US stock futures lower after Trump says tariffs start Aug. 1
At 6:10 a.m. ET, futures linked to the blue-chip Dow were at 0.02%, while broad S&P 500 futures slipped-0.28% and tech-heavy Nasdaq futures fell-0.44%.
Investors had expected Trump's reciprocal tariffs would go into effect on July 9 for nations that didn't yet strike a trade deal with the U.S., but over the weekend Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick said the date is now Aug. 1. White House officials suggested more trade deals will be finalized this week.
"The policy of 'strategic uncertainty' has revealed, with certainty, that the administration is fearful of its own threats," said Mike O'Rourke, chief market strategist at JonesTrading. "This backpedaling reinforces the market's expectation that the administration's true policy remains one of 'closet capitulation.'"
Separately, oil prices slid after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase production by 548,000 barrels a day in August. That's larger than the 411,000 monthly increase in production in May, June and July and more than analysts' had expected. Additionally, the countries will consider adding another roughly 548,000 barrels a day in September at the next meeting on Aug. 3, according to Bloomberg, citing delegates who asked not to be identified.
Tesla shares may be in the spotlight as tensions between chief executive Elon Musk and Trump heat up again. Musk said on social media he started the "America Party" aimed at winning a handful of Senate seats and House districts that could serve as the "deciding vote" on"contentious laws," given the "razor-thin legislative margins" in Congress. Trump responded on social media by saying Musk had gone "completely off the rails," suggesting the third party was in response to Musk being angry because the spending bill eliminated incentives to buy electric cars.
Amazon Prime Day is slated to begin July 8.
Over the weekend, an unknown individual or entity moved $8 billion worth of crypto after holding the digital assests for 14 years and originally bought for less than $210,000, nedia reports said. The transfer of 80,000 bitcoin reporteldy came from eight dormant wallets.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures lower after Trump says tariffs start Aug. 1
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