US stocks swing to losses as earnings weigh; Fed meeting in focus
ADVERTISEMENT At 11:36 a.m. ET, the S&P 500 lost 14.45 points, or 0.23%, to 6,374.98, and the Nasdaq Composite lost 58.64 points, or 0.28%, to 21,119.59.
The Dow Jones Industrial Average fell 198.93 points, or 0.44%, to 44,638.52, about 460 points short of its record peak.
Quarterly results from key Dow components UnitedHealth and Boeing failed to impress investors. Health insurer UnitedHealth fell 5.1% after a disappointing profit forecast, while Boeing lost 3.7% despite reporting a smaller second-quarter loss.UnitedHealth's stock has lost nearly half its value from the beginning of 2025. On the day, the healthcare index lost 0.4%.Meanwhile, United Parcel Service became the latest victim of U.S. President Donald Trump's sweeping tariffs as the stock tumbled 9.3% after the company reported lower-than-expected second-quarter profit.
ADVERTISEMENT
Similarly, Whirlpool sank 10.8% after the home appliances maker slashed its annual earnings forecast and dividend, citing tariff-centric pressures.
The Dow Jones Transport Average dropped 2.1% to a one-week low.
ADVERTISEMENT Meanwhile, consumer confidence in July increased more than expected to 97.2. In June, U.S. job openings and hiring had decreased, pointing to a further slowdown in labor market activity.The week had started on firm footing after the U.S.-EU trade deal that halved tariffs to 15% and boosted expectations of more agreements ahead of Trump's August 1 deadline. Trump has also floated a potential "world tariff" of 15% to 20% for non-negotiating countries.
ADVERTISEMENT Key negotiations between the U.S. and China entered their second day in Stockholm as the world's two leading economies aim to resolve their trade conflict and possibly produce a 90-day extension to the tariff truce brokered in May.Meanwhile, India prepared for higher U.S. tariffs — potentially as high as 25% — on some exports as it opts to hold the line on new trade concessions ahead of Washington's deadline, according to two Indian government sources.
ADVERTISEMENT The International Monetary Fund was examining the details of the trade agreements the United States has struck in recent days to assess their economic impact.Earnings from tech heavyweights Meta, Microsoft , Amazon and Apple are scheduled later this week and could potentially steer Wall Street in the following days."For the Mag 7 names, it's going to be all about that CapEx spend - that AI spend continuing to be pretty robust... the market's going to take a lot of direction from that," said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers.The U.S. central bank is set to begin its two-day policy meeting later in the day. While the Fed is expected to leave rates unchanged on Wednesday, traders will closely analyze policymakers' remarks to gauge the timing of future moves.According to the CME FedWatch tool, markets are pricing in about a 61.6% chance of a rate cut in September.Declining issues outnumbered advancers by a 1.08-to-1 ratio on the NYSE and by a 2.09-to-1 ratio on the Nasdaq.
The S&P 500 posted 31 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 67 new highs and 56 new lows.
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
23 minutes ago
- Mint
Will US cut down India tariff if Russia-Ukraine deal goes through? US President says ‘will determine'
US President Donald Trump refused to give a specific answer about whether additional tariffs on India would be dropped if a deal between Russia and Ukraine were reached. Although he indicated it could happen, the US President was quoted by the Associated Press as saying during a press conference in the White House on Wednesday: 'We'll determine that later. But right now they're paying a 50% tariff.' Trump had earlier announced that the US will impose an additional 25% tariff on India because it continues to import Russian oil. The move raised tariffs on some Indian goods to as high as 50% — among the steepest faced by any US trading partner Trump said on Wednesday that India is "very close" to China in terms of its purchases of Russian oil and will pay tariffs of 50 per cent. ".... As you know, we put a 50-per cent tariff on India on oil. They are the second largest, they are very close to China in terms of the purchase of oil from Russia," Trump said in the Oval Office on Wednesday. He also threatened "secondary sanctions" on India. "It's only been 8 hours. So let's see what happens. You're going to see a lot going to see so much secondary sanctions," Trump said. He also hinted that the US administration could impose "more" similar sanctions on China. On being asked, "On the Indian penalties, do you have any similar plans to enact more tariffs on China', US President Donald Trump said, "Could happen. Depends on how we do. Could happen The additional 25 per centtariffs on India would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. India's Ministry of External Affairs [MEA] on Wednesday called the additional tariffs 'unfortunate." 'We reiterate that these actions are unfair, unjustified and unreasonable,' MEA spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Meanwhile, the White House said Wednesday that Trump could meet in person with Russian President Vladimir Putin as soon as next week as he seeks to broker an end to the war.
Mint
23 minutes ago
- Mint
Gold price today: Rates rise on mounting Trump tariffs worries; what should investors do?
