Wall Street slips as oil falls, Dow drops 100+ points, S&P 500 nears end of 9-day winning streak
US stock futures
pointed toward losses as Wall Street opened on Monday, with major indices retreating amid a decline in oil prices and a rally in gold. The broader market faced pressure as traders reacted to shifting dynamics in global commodities, geopolitical tensions, and concerns over economic growth.
At 9:33 am GMT-4, the Dow Jones Industrial Average (DJIA) was down by 171.37 points, or 0.41%, trading at 41,146.06. The Nasdaq dropped 141.64 points, or 0.79%, to 17,836.09, while the S&P 500 decreased 43.6 points, or 0.77%, reaching 5,643.07.
On the commodities front, gold saw a significant rise, climbing 83.3 points or 2.57%, to reach 3,326.6. The precious metal's rally comes as investors flock to safer assets amid mounting market volatility.
In contrast, oil prices saw further declines, with US crude falling 0.89 points, or 1.53%, to 57.4, following an announcement from OPEC+ that it plans to boost output by 411,000 barrels per day starting June 1.
Meanwhile, the US 10-year Treasury yield edged higher by 0.006 to 4.326, reflecting slight upward pressure in the bond market, while the Euro gained 0.006 against the US dollar, rising to 1.136, a 0.54% increase.
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around
Blinkist: Andrew Ng's Reading List
Undo
Investor sentiment also saw a spike in the VIX, the volatility index, which jumped 1.37 points or 6.04%, to 24.05, indicating growing uncertainty as market conditions remain volatile.
Earlier, Futures for the S&P 500 slid 0.9%, Dow Jones Industrial Average futures lost 0.7%, and Nasdaq futures fell 1.1%.
Berkshire Hathaway
shares dropped by 3% after the surprise announcement over the weekend that CEO Warren Buffett would step down from the top role by the end of the year.
The board of directors at the cash-rich conglomerate voted on Sunday to retain the 94-year-old Buffett as chairman, a decision likely to reassure investors concerned about Berkshire's remarkable winning streak under his leadership of over six decades.
US benchmark crude oil saw a sharp decline of 4% overnight but recovered somewhat by early morning, falling 94 cents to $57.35 per barrel. Brent crude, the international standard, dropped 83 cents to $60.46 per barrel.
The OPEC+ group of eight oil-producing nations announced on the weekend that it would raise its output by 411,000 barrels per day starting June 1. The decision was attributed to strong fundamentals, though analysts speculated that it could also be aimed at aligning with US President Donald Trump's desires for lower oil prices, particularly ahead of his visit to the Middle East later this month.
Oil prices have fallen nearly 20% in the past three months as traders have factored in the potential impact of Trump's trade policies on the global economy.
Trump has made delivering lower gas prices a central talking point of his administration.
'Washington wants cheap energy, and Gulf producers still lean on US security guarantees; the White House bears down, they listen,' said Stephen Innes of SPI Asset Management.
'In that sense, the US president has become an unofficial swing vote inside OPEC+,' he added.
US crude oil is down about 17% for the year, hitting lows not seen since the US was recovering from the brief but sharp COVID-19 recession in early 2021.
According to AAA, the average price of gasoline is $3.17 per gallon, down from $3.66 per gallon a year ago. However, prices are falling to a point where many producers are struggling to turn a profit.
Late Sunday, President Trump announced on social media that he would impose a 100% tariff on all movies entering the US that are produced overseas. While it is common for both large and small films to involve production in the US and other countries, the specifics of how these tariffs would be implemented remain unclear.
Shares of The Walt Disney Co. and Warner Bros. Discovery each fell more than 2% after hours. Netflix dropped 4.5% before the bell.
The
US economy
has already shown signs of strain due to Trump's tariff policies, shrinking at a 0.3% annual rate during the first quarter of the year. This slowdown was attributed to a surge in imports as businesses tried to anticipate the impact of Trump's tariffs.
Many companies have been revising or withdrawing financial forecasts due to uncertainty over the costs of tariffs and their potential to depress consumer spending.
Markets were closed in Britain and much of Asia on Monday.
Germany's DAX rose 0.7%, while the CAC 40 in Paris slipped 0.6%.
Australia's S&P/ASX 200 lost 1% to 8,157.80, and Taiwan's Taiex declined by 1.2%.
The US dollar weakened to 143.83 Japanese yen from 144.71 yen.
The euro climbed to $1.1344 from $1.1306.
On Friday, Wall Street extended its gains to a ninth consecutive day, marking its longest winning streak since 2004. The market has reclaimed much of the ground lost following President Trump's escalation of the trade war in early April.
