US stock market today: S&P 500, Dow Jones, Nasdaq fall, Health care stocks tank
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US Stocks gave up early gains and closed lower on Wall Street, led by drops in health care companies. The S&P 500 fell 0.4 per cent on Thursday. The Dow Jones Industrial Average lost 0.7 per cent, and the Nasdaq composite slipped less than 0.1 per cent. Health care stocks sank after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Meta Platforms surged after the parent company of Facebook and Instagram crushed Wall Street's sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence. According to preliminary data, the S&P 500 lost 19.33 points, or 0.37 per cent, to end at 6,339.31 points, while the Nasdaq Composite gained 8.40 points, or 0.04 per cent, to 21,138.08. The Dow Jones Industrial Average fell 320.83 points, or 0.72 per cent, to 44,140.45.Of the 297 companies in the S&P 500 that have reported earnings through Thursday morning, 80.8 per cent have topped analyst expectations, according to LSEG data, compared with the 76 per cent beat rate over the past four quarters.The S&P 500 had risen as much as 1 per cent and the Nasdaq as much as 1.5 per cent earlier in the session. The Nasdaq has not logged a move of at least 1 per cent in either direction since July 3 while the S&P last recorded a daily 1 per cent move on June 24. Earlier economic data from the Commerce Department report showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify in the coming months, while weekly initial jobless claims signaled the labor market remained on stable footing.Investors will now eye Friday's non-farm payrolls report and a looming tariff deadline, as U.S. President Donald Trump was expected to issue higher final duty rates for countries that have not reached an agreement, although Mexico was granted a 90-day reprieve.U.S. stocks have rallied after a sharp selloff that began in early April after Trump announced a bevy of sharp tariffs, only to rebound as deals have been struck with many trading partners on duty levels. The Dow, S&P 500 and Nasdaq recorded their third straight monthly gain. Drug stocks were also weaker after the White House said Trump sent letters to the CEOs of 17 major pharmaceutical companies, urging immediate action to lower the cost of prescription drugs for Americans. The NYSE Arca pharmaceutical index was down 2.3 per cent.A1. Top three indexes of US Stock Market are S&P 500, Dow Jones, Nasdaq.A2. Of the 297 companies in the S&P 500 that have reported earnings through Thursday morning, 80.8 per cent have topped analyst expectations, according to LSEG data, compared with the 76 per cent beat rate over the past four quarters.
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First Post
7 minutes ago
- First Post
India needs strategic patience to sail through Trump's tariff storm
On July 30, 2025, US President Donald Trump unveiled a sweeping 25 per cent tariff on Indian exports, effective August 7, alongside threats of penalties for India's continued purchase of Russian oil and military hardware. Justified by Trump as retaliation for India's 'far too high' tariffs and 'strenuous and obnoxious non-monetary trade barriers', this move severely disrupts an expanding trade partnership. More troubling is the proposed 100 per cent secondary tariff on nations dealing in Russian oil—especially damaging for India, which sources around 35 per cent of its crude from Russia. These measures risk entangling trade, energy security, and defence in a complex geopolitical crossfire. STORY CONTINUES BELOW THIS AD India–US Trade Snapshot India is the US' ninth-largest trading partner, and the US is India's largest export destination. In 2024, bilateral trade (per Indian sources) stood at $136.7 billion—with India exporting $91.2 billion and importing $45.5 billion, yielding a $45.7 billion surplus for India. U.S. data shows bilateral goods trade at $129.2 billion, with exports to India at $41.8 billion and imports from India at $87.4 billion. This trade imbalance remains a sore point for Washington. While Trump has dubbed India the 'tariff king', the actual weighted average tariff on US imports is under 5 per cent, well within WTO limits. However, India does levy higher duties on specific items like whisky, wines, and automobiles—similar to protectionist policies adopted by many other nations, including the US. India's major exports to the US in 2024 included electrical and electronic equipment ($14.4 billion), pharmaceuticals ($12.73 billion), and precious metals and stones ($11.88 billion). Conversely, US exports to India comprised mineral fuels ($12.6 billion), precious stones ($5.31 billion), and machinery ($3.29 billion), along with soybeans ($2.2 billion). Tariff Dynamics Before the Trump Shock Before Trump's announcement, US tariffs on Indian goods averaged 2.5 per cent, while Indian duties ranged from 10 per cent to 80 per cent depending on the sector—with high rates on agricultural products like apples and rice. Non-tariff barriers, especially in agriculture and pharmaceuticals, have long frustrated US businesses. Trump has used tariffs as a pressure tool to counter the trade deficit under the guise of protecting