Gold price today: Gold rates climbed in the domestic futures market Thursday (August 7) morning on rising concerns that US President Donald Trump's aggressive tariff policies will impede global economic growth. Mounting uncertainty about Trump tariffs is a key positive factor for safe-haven asset gold. MCX Gold October 3 contracts were up 0.16 per cent at ₹ 1,01,423 per 10 grams, while MCX Silver September 5 contracts were up 0.47 per cent at ₹ 1,14,187 per kg around 9:10 AM. Trump has imposed an additional 25 per cent tariff on Indian imports, taking the total US tariff to 50 per cent. Moreover, he has hinted at the imposition of 'secondary sanctions,' which remain unclear whether they will be imposed solely on India or on other countries as well. "The US President imposed an additional tariff of 25 per cent on India, giving an indication for imposing more tariffs on countries with which a trade deal is not yet finalised. Safe-haven buying is supporting gold and silver prices. Gold is trading near its long-term resistance of $3,454 per troy ounce, and if prices cross and sustain above these levels on a closing basis, could show further strength towards $3,480-3,509 per troy ounce," said Manoj Kumar Jain of Prithvifinmart Commodity Research. (This is a developing story. Please check back for fresh updates.) Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
Mint
23 minutes ago
- Mint
Apple's $600 billion US manufacturing commitment: 10 key things that change from iPhones to iPads and Watch
Tech giant Apple Inc. on August 6 announced a new $100 billion commitment to the United States of America, expanding its total investment in the country from $500 billion to $600 billion over the next four years — this is its highest ever funding push in the US. It also announced its 'American Manufacturing Program' or AMP, that outlined which Apple device components will now be manufactured in the US; and addition of 20,000 new jobs across its domestic facilities and supplier partnerships in the states of Arizona, California, Iowa, Kentucky, Nevada, New York, North Carolina, Oregon, Texas, and Utah. AMP is 'dedicated to bringing even more of Apple's supply chain and advanced manufacturing to the US', the company said, noting that it will 'incentivise global companies to manufacture even more critical components in the US'. Making his announcement at the White House, after US President Donald Trump announced Apple's expanded US committment, and claimed credit for it, CEO Tim Cook noted that the AMP initiative includes new and expanded work with 10 companies across America, that 'produce components that are used in Apple products sold all over the world.' 'We're going to keep building technologies at the heart of our products right here in America,' he added. Notably, speaking to investors earlier, Tim Cook had said that assembly of the company's flagship iPhones will remain 'elsewhere', without naming China and India, adding, but 'there's a lot of content (components) in there from the US, and we're very proud of it.' As per an official release from the company, two-thirds of Apple's parts and components made in the US are shipped to customers outside the country. At present, the tech giant said it 'partners with thousands of suppliers across all 50 states, supporting more than 450,000 supplier and partner jobs.' Over the next four years, the goal is to directly hire 20,000 people in the US — majority focused on R&D, silicon engineering, software development, and artificial intelligence (AI) and machine learning (ML). Apple's $600 billion investment in the US includes manufacturing at 79 local factories, expanded manufacturing with Corning, Teas Instruments, Broadcom and more; and 4,50,000 jobs with supplies and partners in across 50 states, the company said on August 6, 2025. Apple's first AMP partners include Corning, Coherent, GlobalWafers America (GWA), Applied Materials, Texas Instruments (TI), Samsung, GlobalFoundries, Amkor, and Broadcom. Fund a major expansion of Apple's long-standing partnership with Corning, bringing the world's largest and most advanced smartphone glass production line to a factory in Harrodsburg, Kentucky. The new $2.5 billion commitment to produce all of the cover glass for iPhone and Apple Watch in the Kentucky manufacturing facility, means that 100 per cent of the cover glass on iPhone and Apple Watch units sold worldwide will be made in the US for the first time. The two companies will also open a new Apple-Corning Innovation Center in Kentucky. in the Kentucky manufacturing facility, means that 100 per cent of the cover glass on iPhone and Apple Watch units sold worldwide will be made in the US for the first time. The two companies will also open a new Apple-Corning Innovation Center in Kentucky. Apple has also entered into a new multiyear agreement with Coherent, a long-standing partner that produces the VCSEL lasers that enable multiple features — including Face ID — on iPhone and iPad devices shipped around the world. This work takes place at Coherent's Sherman, Texas, facility. shipped around the world. This work takes place at Coherent's Sherman, Texas, facility. In July, Apple also committed to buying American-made rare earth magnets developed by MP Materials — the only fully integrated rare earth producer in the United States — significantly expanding their flagship Independence facility in Fort Worth, Texas. These magnets will become part of Apple devices shipped around the world. The two companies will also establish a cutting-edge rare earth recycling line in Mountain Pass, California. shipped around the world. The two companies will also establish a cutting-edge rare earth recycling line in Mountain Pass, California. Creation of an end-to-end silicon supply chain in the US, with partners in every key aspect of silicon production. This supply chain is on track to produce more than 19 billion chips for Apple products in 2025, it added. It includes TSMC in Arizona, which 'is producing tens of millions of chips for Apple' using one of the most advanced process technologies in America. Apple is this factory's first and largest customer. Apple is partnering with GlobalWafers America in Sherman, Texas, to produce advanced wafers for use in US-based semiconductor fabs for the first time. The other partner for American chip fabs include TSMC in Phoenix, Arizona. These wafers will be used to produce chips for iPhone and iPad devices sold in the US and exported globally. sold in the US and exported globally. Apple is also partnering directly with Applied Materials to boost the production of semiconductor manufacturing equipment in the US at the Applied site in Austin, Texas. manufacturing equipment in the US at the Applied site in Austin, Texas. Increase future product collaboration and critical US capacity with Texas Instruments for additional tool installations at its facility in Lehi, Utah, and a new facility in Sherman, Texas. These facilities will manufacture critical foundational semiconductors used for Apple products, including iPhone devices shipped in the US and around the world. devices shipped in the US and around the world. Apple is also working with Samsung GlobalFoundries at its fab in Austin, Texas, to launch an innovative new technology for making chips, that will optimise power and performance of Apple products, including iPhone . Apple is also working with Broadcom and GlobalFoundries to develop and manufacture additional cellular semiconductor components in the US. These components are crucial for 5G communications in Apple products . . Apple is also working with Broadcom and GlobalFoundries to develop and manufacture additional cellular semiconductor components in the US. These components are crucial for 5G communications in . Construction of Apple's Maiden, North Carolina data center that supports Apple's services such as iCloud, the App Store, Apple Music, iMessage, Apple TV+, Apple Sports, Apple Intelligence, and more.
