Trump Says US to Impose 15% Tariff on South Korean Goods in Deal
'It is also agreed that South Korea will be completely OPEN TO TRADE with the United States, and that they will accept American product including Cars and Trucks, Agriculture, etc.,' Trump said in a post to his social media platform on Wednesday. 'We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff.'
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Yahoo
9 minutes ago
- Yahoo
Job market concerns take center stage as earnings season rolls on: What to watch this week
Stocks tumbled from record highs on Friday as data revealed the US labor market is not on as solid footing as previously thought. On the week, the S&P 500 (^GSPC) fell nearly 2.4%, while the Nasdaq Composite (^IXIC) slid 2.2% and the Dow Jones Industrial Average (^DJI) shed 1.2%. Markets will be greeted with a quieter week of economic news with no major releases anticipated. Meanwhile, another busy week of corporate releases is set to greet investors with 122 S&P 500 companies set to report, led by Palantir (PLTR), Eli Lilly (LLY), and Disney (DIS). A September shift Markets exited Wednesday's Federal Reserve press conference leaning toward no interest rate cuts in the near future. That narrative flipped on its head on Friday morning. The latest monthly jobs report showed the US labor market added fewer jobs than expected in July while the unemployment rate moved higher, and revisions to prior months' numbers revealed significantly fewer jobs had been added than initially thought. In its release, the BLS said downward revisions to the May and June jobs reports "were larger than normal," with those changes showing more than a quarter million fewer jobs were added to the economy over those months. May's job gains were revised down to 19,000 from 144,000, while June's additions were cut to just 14,000 from the 147,000 initially reported. Market pricing and economists argue Friday's report was likely a game changer for the overall economic narrative and how the Fed will move forward. Following Friday's jobs report, the probability of a September interest rate cut from the Fed surged to 83%, up from just 38% the day prior, per the CME FedWatch Tool. "Our base case since January has been that the Fed won't cut rates this year," Bank of America Securities US economist Shruti Mishra wrote in a note to clients. "However, we have been arguing that the most likely alternate scenario is that labor market deterioration will force the Fed into 'bad cuts', which could play out at a pace of at least 25bp per meeting. The massive downward revision to payrolls in the July jobs report increases the probability of this scenario." AI leadership The July jobs report showed the US economy may be slowing more than initially thought, sparking a Friday market sell-off. "Ultimately, stocks do better in a stronger economy than one that requires the intervention from the Fed," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance. The economic growth concerns clouded what had been a positive week for the market as Big Tech earnings revealed AI investment is not stopping anytime soon. In at note to clients on Friday, Capital Economics senior market economist James Reilly wrote that Friday's market-sell off is likely "overdone," as AI will remain the "key driver" of global equities. "These major US 'hyperscalers' are collectively continuing to invest heavily," Reilly wrote while pointing out Big Tech has recently outperformed the broader market following earnings reports. "That's one reason why we are positive on the outlook for the tech-heavy segments of the stock market, and on the outlook for US stocks as a whole." Earnings volatility After about two-thirds of the S&P 500 have reported earnings, the index is pacing for earnings growth of 10.3%, up from the 5% expected on June 27, per FactSet data. Largely, the market has floated higher amid the slew of earnings releases. But under the surface, there have been significant stock moves off individual reports. In just the past week, Meta (META) stock rose more than 12% after topping estimates for both revenue and earnings per share. Meanwhile, Novo Nordisk (NVO) stock tanked 20% after cutting its full-year sales outlook. Julian Emanuel, who leads the equity, derivatives, and quantitative strategy team at Evercore ISI, noted that stocks are moving more than average in the day following releases, regardless of whether or not they beat or miss Wall Street's expectations. For example, the average S&P 500 stock that misses estimates for both sales and earnings per share is seeing a 4.9% decline in the next trading day, a steeper decline than the average of 3.2% seen over the past five years. With the market trading near record highs, Emanuel noted investors are "agitated by anything short of perfect" this corporate earnings season. Weekly Calendar Monday Economic data: Factory orders, June (-5% expected, +8.2% prior); Durable goods orders, June final (-9.3% expected, -9.3% prior) Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W) Tuesday Economic data: S&P Global US Services PMI, July final (55.2 prior), S&P Global US Composite, July final (54.6 prior); ISM services index, July (51.5 expected, 50.8 prior) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Wednesday Economic data: MBA mortgage applications, week ending Aug. 1 (-3.8% prior) Earnings: Applovin (APP), e.l.f. Beauty (ELF), Disney (DIS), DraftKings (DKNG), McDonald's (MCD), Novo Nordisk (NVO), Shopify (SHOP), Six Flags (FUN), Uber (UBER) Thursday Economic data: Initial jobless claims, week ending Aug. 2 (218,000 prior); Nonfarm productivity, second quarter preliminary (+2.5% expected, -1.5% prior); Unit labor costs, second quarter preliminary (+1.3% expected, +6.6% prior) Earnings: Block (XYZ), Celsius (CELH), Conoco Phillips (COP), Eli Lilly (LLY), Sony (SONY), SoundHound (SOUN) (SOUN), Pinterest (PINS), Take Two Interactive (TTWO), Twilio (TWLO), The Trade Desk (TTD), Vistra Energy (VST) Friday Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. Sign in to access your portfolio
Axios
11 minutes ago
- Axios
MAGA's warning to Trump's heir
MAGA's growing independence as a political force is an early warning to the GOP's next leader about the limits — and dangers — of inheriting a populist juggernaut. Why it matters: Even when President Trump is out of sync with MAGA — like on Jeffrey Epstein — he can still bring supporters to heel. That power stems from the personal loyalty and shared enemies they've forged over a decade of political warfare. But as both MAGA diehards and establishment Republicans have long acknowledged, there's only one Trump. Whoever comes next won't command the same personal allegiance — or the same ability to rein in the base if it veers from the party's regularly scheduled programming. Driving the news: For a brief moment last month, the tail was wagging the dog. The MAGA base erupted over the Trump administration's insistence that there was nothing more to know about Epstein's sex trafficking operation and 2019 death in prison. Trump, visibly annoyed by his supporters' obsession, attempted to divert attention to his record and new conspiracy theories about his political opponents. MAGA grumbled that Trump was out of touch, and warned that the administration was bleeding trust. But the flare-up didn't last. A Wall Street Journal piece tying Trump to Epstein snapped the movement back into line, uniting them against the "fake news." Then came Director of National Intelligence Tulsi Gabbard's flurry of new disclosures about the 2016 Russia investigation, redirecting MAGA outrage toward the "Deep State." Trump's gravitational pull did the rest. The big picture: The Epstein uproar showcased a new degree of independence for the 10-year-old MAGA movement, which was built on the personality and prowess of one man. MAGA sources warn the movement's appetite for unity won't naturally extend to anyone not named Donald Trump, and that future leaders will be on far shorter leashes if they cross the base on its core issues. What they're saying: "The reason Trump can be so formidable is he inspires that fanatical degree of direct loyalty. And it also means people in his own party can't easily stand against him without everyone getting very angry at them," one MAGA media figure told Axios. "What will be hard to capture is Trump's authenticity. That's what makes him so beloved…That engenders a level of trust from the base that I've never really seen before in my political life," added one MAGAworld operative. "The smartest candidate will understand that everything is in deference to the base and present it that way." Zoom out: Some Trump allies have been more successful than others in winning over the MAGA base. Vice President JD Vance and Secretary of State Marco Rubio are now beloved, having convinced supporters that they've genuinely learned from their past criticisms of Trump or "neoconservative" views. Sen. Lindsey Graham (R-S.C.), meanwhile, is still viewed skeptically by MAGA, which recognizes his personal friendship with Trump but disdains his support for stronger U.S. involvement abroad, including aid to Ukraine. Between the lines: Breitbart editor-in-chief Alex Marlow told Axios there's a blueprint for MAGA's next leader, but that "they are going to have to earn it the way [Trump] did." "The formula is not hard to follow: make the centerpiece of the agenda issues that are popular with base voters (America First nationalism) and average Americans (populism), ignore the left, ignore the GOP establishment as much as possible, and don't get wrapped up in every online frenzy," Marlow said. "Rack up victories as quickly as humanly possible to control the media narrative. Do this and you'll build a track record. If you can do that while communicating well, the base will be there for you." The bottom line: Any Republican with presidential ambitions will have to woo the base to even get close to Trump's grassroots dominance.