US industries. STORY CONTINUES BELOW THIS AD From India's perspective, the US administration has ignored the significant American advantage in India's services and education sectors. Furthermore, India's obligations to safeguard farmers' livelihoods, sensitivities regarding dairy products, ensure energy security, and maintain affordability restrict its capacity to yield to US expectations. Fallout The new 25 per cent tariff raises average duties on Indian goods to 27 per cent, affecting key sectors such as auto parts, electronics, steel, and aluminium. Even iPhones assembled in India may see price hikes. Projections suggest a 10 per cent to 50 per cent drop in Indian exports in these sectors—amounting to annual losses of up to $3 billion. India, with 1.4 billion people and the world's fourth-largest economy, aims to double trade with the US to $500 billion by 2030. However, Trump's tariffs threaten this goal, potentially trimming 0.3–0.5 per cent off India's projected 6.5 per cent GDP growth for 2025 (as per HSBC). For US consumers, these tariffs will likely spark inflation, especially in healthcare affordability. Tariff revenues—estimated to constitute 5 per cent of federal income in 2025—are intended to offset Trump's tax cuts and support domestic manufacturing. Yet economists, including JP Morgan, predict a US GDP slowdown to 1.6 per cent and supply chain disruptions, given India's crucial role in supplying generics, pharmaceuticals, and electronics. STORY CONTINUES BELOW THIS AD Strategically, these tariffs risk alienating a key Indo-Pacific partner, undermining US efforts to counter China. The punitive measures could push India closer to the Russia-China-India (RIC) alignment. India imported $40 billion of Russian oil in 2024 (forming 35 per cent of India's energy imports). A 100 per cent secondary tariff on this trade would spike India's import bill, increase inflation, strain fuel subsidies, and derail fiscal targets—especially problematic in an election year. In defence, India's 36 per cent dependency on Russian arms (down from 55 per cent in 2019) makes it vulnerable to US sanctions, particularly regarding high-value systems like the S-400. While compliance compromises strategic autonomy, non-compliance risks further penalties. Given the perceived unreliability of US foreign policy, India may be inclined to take calculated risks. A Web of Sticking Points Agriculture is India's red line. The US demands greater access to India's protected agricultural market, particularly in dairy and grains. But with 45 per cent of the population reliant on farming, India faces high political costs in liberalising this sector. STORY CONTINUES BELOW THIS AD India is unlikely to emulate US allies like Japan or the EU in offering zero-tariff concessions, owing to security dependencies. Indian exports of auto parts, steel, aluminium, and electronics face the steepest tariffs. Less-affected sectors like textiles and gems may still lose market share to Vietnam and Bangladesh. In retaliation, India could target US exports such as soybeans and aircraft—although this could impact its aviation sector if the UK cannot meet shortfalls. Domestic Compulsions India's trade policy is constrained by domestic politics. Any concessions on agriculture risk electoral backlash. Micro, Small, and Medium Enterprises (MSMEs), which drive Indian exports, would be severely impacted by higher US tariffs. Energy security remains paramount, and Russian oil provides affordable options not easily replaceable. Strategic autonomy underpins India's foreign policy. Aligning too closely with either Washington or Moscow would compromise this balance. Given Trump's recent policy unpredictability, abandoning a reliable partner like Russia seems unjustified. Balancing Act Trump's tariff blitz leaves India with limited but critical choices. These include: STORY CONTINUES BELOW THIS AD Negotiate a Selective Trade Deal: India may pursue a limited deal, lowering tariffs on non-sensitive imports like machinery, liquor, hydrocarbons, motorbikes, and soybeans—while resisting US demands on agriculture and dairy. It must stand firm on energy affordability for its vast poor population. From August 1, 2025, India should absorb the tariffs temporarily without rushing into a disadvantageous deal. It should protect MSMEs, prioritise growth, and wait out the 10-day deadline on secondary tariffs, monitoring US–China negotiations. This appears to be the most prudent approach. Diversify Markets: India should expand exports to Asean, the EU, and Africa. Deepening ties with Brics nations can also cushion the impact. Though these markets lack the scale of the US, diversification reduces dependency and future coercion risks. Aggressive pursuit of FTAs and strategic partnerships is essential. Strategic Reduction in Russian Trade: India can gradually diversify oil imports to the Middle East or the US and broaden arms sourcing to France, Israel, and others. However, higher costs and strong Russia ties complicate this transition. India can redirect exports to Asean, the EU, and Africa, though with smaller profit margins. STORY CONTINUES BELOW THIS AD Self-Reliance: Strengthening the Atmanirbhar Bharat campaign for defence and