Heading into Monday's open, the S&P 500 is still down 3.3% year-to-date and remains 7.4% below its record high from February.
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
25 minutes ago
- First Post
'Not a single policymaking person who knows Russia,Ukraine' as Trump heads for talks with Putin
Negotiations with Moscow have been handled not by diplomats steeped in years of Russia policy, but by real estate developer Steve Witkoff, who has no background in foreign affairs When Donald Trump steps into a room with Vladimir Putin in Alaska on Friday (August 15), the setting will be a far cry from his first headline-grabbing encounter with the Russian leader in Helsinki six years ago. That summit went so poorly that Fiona Hill, his then top Russia adviser, later admitted she had considered faking a seizure to shut it down. This time, there are unlikely to be any Russia specialists within arm's reach of the president. In his second term, Trump has purged swathes of the federal workforce, elevated loyalists over seasoned experts and sidelined the traditional machinery of foreign policy. STORY CONTINUES BELOW THIS AD Negotiations with Moscow have been handled not by diplomats steeped in years of Russia policy, but by real estate developer Steve Witkoff, who has no background in foreign affairs. Former ambassador Eric Rubin says Trump 'does not have a single policymaking person who knows Russia and Ukraine advising him', Financial Times reported. Ordinarily, before a meeting of this magnitude, the US national security council (NSC) would be corralling input from across government to prepare the president for anything Putin might throw at him. Known for his command of detail and skill in exploiting gaps in an opponent's knowledge, Putin has been in power for a quarter of a century. That process has been hollowed out. Dozens of foreign policy and national security officials were forced out of the NSC in May. More than 1,300 state department employees were let go last month, including many analysts covering Russia and Ukraine. The diplomatic corps has also been hit hard; the American Foreign Service Association estimates around a quarter of foreign service officers have quit since January. Top posts dealing with Russia and Ukraine remain unfilled. The administration insists the cuts will make the government 'leaner' and more responsive. Deputy White House press secretary Anna Kelly said Trump still gets input from leaders at the state department, NSC and intelligence agencies before making decisions. But in practice, the most senior roles are concentrated in the hands of a few figures, including secretary of state Marco Rubio, who is also serving as acting national security adviser. STORY CONTINUES BELOW THIS AD Trump has said the Alaska meeting will be 'a feel-out' and that he will know 'within two minutes' whether progress is possible. 'I may say 'lots of luck, keep fighting', or I may say 'we can make a deal',' he told reporters this week. For many former officials, that approach rings alarm bells. Daniel Fried, a former ambassador to Poland, warned: 'You can't have him and Witkoff winging it because they just don't know enough. You need somebody in the room who can just look at the president, roll his eyes and shake his head.' In Helsinki in 2018, Trump publicly questioned his own intelligence agencies' findings on election interference, accepting Putin's denials instead. Back then, he had what were described as the 'adults in the room' – experienced hands who tried to temper his impulses. John Bolton, his national security adviser at the time, recalled trying to brief Trump on nuclear weapons during the flight to Helsinki, while the president watched a football match. STORY CONTINUES BELOW THIS AD This time, those guardrails are gone. Fried put it bluntly: 'This is not an administration that is going to have an experts-led process.'
