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India Today
40 minutes ago
- India Today
Trump's new tariffs and Musk's political bombshell shake Wall Street
Wall Street's major indexes closed lower on Monday, after US President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new US political added to losses after Trump announced the tariff rates against Japanese and South Korean imports, due to take effect on August 1. Stocks wobbled further in the late afternoon when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and week, both the Nasdaq and the S&P 500 ended three sessions with record high closes. The latest record finishes came on Thursday after a robust jobs report. "Markets had been telling us that peak tariff risk is behind us but to have tariffs back in the forefront is causing some skittishness," said Emily Roland, co-chief investment strategist at Manulife John Hancock Investments in Boston. "Investors were getting to that period of ebullience in markets and we're taking a little step back from that."But investors likely have some hopes the announcements are not permanent, she said: "That's the pattern we've been in, announcing punitive tariffs and then dialing that back a little bit. That could certainly be the next phase of this back and forth negotiation," said to preliminary data, the S&P 500 lost 49.39 points, or 0.77%, to end at 6,230.76 points, while the Nasdaq Composite lost 183.18 points, or 0.89%, to 20,417.92. The Dow Jones Industrial Average fell 421.03 points, or 0.95%, to 44, of the S&P 500's biggest drags was from electric vehicle maker Tesla, whose shares dived after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with also awaited other US trade announcements after Trump said on Sunday that the US was on the cusp of several deals and would notify other countries of higher tariffs by July 9, with new duties to take effect on August Monday, Trump threatened an extra 10% tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South early April, stock indexes saw dramatic volatility after Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50% on April 2 and then announced a 90-day pause days early April, the Nasdaq confirmed a bear market or a 20% drop from its recent record, while the S&P 500 had narrowly averted a bear. Both indexes had returned to record levels by late of WNS Holdings rallied after the French IT services firm Capgemini agreed to buy the outsourcing firm for $3.3 billion in tariff policies have stoked inflation worries, further complicating the Fed's path to lower rates. Minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy are betting on a roughly 95% probability that rates will remain unchanged in July while the odds for a September cut are close to 60%, according to CME Group's FedWatch area of investor focus is US tax-cut and spending plans, signed into law by Trump late last week. These are expected to swell the national deficit by over $3 trillion in the next decade.- EndsMust Watch
Mint
40 minutes ago
- Mint
Tariff headlines and moving deadlines
(The opinions expressed here are those of the author, a columnist for Reuters.) Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what moved markets today and we'll take a close look at how markets are digesting the latest U.S. tariff headlines and how they reacted to Tesla CEO Elon Musk's move to reclaim political influence. I'd love to hear from you so please feel free to reach out at * US stocks fell on nervousness about Wednesday's tariff deadline, while Tesla tumbled after Elon Musk unveiled a new political party * Treasury yields rose as trade talks dragged on and investors prepared for auctions this week * Crude oil prices rose despite OPEC plan to increase supply in August * Gold weakened on the back of the firmer dollar US signals trade announcements imminent as deadline looms Tesla slides as Musk's 'America Party' heightens investor worries Tesla short sellers set to pocket about $1.4 billion in profits after stock slump Trump says will impose 25% tariffs on Japan, South Korea Tariff headlines and moving deadlines Wall Street paused its bull run to start Monday on the back foot bracing for a barrage of tariff headlines before Wednesday, which U.S. President Donald Trump set as the expiration of a postponement he declared in the wake of the April 2 "Liberation Day" meltdown. While last week's record highs for the S&P 500 and Nasdaq suggest that markets are learning to take the White House's fluid trade tactics in stride, they did pull back even more at midday after Trump said that from August 1 he will impose 25% tariffs on Japan and South Korea, two of the U.S.'s most stalwart trade allies who have yet to reach trade deals with Trump. Trump has promised to notify countries that haven't reached deals by the July 9 deadline of what their new tariffs will be as of August 1, which now becomes the next big calendar notation for investors. Treasury Secretary Scott Bessent said more trade announcements were likely by Wednesday. Monday's pullback aside, the stock market has more than recovered from the April panic, riding out numerous other potential major risks, from Trump's threats to fire Fed Chair Jerome Powell, to the U.S. bombing of Iran nuclear sites to last week's passage of the "Big Beautiful Bill" that economists predict will add trillions to the U.S. debt, any tariff revenue notwithstanding. Only the dollar remains deep underwater. Although it bounced nicely on Monday, it is off 7% against the euro since April 2, and the broader dollar index is down about 6%, while the S&P 500 is up 9.5%. The 10-year Treasury note's benchmark yield is only about 20 basis points higher than its April 2 close, having weathered global concern that the U.S. was no longer a safe place to be invested. Speaking of the "big beautiful" tax bill, Tesla CEO and former-Trump-ally- turned enemy Elon Musk declared it would bankrupt America and announced the formation of a third U.S. political party, the America Party. Investors immediately tanked Tesla shares, which also weighed on Wall Street, recalling how his stint running Trump's Department of Government Efficiency was a costly distraction from the business of making electric vehicles and rockets. What could move markets tomorrow? * No major U.S. data, Fed speakers or other events Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.
Economic Times
42 minutes ago
- Economic Times
Brazil's Luiz Inacio Lula calls Trump's BRICS tariff threat 'irresponsible'
Brazilian President Luiz Inacio Lula da Silva said on Monday (July 7) it was "irresponsible" for U.S. President Donald Trump to threaten countries with tariffs on social media, adding that other nations have the right to reciprocate. Answering questions from journalists after the BRICS summit of developing nations in Rio de Janeiro, Lula played down Trump's threat on Sunday (July 6) to slap additional tariffs on the bloc over "anti-American policies." The Brazilian president added that the BRICS group "does not want to affront anyone."Trump said on Sunday that the United States will impose an additional 10% tariff on any countries aligning themselves with so-called "anti-American policies" of the BRICS group of developing nations, triggering sharp denials from its members that they were oriented against the United States. Trump's announcement, made on his Truth Social media platform, came as India, Indonesia and other countries within the BRICS group were negotiating last-minute trade deals with the U.S. government ahead of a July 9 deadline when tariff rates had been scheduled to go up. The effective date for those tariffs has now been postponed until August 1. Show more 04:05 09:42 10:24 02:46 04:39 09:33 08:01 08:14 05:40 04:42 03:46 03:44 04:48 07:34 02:58 03:16 03:18 03:43 03:18 01:49 09:06 08:52 09:51 03:30 04:24 01:49 10:57 22:55
