US market today: Dow slips on Tesla drag, Nasdaq lifted by Alphabet; trade deal hopes support sentiment
The Nasdaq Composite gained 0.3% to 21,081.49 in early trade, led by a nearly 3% rise in Google-parent Alphabet. The company posted a better-than-expected $28.2 billion quarterly profit, citing strong demand for AI services, AFP reported.
However, the Dow Jones Industrial Average slipped 0.5% to 44,779.70 as Tesla dragged the index lower. Shares of the EV maker tumbled around 8% after CEO Elon Musk flagged a 'rough patch' for earnings ahead.
Chipotle Mexican Grill and Dow Chemical also fell sharply, each losing more than 10%.
The S&P 500 was up 0.2% at 6,371.86.
'There is underlying enthusiasm for more trade deals being struck before the August 1 deadline,' said Patrick O'Hare of Briefing.com, noting improved market sentiment after the US-Japan agreement that capped tariffs at 15%.
Meanwhile, the European Central Bank kept interest rates unchanged, signalling a wait-and-watch approach on the outcome of eurozone-US trade talks.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
6 minutes ago
- First Post
Trump's 50% tariffs fail to hit $30 bn of Indian exports: Pharma, smartphones exempted
Despite US President Donald Trump's decision to double tariffs on Indian goods to 50% from August 6, a major chunk of Indian exports worth nearly $30 billion remains untouched for now. Key sectors like pharmaceuticals and electronics including smartphones and semiconductors continue to enjoy exemptions under a carve-out list that shields them from higher duties. The tariff hike, justified by the Trump administration as a response to India's continued procurement of Russian energy and arms is expected to impact India's labour-intensive export segments. However, shipments of critical products such as medicines, mobile phones and energy supplies have been spared at least for the moment. STORY CONTINUES BELOW THIS AD In FY25, India exported pharmaceuticals and electronics worth $10.5 billion and $14.6 billion respectively to the US, together accounting for over 29% of its total exports to America which stood at $86.5 billion. Interestingly, India's petroleum exports amounting to $4.09 billion have also been excluded from the latest tariffs due to their placement in the energy exemption list. These high-value categories had previously escaped the initial 25% tariff announced on July 30 as well. While these exemptions offer temporary relief, uncertainty remains. Trump has warned of tariffs going as high as 250% on foreign-manufactured pharmaceuticals and the status of smartphones may shift depending on future policy decisions. The executive order signed on August 6 clarified that all goods currently listed under exemptions would continue to receive preferential access to the US market at lower or zero tariffs. The original 25% tariff was introduced after talks to finalise a limited trade deal between the two countries collapsed. That move, which takes effect on August 7, paved the way for this latest escalation. India and the US are still working towards concluding a broader Bilateral Trade Agreement (BTA), targeted for finalisation by the end of the year.
Hindustan Times
6 minutes ago
- Hindustan Times
Brazil's President Lula plans joint statement with PM Narendra Modi, other BRICS leaders on Donald Trump's tariffs
Brazilian President Luiz Inacio Lula da Silva on Wednesday indicated his plans to call PM Narendra Modi and other leaders of the BRICS bloc in response to the tariffs imposed by US President Donald Trump. Brazil's President Luiz Inacio Lula da Silva speaks during an interview with Reuters at the Alvorada Palace, in Brasilia, Brazil, He said he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS.(REUTERS) The US tariffs on Brazilian goods jumped to 50% on Wednesday, but Lula said that his country won't announce any reciprocal measures. Instead, the Brazilian President told Reuters in an interview that he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS to discuss the possibility of a joint statement on Trump's tariffs. Trump had announced that the US would impose an additional 10 per cent tariff on 'any country aligning themselves with the Anti-American policies of BRICS' with 'no exceptions'. The BRICS countries, including India, had released a joint declaration voicing 'serious concerns' about the 'rise of unilateral tariff and non-tariff measures' in an apparent jibe at the Trump administration's trade policy. Lula might be looking for a more stinging statement from BRICS this time around. Brazil President doubles down on not calling Donald Trump Brazil's President Luiz Inacio Lula da Silva is in no rush to ring the White House, doubling down on his earlier statement that he wouldn't call Donald Trump to hold talks over the tariff issue. "The day my intuition says Trump is ready to talk, I won't hesitate to call him. But today my intuition says he doesn't want to talk. And I'm not going to humiliate myself," Lula told Reuters. Lula described the US-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demand for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election. The President said Brazil's Supreme Court, which is hearing the case against Bolsonaro, "does not care what Trump says and it should not," adding that Bolsonaro should face another trial for provoking Trump's intervention, calling the right-wing former president a "traitor to the homeland." "We had already pardoned the US intervention in the 1964 coup. But this now is not a small intervention. It's the president of the United States thinking he can dictate rules for a sovereign country like Brazil. It's unacceptable," Lula said. Despite Brazil's exports facing one of the highest tariffs imposed by Trump, the new US trade barriers look unlikely to derail Latin America's largest economy, giving its President more room to stand his ground against Trump than most Western leaders.
India Today
6 minutes ago
- India Today
Federal court upholds SEC ‘gag rule' in 3-0 ruling over free speech objections
A federal appeals court on Wednesday upheld the US Securities and Exchange Commission's so-called "gag rule," rejecting a claim it illegally silences defendants who want to criticise the regulator after settling civil enforcement a 3-0 decision, the 9th US Circuit Court of Appeals said the rule was not unconstitutional on its face, but could violate the First Amendment depending on how it is rule, reflecting SEC policy dating to 1972, often requires settling defendants to say at least that they neither admit nor deny the regulator's allegations. Twelve petitioners had been appealing the SEC's decision in January 2024 not to amend the rule, including eight people whose SEC settlements triggered petitioner, former Xerox chief financial officer Barry Romeril, took a similar case to the US Supreme Court in 2022 in an appeal backed by billionaire and longtime SEC critic Elon Musk, but that court refused to consider Wednesday's decision, Circuit Judge Daniel Bress said that while some defendants find the rule coercive, they remained free not to settle, and instead to speak out against the also said the SEC had an interest in deciding how to try its own cases, including by giving defendants different options, knowing that scrapping the rule could lead to fewer settlements."Provided that any limitation on speech remains within proper bounds, and given the background ability to waive First Amendment rights at least to some extent, the SEC has an interest in giving defendants the option to agree to a speech restriction as part of a broader settlement agreement," Bress said challenges to applying the rule could still be brought before the SEC brings enforcement cases, while judges consider settlements, or when the SEC reopens settled cases because of alleged petitioners included the New Civil Liberties Alliance, which challenges perceived administrative law senior litigation counsel Peggy Little said in a statement the nonprofit was disappointed. "Past practice does not excuse unconstitutional government action," she SEC had no immediate Commissioner Hester Peirce dissented from the regulator's decision not to amend the found "scant factual basis" for the rule, and said prohibiting denials of wrongdoing "prevents the American public from ever hearing criticisms that might otherwise be lodged against the government, let alone assessing their credibility."- Ends
