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Business Recorder
3 days ago
- Business
- Business Recorder
S&P, Dow slide as Trump turns up tariff heat on Canada
NEW YORK: The S&P 500 and the Dow fell on Friday and were headed for a downbeat week as President Donald Trump ramped up his tariff offensive against Canada, amplifying the uncertainty swirling around the US trade policy. Trump on Thursday announced a 35% tariff on Canadian imports, set to kick in next month, up from the 25% imposed in March, and warned that the levy could climb higher if Canada retaliates. The president also floated the possibility of a sweeping 15% or 20% tariff on other countries, up from the current 10% baseline. Caution also prevailed as the European Union braced for a possible formal letter from Trump, with details on fresh tariffs. At 11:47 a.m., the Dow Jones Industrial Average fell 0.68%, while the S&P 500 lost 0.27%. Eight of 11 sectors on the S&P 500 traded in the red, led by the materials index that dropped 1.3%. The S&P 500 and the tech-heavy Nasdaq were on course to close the week in the red, while the Dow looked set to end its three-week winning streak — the longest stretch since January — and braced for its steepest weekly drop in over a month. Markets this week remained mostly subdued. The only upside was Nvidia shattering all records to become the first company to top a $4 trillion valuation. Its shares hit a fresh record high on the day, helping the tech-heavy Nasdaq stay out of the red. The index held steady at 20,633.38 points. This week, Trump expanded his tariff campaign, taking aim at a wider range of countries — including allies such as Japan and South Korea — and slapping a 50% tariff on copper. Yet, the market response to this latest salvo was a far cry from the turmoil seen after April's 'Liberation Day' tariff announcements, which triggered the sharpest weekly losses for major indexes in nearly six years. Analysts are noting a growing sense of resilience among investors, who seem to be getting used to Trump's tariff threats. Investors are, however, on now guard for the upcoming earnings season, which they expect to provide fresh insight into how trade tensions are reverberating across corporate America. 'We believe expectations are a bit low for S&P 500 earnings. Much of the second quarter was marked with tariff and trade issues and that may have caused some dislocations in earnings,' said Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management. Denim maker Levi Strauss & Co jumped 10.9% after the company raised its annual revenue and profit forecasts and beat quarterly estimates. Meta Platforms fell 1.2%. A report said the company was unlikely to make more changes to its pay-or-consent model, potentially inviting fresh EU antitrust charges and hefty daily fines.
New York Post
3 days ago
- Business
- New York Post
S&P 500 slips from record high after Trump slaps Canada with 35% tariff
US stocks fell Friday and the S&P 500 slipped from a record high after President Trump slapped Canada with a 35% tariff and threatened higher levies on most other nations. The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46. The Dow Jones Industrial Average lost 262 points, or 0.6%, and the Nasdaq fell 0.3% by approximately 9:30 a.m. ET. Advertisement The S&P 500 plunged 0.4% to 6,253.10 after reaching a new record Thursday of 6,280.46. AP Trump on Thursday sent Canadian Prime Minister Mark Carney a letter alerting that the US would impose a 35% tariff on Canadian imports starting Aug. 1. He blamed the levies on a national fentanyl crisis and 'Canada's failure to stop the drugs from pouring into our Country.' That 35% tariff rate will only jump higher if Canada retaliates, Trump warned. Advertisement The president on Thursday also teased that the 10% across-the-board duty looming over most other nations could rise to as much as 20%. 'We're just going to say all of the remaining countries are going to pay, whether it's 20% or 15%. We'll work that out now,' Trump told NBC News' Kristen Welker. 'I think the tariffs have been very well-received,' he added. 'The stock market hit a new high today.' Advertisement His fresh tariff threats sent jitters through the stock market as economists have warned the taxes could reheat inflation. Canadian Prime Minister Mark Carney and President Trump speak during a group photo at the G7 Summit in June. AP 'Stocks are not quite desensitized to tariff headlines just yet. We are still seeing knee-jerk reactions to negative trade headlines,' Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, said in a note Friday. Including Canada, Trump has notified at least 23 countries of incoming tariff rates as they approach an August deadline after a 90-day pause was put in place to allow time for negotiations. Advertisement Canada, however, is by far the largest trading partner to receive one of these letters, trading an estimated $762.1 billion in goods last year with the US, according to the Office of the US Trade Representative. Trump has called the US trade deficit with its northern neighbor – estimated at $63.3 billion in 2024 – a 'major threat.' Later on Thursday, Carney said Canadian officials would work with their US counterparts to reach a deal before the fast-approaching deadline.
Yahoo
10-06-2025
- Business
- Yahoo
Wall Street ends higher as investors track US-China trade talks
STORY: U.S. stocks ended higher on Tuesday as investors bet on positive results out of trade talks between the U.S. and China. The Dow rose a quarter of one percent, the S&P 500 added half a percent and the Nasdaq climbed about six tenths of one percent. The trade talks in London are aimed at defusing a tariff dispute that has roiled global markets this year. U.S. Commerce Secretary Howard Lutnick said earlier on Tuesday that the trade talks were going well and could run into Wednesday. Later, U.S. Treasury Secretary Scott Bessent told reporters the talks would continue as needed. BESSENT: "We have had two days of productive talks. They are ongoing. My colleagues, Secretary Lunick and Ambassador Greer, are going to be continuing as needed with the Chinese delegation." With investors betting the U.S. will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record highs. Michael Landsberg, chief investment officer with Landsberg Bennett Private Wealth Management, says companies continue to perform well despite the tariff concerns. 'The markets had good earnings. You know, we've had basically the S&P 500 last quarter was up 12% year over year, Nasdaq up 23%. I think people realize that you know a lot of the 'death of the market' has been greatly exaggerated. [FLASH] 'I think the tariff talk has basically sucked the air out of every room you go into. It's all everybody talks about. I think people missed a lot of the fundamentals that we had in the quarter, which is basically again stronger earnings. You know, double digits, you know, and all the major indices- even the Russell 2000, which we don't like, had double digit earnings growth year over year.' Stocks on the move Tuesday included J.M. Smucker, which plunged 15 and a half percent after the Jif peanut butter maker forecast annual profit below estimates. And shares of Snap bounced between gains and losses after the social media platform said it would launch its first-ever smart glasses for all consumers next year, ratcheting up competition with Meta in the wearable tech market. On Wednesday, investors will weigh consumer price data from the Labor Department, which could show the impact of U.S. tariffs on goods prices and could influence the path the Federal Reserve takes on interest rates. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