tech manufacturing is vital. Past disruptions, like Covid, have shown India's capacity to localise supply chains—a trend that must accelerate. Controlled Retaliation: If unavoidable, India must retaliate proportionately with tariffs on high-profile US goods like aircraft, oil, whisky, and motorcycles. Such a move risks escalation but may be necessary to defend sovereignty and prevent future coercion. Brics Brics nations face similar US tariffs—34 per cent on China, 50 per cent on Brazil. The concept of a coordinated Brics response is attractive but lacks momentum. India-China rivalry and Russia's economic constraints limit cohesion. While alternate payment systems (eg, rupee-ruble trade) are being explored, intra-Brics trade ($700 billion) pales in comparison to their $5 trillion trade with the US. However, if Trump follows through with 100% tariffs on BRICS and 500% on countries trading with Russia, he may inadvertently force BRICS closer. This could catalyze a realignment toward the RIC format. STORY CONTINUES BELOW THIS AD Realistic Road Ahead India's optimal response blends diplomacy, economic recalibration, and strategic signalling. A selective trade deal protecting sensitive sectors while retaining competitiveness is key. Simultaneously, India must diversify exports, reduce reliance on Russian oil and arms incrementally, and boost domestic manufacturing. Subsidies for impacted exporters and tax relief for MSMEs can cushion the blow. By reinforcing its role as a democratic counterweight to China, India can retain geopolitical leverage while defending long-term interests. Trump's tariff offensive poses serious challenges—but India possesses considerable leverage. Through smart negotiation, diversification, and strategic patience, India can weather the storm and emerge stronger, with a more resilient and self-reliant economic framework. Diplomacy, reform, and national resolve will be India's guiding tools in navigating this turbulent phase. The author is a strategic and security analyst. He can be reached at Facebook and LinkedIn as Shashi Asthana, @asthana_shashi on Twitter, and personal site. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Mint
7 minutes ago
- Mint
Asia's manufacturing shows pockets of resilience amid trade turmoil—India surges, China slows
New Delhi: Manufacturing activity across Asia's export-driven economies showed a mixed picture in July, with early signs of resilience in some markets despite deepening global trade tensions and the US tariffs. India and Vietnam posted gains, while China's factory momentum softened. Meanwhile, much of Southeast Asia continued to struggle, dragged down by weak external demand and persistent uncertainty around global supply chains. The S&P Global ASEAN Manufacturing Purchasing Managers' Index (PMI) edged into expansion territory in July, rising to 50.1 from 48.6 in June, just above the neutral 50 mark that separates growth from contraction. The divergence in regional performance reflects broader shifts in global demand, China's ongoing economic challenges, and heightened geopolitical tensions that are beginning to reshape trade flows across Asia. India, Vietnam report strong growth India's manufacturing sector activity rose to a 16-month high in July on the back of expansion in output and new orders. The HSBC India Manufacturing PMI, compiled by S&P Global, rose to 59.1 in July from 58.4 in June. It was 57.6 in May, 58.2 in April. and 58.1 in March. A reading above 50 indicates expansion. The S&P Global Vietnam Manufacturing PMI was 52.4 in July, up from 48.9 in June and back above the 50 mark for the first time in four months. Vietnam's manufacturing sector returned to growth in July, driven by a rebound in new orders and rising production, even as exports remained weak due to tariffs and employment neared stabilisation, the PMI survey said. The Philippines and Thailand also recorded growth in manufacturing activity, though at a slower pace than India and Vietnam. Rising for the second consecutive month, the S&P Global Philippines Manufacturing PMI edged up to 50.9 in July from 50.7 in June, signalling a modest but strengthening recovery, the sharpest improvement in operating conditions since April. Despite reporting slower growth than India, Thailand's manufacturing sector expansion, like that of the Philippines, accelerated in July. Thailand's Manufacturing PMI rose to 51.9 in July from 51.7 in June, staying above the 50 mark for a third consecutive month and recording the sharpest improvement in factory conditions in nearly a year. China's momentum falters In China, manufacturing momentum lost steam, underscoring persistent structural challenges in the world's second-largest economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, In contrast, the Global Manufacturing PMI, compiled by S&P Global and sponsored by J.P. Morgan, slipped from 50.4 in June to 49.7 in July, signalling a mild deterioration in business conditions, the third decline in four months. Southeast Asia slows In contrast, several Southeast Asian manufacturing hubs continued to face headwinds in July. Indonesia's Manufacturing PMI edged up to 49.2 from 46.9 in June, marking a fourth consecutive month below the neutral 