12 minutes ago
‘They roll right over': Many Democrats call their party weak and ineffective, AP-NORC poll finds
WASHINGTON -- Many Democrats see their political party as 'weak' or 'ineffective,' according to a poll that finds considerable pessimism within Democratic ranks. Republicans are more complimentary of their party, although a small but significant share describe the GOP as 'greedy' or say it is generally "bad." The poll conducted by The Associated Press-NORC Center for Public Affairs Research in July reveals warning signs for both major U.S. parties as the political focus shifts to elections in New Jersey and Virginia this fall and the midterm contests next year. Respondents were asked to share the first word or phrase that came to mind when they thought of the Republican and Democratic parties. Answers were then sorted into broad categories, including negative and positive attributes. Overall, U.S. adults held a dim view of both parties, with about 4 in 10 using negative attributes, including words such as 'dishonest' or 'stupid." But nearly nine months after Republican Donald Trump won a second presidential term, Democrats appear to be harboring more resentment about the state of their party than do Republicans. Democrats were likelier to describe their own party negatively than Republicans. Republicans were about twice as likely to describe their own party positively. 'They're spineless,' Cathia Krehbiel, a 48-year-old Democrat from Indianola, Iowa, said of her party. She believes the party's response to the Trump administration has been 'scattershot.' 'I just feel like there's so much recently that's just going abhorrently wrong," Krehbiel said. "And they speak up a little bit and they roll right over.' Overall, roughly one-third of Democrats described their party negatively in the open-ended question. About 15% described it using words like 'weak," or 'apathetic,' while an additional 10% believe it is broadly 'ineffective' or "disorganized.' Only about 2 in 10 Democrats described their party positively, with roughly 1 in 10 saying it is 'empathetic,' or 'inclusive.' An additional 1 in 10 used more general positive descriptors. It is unclear what impact the Democrats' angst may have on upcoming elections or the political debate in Washington, but no political organization wants to be plagued by internal divisions. Still, the Democrats' frustration appears to reflect their concern that party leaders are not doing enough to stop Trump's GOP, which controls Washington. There is little sign that such voters would abandon their party in favor of Trump's allies in upcoming elections, and the vast majority of Democrats described the GOP negatively. But disaffected Democrats might decide not to vote at all. That could undermine their party's push to reclaim at least one chamber of Congress in 2026. Jim Williams, a 78-year-old retiree from Harper Woods, Michigan said he typically supports Democrats, but he is 'disappointed' with the party and its murky message. He feels much worse about the Republican Party, which he said 'has lost it' under Trump's leadership. 'All he does is bully and call names. They've got no morals, no ethics. And the more they back him, the less I like them,' the self-described independent, said of Trump. Republicans are about twice as likely as Democrats to describe their party positively, with many also using straightforward ideological descriptors like 'conservative.' About 4 in 10 Republicans used positive attributes to characterize the GOP, making general mentions of words such as 'patriotic' or 'hardworking,' or offering associations with the word 'freedom.' Samuel Washington, 65, of Chicago, said he typically votes Republican. Washington praised Trump's leadership, even while acknowledging that the president's policies on trade and spending might be creating short-term economic hardship. 'There's a lot of pain, but the pain is the result of 12 years of misuse and misguided leadership from the Democratic Party,' he said. 'I'm feeling really good about Republicans and the direction that they're going.' But views were not uniformly good. About 2 in 10 Republicans said something negative about the party, including phrases such as 'greedy,' 'for the rich' or 'corrupt.' Republican Dick Grayson, an 83-year-old veteran from Trade, Tennessee, said he is 'disappointed' by his party's fealty to Trump. Among other things, he pointed to the price tag of Trump's tax-and-spend package, which will add nearly $3.3 trillion to the nation's debt over the next decade, according to the nonpartisan Congressional Budget Office. 'I've always been a Republican, but I'm disillusioned about both parties,' Grayson said. Among all Americans, the poll finds that the Republican Party is viewed slightly more negatively than the Democratic Party. The different is not large: 43% used negative words to describe the Republicans, compared with 39% for the Democrats. Much of the negativity is driven by the opposing party — and independents' distaste for both. Independents are much likelier to describe both parties with negative attributes rather than positive descriptors, though a significant share did not offer an opinion at all. Curtis Musser, a 60-year-old unaffiliated voter from Beverly Hills, Florida, said both parties have shifted too far toward the extreme for his liking. He said he is ready for a serious third party to emerge before the next presidential election, pointing to Elon Musk's new 'America Party,' which has been slow to launch. 'Maybe he would get us headed in the right direction,' the retired schoolteacher said. ___ Peoples reported from New York. ___ The AP-NORC poll of 1,437 adults was conducted July 10-14, using a sample drawn from NORC's probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.6 percentage points.