News18
35 minutes ago
- News18
US is now Tariff King of the world: Former diplomat Vikas Swarup
New Delhi [India], August 14 (ANI): Noting that India has done the 'right thing" by not caving in to the Trump administration's pressure in trade talks to provide more access to the country's agriculture and dairy sectors, former diplomat Vikas Swarup has said 'the US called India a 'Tariff King' but now the 'Tariff King' in the world is the United States".In an interview with ANI, Vikas Swarup, who is a former High Commissioner to Canada, said steps being taken by the US President Donald Trump will eventually lead to ratcheting up inflation in America. 'US called India a 'Tariff King'. But now the 'Tariff King' in the world is the United States because our average tariff is about 15.98%. The US tariff today is 18.4%. So, it is now the 'Tariff King' of the world. But the fact is, tariffs are bringing in money. They will bring in about a 100 billion dollars a year for the US. But the issue is that eventually who will pay for these tariffs? By American consumers. So, what's going to happen is this is going to ratchet up inflation in America, it's going to ratchet up prices in America. I think that's when the chickens will come home to roost," he said.'If you cave in to a bully then the bully will increase his demands. Then there will be even more demands. So, I think we have done the right thing. India is too large, too proud a country to become a camp follower of any other country. Our strategic autonomy has been the bedrock of our foreign policy right from the 1950s. I don't think that any Govt in Delhi can compromise on that," says former diplomat Vikas Swarup on the tariff rift between India and the US," he added. President Trump announced 25 per cent tariffs on Indian goods plus an unspecified penalty in July, even as there were hopes of an interim India-US trade deal that would have otherwise helped avoid elevated tariffs. A few days later, he imposed another 25 per cent tariff, taking the total to 50 per cent, over India's imports of Russian Opposition questioning India's Foreign Policy and diplomacy, Vikas Swarup said India should not cave in to any pressure as India's strategic autonomy is non-negotiable'Here, I would not blame our diplomats at all. I think what has happened is Pakistan, through some intermediaries, has gotten the ear of the US President and that is why, two visits by Asim Munir to Washington, the so-called 'deal" with America on so-called 'oil reserves" of Pakistan. More importantly, I think Pakistan is now trying to position itself as the 'Crypto King' of South Asia and there, through World Liberty Financial in which Trump's family has stakes, Steve Witkoff's family has a stake, through that I think Pakistan has managed to project an image of itself as a reliable partner…All these things have led to Trump having a softer approach towards Pakistan," he said. 'But that does not mean that he has given up on India or that India is now an adversary for him. I think this is part of his pressure tactics to secure a more favourable deal. India should not cave in because our strategic autonomy is non-negotiable," he Swarup, a noted author, said Trump has made no secret of his longing for the Nobel Peace Prize and while he is a dealmaker, he has now made it his USP that he is the peacemaker.'On 50% tariffs imposed by the US on India, former diplomat Vikas Swarup says, 'Trump is a dealmaker and he has now made it his USP that he is the peacemaker. Look at the number of conflict situations that he has mediated in, whether it is Thailand and Combodia, Rawanda and Democratic Republic of Congo, Armenia and Azerbaijan; he has injected himself into each of those. He feels that the biggest one of these was the India and Pakistan one because these two are nuclear powers," Vikas Swarup said. 'So, from that point of view, Trump feels that he deserves credit and Obama is the only Amercian President to have got the Nobel Peace Prize. Trump really wants to do one better than Obama, and that is why, I think, he has made no secret of his longing for that Nobel Peace Prize. He is hoping that if he could not get it for these, if he has able to bring about a ceasefire between Russia and Ukraine, then that might be his ticket to the Nobel Peace Prize," he former diplomat said that there is a need to look at the US' relationship with Pakistan through a different lens from the US' relationship with India. 'I think the relationship with Pakistan right now is a very tactical one and is a short-term one, primarily motivated by the financial gain that the Trump family and Witkoff family hope to make from the cryptocurrency assets in Pakistan. With India, I think, the relationship is much more strategic. It is not so transactional as it is with Pakistan. That is why I personally feel that it is a passing phase. I call it a storm, not a rupture. You just have to wait out the storms. All storms eventually pass," he said there are three reasons US President Donald Trump has imposed 50 per cent tariffs on Indian goods including his 'being miffed that India has not acknowledged his role" in cessation of hostilities with Pakistan following Operation Sindoor, former diplomat Vikas Swarup has said, noting that if there is positive outcome of Alaska talks, Russia sanctions will be off the table.'We have to understand why these tariffs have been imposed. I personally feel that there are three reasons. One, Trump is not happy with India because we are a member of BRICS and somehow, in his head, he has got this notion that BRICS is an anti-America alliance which is hell-bent on creating an alternative currency to the dollar. So, because of that, he feels that India should not be a member of the BRICS. Two, Operation Sindoor and his so-called role in bringing about the ceasefire," Vikas Swarup said.'We have been saying right from the beginning that Trump had no role because we do not accept external mediation. This ceasefire was mediated directly between the DGMOs of Pakistan and India at the request of the DGMO of Pakistan. Trump has now said almost 30 times that it was he who got the two countries to stop back from the brink, who stopped a nuclear conflagration in the subcontinent. So, obviously he is miffed that India has not acknowledged his role, whereas Pakistan has not only acknowledged his role but has even nominated him for a Nobel Peace Prize," he to Bilateral Trade Agreement (BTA) talks between India and US, Vikas Swarup said Trump is resorting to pressure tactics to get India to sign on his maximalist demands.'