NFLX, MMM, AXP: U.S. Indices Turn Red as Trump Pushes 15% Tariff on European Imports
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The blue-chip Dow Jones Industrial Average was down 256 points, or 0.58%, while the benchmark S&P 500 index lost 0.17% after hitting a record high earlier in the trading session, and the technology-heavy Nasdaq Composite lost about 0.10%.
Stocks have turned red as Trump demands a minimum tariff of 15%, and perhaps as high as 20%, in any trade deal with Europe. The EU is racing to reach a trade deal with the U.S. ahead of Trump's self-imposed Aug. 1 deadline, when the president has vowed to begin implementing 30% tariffs on the European trading and currency bloc.
Tariffs Over Earnings
New tariff concerns appear to have taken precedence for investors over bullish economic data and strong corporate earnings. Data released on July 18 found that consumer sentiment in America is steadily improving. This report comes a day after the latest retail sales data showed stronger-than-expected spending on the part of consumers.
At the same time, second-quarter financial results continue to impress, with major companies such as Netflix (NFLX), 3M (MMM), and American Express (AXP) topping Wall Street forecasts. Unfortunately, news of the potential tariffs on the European Union is overshadowing the positive news.
Is the SPDR S&P 500 ETF Trust a Buy?
The SPDR S&P 500 ETF Trust (SPY) has a consensus Moderate Buy rating among 504 Wall Street analysts. That rating is based on 427 Buy, 71 Hold, and six Sell recommendations issued in the last three months. The average SPY price target of $679.22 implies 8.29% upside from current levels.
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