50 threshold, though the pace of contraction eased marginally. Malaysia's PMI rose to 49.7 in July from 49.3 in June, signalling a slight improvement but still indicating a mild deterioration in manufacturing health. It was the softest decline recorded in five months. Singapore's manufacturing momentum also softened, with the S&P Global PMI slipping to 51 in June from 51.5 in May. July data is expected on 5 August. Outlook clouded by trade frictions That said, the broader outlook remains clouded by escalating trade tensions, as Asian manufacturers grapple with a volatile global environment. Last week, US President Donald Trump announced reciprocal tariffs on Indian exports, imposing a 25% duty starting this month, along with additional penalties for purchasing oil and military hardware from US-sanctioned Russia. In comparison, tariffs on exports from Indonesia, the Philippines, and Cambodia are set at 19%, Vietnam at 20%, and Malaysia at 25%. Meanwhile, most Chinese goods continue to face a 30% US tariff, though China has lowered its reciprocal duties on American products to 10%. India, notably, is contending with higher reciprocal tariffs than many of its regional peers, raising fresh concerns for its export competitiveness. To this extent, Goldman Sachs Economic Research, in its report last week, trimmed its real GDP growth forecasts for India by 10 basis points for 2025 and 20 basis points for 2026, citing the impact of Trump's reciprocal tariff on Indian imports. The investment bank now projects India's economy to grow at 6.5% in 2025 and 6.4% in 2026. 'In our view, some of these tariffs are likely to be negotiated lower over time, and further downside risk to the growth trajectory mainly emanates from the uncertainty channel," Goldman Sachs said.
Economic Times
10 minutes ago
- Economic Times
Subterranean tunnels, safe rooms, and seclusion: Inside Mark Zuckerberg's massive Koolau Ranch in Hawaii
Synopsis Mark Zuckerberg's Koolau Ranch in Kauai, Hawaii, has grown into a 2,300-acre estate, sparking controversy over land privatization and its impact on the local community. The estate features high-security residential compounds, including an underground bunker, raising concerns about cultural displacement and accessibility for native residents. According to reports, the Koolau Ranch has a dozen buildings with at least 30 bedrooms and 30 bathrooms in total. Facebook founder Mark Zuckerberg owns a massive estate in Hawaii that continues to spark public interest and local backlash. It began in 2014, when Zuckerberg purchased 700 acres on the lush north shore of Kauai for $100 million. Over the next decade, that initial investment quietly expanded into a secluded 2,300-acre property now known as Koolau Ranch—an ultra-private compound that has become a lightning rod in discussions about land ownership, cultural preservation, and wealth inequality in Hawaii. What started as one of Hawaii's most high-profile land deals soon grew through a series of discreet acquisitions. By strategically purchasing adjacent plots, Zuckerberg stitched together what is now one of the largest privately owned estates on the island. Koolau Ranch spans agricultural fields, conservation zones, and heavily secured residential complexes. According to building permits, aerial surveys, and investigative reports, the estate features at least two main homes connected by underground tunnels. Scattered throughout the property are guest accommodations, wellness centers, and additional facilities—many of them hidden from view. One of the most striking features is a 5,000-square-foot underground bunker, reportedly outfitted with reinforced doors, emergency exits, and safe rooms. For perspective, the bunker alone is nearly the size of an NBA basketball court and more than double the area of an average American home. The estate reportedly includes self-sufficient energy and food systems. Reports claim that Koolau Ranch includes a dozen buildings with at least 30 bedrooms and 30 bathrooms in total. Guest houses and operational facilities are said to be connected via rope bridges, and the property also features 11 disc-shaped treehouses. One structure is reportedly designed to include a full-sized gym, multiple swimming pools, a sauna, hot tub, cold plunge, and even a tennis court. While Zuckerberg's representatives emphasize sustainable architecture and a commitment to the environment and local communities, the project's secretive nature—reinforced by non-disclosure agreements signed by staff—has only fueled curiosity and suspicion. Despite promises of responsible land use, many Native Hawaiians view the Koolau Ranch development as a symbol of cultural erasure and the growing inaccessibility of ancestral lands. Critics argue that estates of this magnitude contribute to inflated property prices and displacement of local residents. The broader conversation around Koolau Ranch reflects a deeper societal divide. Supporters cite the philanthropic efforts of Zuckerberg and his wife, Priscilla Chan—such as a $75 million donation to a hospital in San Francisco—while detractors question the optics and ethics of tech billionaires building hyper-private retreats in places rich with cultural significance.
