CNBC Daily Open: This week's the Olympics for market watchers
And looming over all those financial and macroeconomic events is U.S. President Donald Trump's August 1 deadline for his new tariffs.
As Kim Forrest, founder at Bokeh Capital, said, "What isn't happening in this week?"
Here's the ideal scenario for investors.
The Magnificent Seven companies reporting earnings this week and the U.S. economy secure gold at their respective events. (The Fed is expected to keep rates unchanged — whether this qualifies the central bank for a medal is up for debate).
Big trading partners of the U.S., such as South Korea and India, secure a deal with the White House and join the European Union and Japan at the podium, while Beijing extends its tariff suspension with Washington.
If those events happen, U.S. stocks will probably have legs clear hurdle after hurdle — and the S&P 500 can continue topping record tables.Trump announces a trade agreement with the European Union. Most European goods, including cars, exported to the U.S. will face a 15% tariff, Trump said Sunday. The bloc also agreed to purchase $750 billion worth of U.S. energy, he added.
Samsung inks a $16.5 billion contract with Tesla. While the South Korean firm didn't disclose the counterparty in its regulatory filing, Tesla CEO Elon Musk confirmed that it will manufacture the automaker's "next-generation AI6 chip."
Perfect week for the S&P 500. The broad-based index rose Friday to close at a high — its fifth record in a row last week. The Nasdaq Composite and Dow Jones Industrial Average also advanced. Asia-Pacific shares were mixed Monday.
The Fed is ready to start lowering rates, Trump said. On Friday, the U.S. president said Fed Chair Jerome Powell told him "the country is doing well," which Trump took to mean "he's going to start recommending lower rates." Futures markets disagree.
[PRO] Winners of Hong Kong's crypto framework. The island's bill, which takes effect Friday, formalizes the process for financial companies to issue and manage stablecoins. Two online brokerages which offer crypto trading stand to benefit, analysts said.
Trump's tariff deal offers scant relief for Japan automakers as bigger threat looms
Japanese automakers may have sidestepped crushing U.S. tariffs, but the reprieve may offer little comfort. Their position in the global market is being eroded by Chinese automakers even as they face persistent structural challenges domestically.
Still, analysts acknowledge that Trump's finalized tariff rate brings at least one benefit: some predictability.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Buzz Feed
a few seconds ago
- Buzz Feed
Keeping Track Of Trump's Economy: June 2025
Want to know if Trump's economy is actually doing as well as he promised? Subscribe to the Economy Hate Watch newsletter and never miss our monthly update. Hi there, my name is Alexa, and for each month of Donald Trump's presidency, I'm tracking the real numbers achieved by his administration on BuzzFeed. Shockingly, it's not hyperbolic to say that last month, our biggest concern about Trump's impact on the economy centered around his meddling in a literal WAR after announcing US airstrikes on Iran. Now we're faced with the repercussions of his One Big, Beautiful Bill — nicknamed the "Worst Bill in Modern American History" — being signed into law. So, with all this in mind, here's how the 79-year-old's June 2025 played out: Those are our stats for June. Now, let's look at comments we received on our last edition in a little section I like to call ✨Comment Corner✨. Comment Corner #1: Comment Corner #2: Comment Corner #3: Shoutout to my fellow economy hate-watchers who inspired us to turn these reports into a newsletter, delivered right to your inbox so you never miss a post. Want to know if Trump's economy is actually doing as well as he promised? Subscribe to the Economy Hate Watch newsletter and never miss our monthly update.
The Hill
a few seconds ago
- The Hill
Trump to fire BLS commissioner after bad jobs report
President Trump on Friday said he directed his team to fire the commissioner of the Bureau of Labor Statistics following a dismal jobs report he blamed squarely on the Biden appointee. Trump said on Truth Social that the commissioner, Dr. Erika McEntarfer, had 'faked the Jobs Numbers' before the 2024 election in order to boost his then-political rival Kamala Harris. He cited revisions both during the Biden administration of labor statistics that at the time boosted job numbers ahead of the election. The jobs report released Friday showed a significant downturn during Trump's administration in May and June that showed the U.S. added 258,000 fewer jobs during those months. 'No one can be that wrong?' Trump said. 'We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes.' McEntarfer was nominated by Biden in 2023 and confirmed by the Senate in 2024 as the 16th commissioner of the Bureau of Labor Statistics, which is part of the Department of Labor.
Los Angeles Times
a few seconds ago
- Los Angeles Times
Lesotho's textile factories face closures despite U.S. tariff cut
MASERU, Lesotho — The southern African nation of Lesotho has had its U.S. export tariff reduced from a threatened 50% to 15%, but its crucial textile industry still faces massive factory closures, officials said Friday. Despite a reduction announced by President Trump, the country's textile sector says it remains at a competitive disadvantage and faces ongoing factory closures and job losses. In April, the Trump administration announced a 50% tariff on imports from Lesotho, the highest among all countries. The tariffs were paused across the board, but the anticipated increase wreaked havoc across the country's textile industry, which is its biggest private-sector employer with more than 30,000 workers. About 12,000 of them work for garment factories exporting to the U.S. market, supplying American retailers such as Levi's and Wrangler. The Associated Press reported this week that clothing manufacturer Tzicc has seen business dry up ahead of the expected tariff increase, sending home most of its 1,300 workers who have made and exported sportswear to American stores, including JCPenney, Walmart and Costco. David Chen, chairperson of the Lesotho Textile Exporters, has warned that the U.S. government's move to reduce the tariffs offers little relief for the struggling industry as their competitors have lesser tariffs. 'Other countries which we are competing against are already being charged 10%, which makes it difficult for us to compete on an equal footing,' said Chen, singling out the East African country of Kenya as its strongest competitor with a more favorable 10% tariff. 'As a result, many factories will have to shut down,' Chen said. 'They had already been forced to lay off workers when the tariffs were first announced in April.' According to the Office of the U.S. Trade Representative, in 2024, U.S.-Lesotho bilateral trade stood at $240.1 million. Apart from clothing, Lesotho's exports also include diamonds and other goods. Lesotho is classified as a lower-middle-income country by the World Bank, and nearly half of its 2.3 million population live below the poverty line, while a quarter are unemployed. Lesotho's minister of Trade, Industry and Business Development, Mokhethi Shelile, said that while several meetings with U.S. trade representatives led to a reduced tariff, more needed to be done to lower it further. 'We remain committed to pushing for a further reduction to the minimum tariff level of 10%, which is essential for our textile sector to compete effectively in the U.S. market,' he said. 'I have already communicated with the U.S. Embassy regarding continued negotiations.' Lesotho's neighbor and trading partner, South Africa, is also reeling after Trump announced a reciprocal 30% tariff for the country, which is expected to significantly affect its agriculture and manufacturing sectors, among others. Phakela writes for the Associated Press.