…This is part of his pressure tactics to get India to sign on the dotted line on the maximalist demands that the US is making with regard to access to our dairy and agriculture and GM Crops. We have not caved in and it is also in a way a signal to Russia because he is also frustrated that he has not been able to get President Putin to agree to the ceasefire that Zelenskyy has agreed to," he Swarup referred to the summit meeting between President Trump and President Putin in Alaska on August 15 over the Ukraine conflict.'Now they are meeting in Alaska on 15th August. If there is a positive outcome of the Alaska talks then I am 100% sure that the Russia sanctions will be off the table because Putin is not going to accept a ceasefire and yet be saddled with economic sanctions," he and the US initiated talks for a just, balanced, and mutually beneficial Bilateral Trade Agreement (BTA) in March this year, aiming to complete the first stage of the Agreement by October-November April 2, 2025, President Trump signed an executive order for reciprocal tariffs on various trade partners, imposing varied tariffs in the range of 10-50 per subsequently kept the tariffs in abeyance for 90 days, while imposing a 10 per cent baseline tariff. The deadline was to end on July 9, and the US administration later pushed it to August the ongoing Monsoon session of Parliament, Commerce and Industry Minister Piyush Goyal made a statement in both Houses, affirming that the government is examining the impact of tariffs and will take all necessary steps to safeguard the national interest. (ANI)
Indian Express
an hour ago
- Indian Express
Textile industry seeks short term cash flow support to ease US tariff pain
The labour intensive-textile industry has asked the government for immediate cash support and moratorium on repayment of loans to endure the shock of steep 50 per cent US tariffs that could lead to job losses in industry. The industry during a key meeting at the Ministry of Textiles on Tuesday also sought a fast-tracking of free trade agreement (FTA) negotiations with the EU that could act as a cushion for losses in the US market. 'The industry is seeking support from the government to at least absorb 20-25 per cent tariffs hit from the US so that they can retain the market share as US buyers have stopped placing fresh orders and are asking the Indian exporters to absorb the tariffs,' a source told The Indian Express The apparel manufacturers have asked for faster implementation of the UK deal and fast tracking of EU trade deal that could ease the pain of US tariffs in the medium term, the source said. 'The manufacturers have pitched for re-introduction of Interest Equalization scheme and a focused textile market scheme,' the person quoted above said. The meeting, chaired by Union Textiles Minister Giriraj Singh, was called to discuss the challenges being faced by exporters in their order flows, especially amid the widening tariff differentials with other competing Asian countries after the recent imposition of secondary tariffs by the US on India. The Ministry of Textiles said in a statement that it has announced the constitution of four committees, comprising industry representatives, to submit time-bound recommendations on fiscal and ease-of-doing-business measures, structural reforms in the textile value chain, enhancing cost competitiveness and innovation, and achieving a target of $100 billion in exports by 2030. With the US being India's largest export market for the labour-intensive textile and apparel industry, textile exporters are under stress after the hike in import tariff to 25 per cent from August 7 by the Trump administration, which is set to rise further to 50 per cent on August 27. Textile and apparel exporters have been asking for support from the government as their orders have been hit with buyers either asking them to share the tariff hike burden or pausing the orders till further clarity emerges about the trade deal negotiations between India and the US. One of the major concerns raised by textile and apparel exporters in their representations to the government has been about a disruption in their cash flow with a reduction in orders by buyers from the US, officials said. 'Exporters are asking for sops. They are asking for soft loans or interest subvention schemes or focused market schemes. Their concern is that they should get cash in hand,' an official told The Indian Express. Exporters are hoping that the tariff hike is temporary and they are able to retain the orders as buyers are already shifting to other countries with lower tariffs such as Vietnam and Bangladesh, with India's 25 per cent reciprocal tariff exceeding those applicable to other competing Asian countries, except China. If the higher levies continue, there's also a worry in policy circles that the distress in the textiles and apparels sector could result in job losses. The government is engaging continuously with exporters to understand the evolving situation. 'Exporters have been communicating their issues. The government is taking their feedback and will provide the necessary support to them,' another official said. The Ministry of Finance has estimated that more than half of the country's merchandise exports to the US will be subject to the higher reciprocal tariff. The US is a key market for Indian Ready-Made Garments (RMG) exports; its share in India's total garment exports in 2024 stood at 33 per cent, as per the Apparel Export Promotion Council (AEPC). Home textiles and carpets are also significant export-oriented sectors, with exports accounting for 70-75 per cent and 65-70 per cent of total sales, respectively, for these sectors. Of this, the US accounts for 60 per cent of exports for home textiles and 50 per cent of exports for carpets. US President Donald Trump had announced a 25 per cent tariff on Indian goods in a post on social media platform Truth Social on July 30, with an additional but unspecified 'penalty' for importing energy and defence items from Russia. On August 6, the penalty was clarified to be an additional 25 per cent tariff that will be effective from August 27.
