal would take much longer. He said: 'If it were necessary to appeal for deproscription, it is very unlikely that an application before POAC would be listed before the middle of 2026.' In his judgment, he said: 'If the legality of the proscription order can properly be raised by way of defence to criminal proceedings, that would open up the spectre of different and possibly conflicting decisions on that issue in magistrates' courts across England and Wales or before different judges or juries in the Crown Court. 'That would be a recipe for chaos. 'To avoid it, there is a strong public interest in allowing the legality of the order to be determined authoritatively as soon as possible. The obvious way to do that is in judicial review proceedings.' The judge also said that people protesting in support of Palestine and Gaza, but not expressing support for Palestine Action, had 'attracted various kinds of police attention, from questioning to arrest'. He continued that it was 'important not to draw too much from the fact that police and others appear to have misunderstood the law on some occasions'. But he added: 'Nonetheless, reports of the kind of police conduct referred to… are liable to have a chilling effect on those wishing to express legitimate political views. 'This effect can properly be regarded as an indirect consequence of the proscription order.' Ms Cooper announced plans to proscribe Palestine Action on June 23, saying that the vandalism of the two planes, which police said caused an estimated £7 million of damage, was 'disgraceful'.
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The Independent
8 minutes ago
- The Independent
Perlight Black Grid solar panel review: best for long warranty
This Perlight Black Grid review explores why this panel is a top choice for homeowners seeking both long-term performance and an extended warranty. It's part of our expert-reviewed guide to the best solar panels for UK homes. If you're weighing up whether solar panels are worth it, this review — and our full guide to the best solar panel installers — will help you make an informed decision. The Perlight Black Grid solar panel stands out in a crowded market, not only for its sleek design and solid efficiency but for offering one of the longest warranties available. Choosing the best solar panels for your home involves more than just headline specs, especially as installation is often the most expensive part of the total cost of solar panels. That's why long-term durability matters. Commercial solar growth has driven significant tech advances in recent years. Many panels now offer similar specs on paper — comparable power output, 25- to 30-year lifespans, and sleek all-black designs. But with installation often being the largest part of the overall , and British weather posing its own set of challenges, the stakes for getting the right system are high. While solar panel prices have dropped dramatically, thanks in part to China's manufacturing scale and innovation, installation costs remain high due to labour, scaffolding, and system integration. So it's worth considering the total system cost, not just the price per panel, when selecting the best panel for your home. Why choose the Perlight Black Grid? Price, installed: £895 to £1,195 per kW Efficiency: 26 per cent Wattage per panel: 500W Type: N-Type Made in: China Degradation: 87.4 per cent after 30 years Warranty: 30 years Founded in 2006, Perlight is a Chinese manufacturer of solar panels with a long track record. Its Black Grid solar panel offers an impressive 30-year warranty — five years longer than the industry standard — making it ideal for those looking to maximise long-term savings and reduce replacement concerns. This longer guarantee can offer extra peace of mind, particularly if you're financing your solar panel system over time or plan to remain in your home for decades. That said, many panels rated for 25 years will likely keep performing beyond their warranty period. In terms of performance, the Perlight Black Grid solar panel also offers better efficiency and a higher power rating, delivering 500W per panel, than other solar panels on our list. While the degradation rate is slightly lower than other top-tier models, it still holds up well, retaining nearly 87 per cent of output after 30 years. The company is also somewhat shy about filing facts about itself compared to its competitors, although it passes all the necessary regulatory hurdles. One downside is that Perlight isn't a Tier-1 manufacturer, meaning it hasn't been ranked by BloombergNEF for financial transparency and bankability. However, it has a long track record and its global footprint — shipping to over 100 countries — and compliance with international standards suggest a reliable product. The panels also have high pressure resistance, meaning they should be able to withstand the bumps, bangs and weather that 30 years on a roof will throw at them. The panels are built with high pressure resistance, which should help them withstand the UK's often unpredictable weather over several decades. Like most solar panels on the market today, these are manufactured in China, which has invested heavily in clean energy production and now dominates the global solar supply chain. China's lead in silicon refinement and solar R&D means many of the world's best solar panels come from Chinese firms. While the cost of panels has fallen by about 90% since 2000, installation costs have risen due to labour and inflation, so total system cost still needs careful budgeting. Pros: Market-leading 30-year warranty High efficiency and power output Cons: A 30-year product warranty is hard to come by in any product but Perlight offers one of the longest warranties available in the market Paul Evans, head of renewables at solar panel fitter Glow Green How we compiled our guide To compile our list, we spoke to experts on the ground and have broken down the top-performing brands based on real-world value, not just technical specs. We've prioritised long-term performance, value for money, and the reputation of the best solar panel installers in the UK. And if you're wondering if solar panels are worth it for your home, this guide is designed to help you make a smart, informed decision that pays off over time, whether you're upgrading an old array or fitting solar panels for the first time. Most panels are guaranteed for 25 years and offer similar power output, size, efficiency and looks. So we've weighted our judgement towards cost and degradation, which describes how much power the cells will provide after a number of years. The higher the percentage, the better. Much of your decision will also depend on which installer you go with, as many have preferred brands they work with due to bulk purchasing. You'll also see a lot of unfamiliar Chinese names as you do your research, but many of these are Tier-1 manufacturers in clean energy with strong track records in quality and durability. Why trust us
