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Chicago Tribune
3 hours ago
- Business
- Chicago Tribune
Wall Street opens lower as Trump's tariff deadline nears
NEW YORK — Wall Street is opening lower as the Trump administration steps up pressure on trading partners to make trade deals before a Wednesday deadline. The S&P 500 was down 0.4% in early trading Monday. The Dow Jones Industrial Average fell 102 points, or 0.3%. The Nasdaq composite was down 0.6%. Tesla tumbled as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republicans' spending bill that passed last Street is pointing to a lower open Monday as the Trump administration steps up pressure on trading partners to quickly make deals before a Wednesday deadline. The U.S. will warn trading partners that higher tariffs could kick in Aug. 1. Futures for the S&P 500 fell 0.3% before the opening bell, while futures for the Dow Jones Industrial Average slipped less than 0.1%. Nasdaq futures slid 0.5%. Trump and his top trade advisers said over the weekend that the president could extend the tariff deadline if countries were making concessions and negotiating in good faith. 'We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners,' the Nomura Group wrote in a commentary. The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs, according to Nomura. 'With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk,' Stephen Innes, managing partner at SPI Asset Management said in a commentary. In equities trading, Tesla tumbled 6.5% as the feud between CEO Elon Musk and Trump reignited over the weekend. Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republicans' spending bill that passed late last week. Trump criticized Musk in a social media post, suggesting that Musk's disappointment in the bill was because the legislation ended an 'electric vehicle mandate,' which Trump says Musk knew was coming. Investors fear that Musk's companies, which receive significant subsidies from the federal government, could suffer further if his feud with Trump continues to escalate. Molina Healthcare tumbled 6% after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April. Oil prices fluctuated after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day. U.S. benchmark crude was essentially unchanged early Monday at $67 per barrel. Brent crude, the international standard, gained 40 cents to $68.70 per barrel. At midday in Europe, Britain's FTSE 100 inched up 0.1%, while Germany's DAX added 0.8%. In Paris, the CAC 40 was up 0.2%. In Asia, Japan's Nikkei 225 shed 0.6% to 39,587. 68 while Hong Kong's Hang Seng index edged down 0.1% to 23,887.83. South Korea's KOSPI index rose 0.2% to 3,059.47 while the Shanghai Composite Index edged 0.1% higher to 3,473.13. Australia's S&P ASX 200 fell 0.2% to 8,589.30. In currency trading Monday, the U.S. dollar rose to 145.42 Japanese yen from 144.44 yen. The euro edged lower to $1.1727 from $1.1779.
Time of India
3 hours ago
- Business
- Time of India
US stock market today: Wall Street slips ahead of Trump's tariff deadline; Tesla tanks 6.5% as Elon Musk– Donald Trump feud roils investor sentiment
Wall Street started the week on a cautious note, opening lower on Monday as investors grew jittery ahead of a July 9 tariff deadline set by the Trump administration. The S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 102 points (0.3%), and the Nasdaq Composite lost 0.6% in early trading. The pullback came as the White House stepped up pressure on trading partners to finalise deals before Wednesday or face the threat of higher tariffs from August 1. The administration has indicated it may offer flexibility if countries are seen negotiating 'in good faith', but global markets remain on edge, AP reported. 'The path forward isn't clear' 'Markets are likely to remain volatile into the July 9 deadline, when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners,' Nomura Group said in a note. The near-term outlook, it added, would hinge on the scope of the tariffs, who they target, and how quickly they're implemented. Stephen Innes, managing partner at SPI Asset Management, echoed the sentiment: 'With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk.' Tesla drops on fresh Musk–Trump clash Tesla shares tumbled 6.5% after CEO Elon Musk reignited a public feud with President Donald Trump over the weekend. Musk, once a top donor and ally of Trump, announced the formation of a third political party in protest against the Republicans' recently passed spending bill, AP reported. Trump responded by criticising Musk on social media, suggesting the Tesla chief was upset over provisions in the bill that would end the federal electric vehicle mandate—a move that could directly impact Tesla's business model. Investors now fear Musk's escalating political involvement could jeopardise the federal subsidies and government contracts that Tesla and other Musk-led ventures rely on. Adding to the pressure, investment firm Azoria Partners delayed the launch of a Tesla-focused exchange-traded fund following the announcement. Healthcare and oil in focus Molina Healthcare fell 6% after the insurer cut its profit forecast, citing rapidly rising medical costs. The move echoed a similar guidance downgrade from UnitedHealth Group earlier this year, which had triggered a steep decline in its stock price. In the commodities market, oil prices showed mixed trends after Opec+ agreed on Saturday to increase production by 548,000 barrels per day in August. US benchmark West Texas Intermediate crude was flat at $67 per barrel, while Brent crude gained 40 cents to $68.70. Global market snapshot In Europe, markets saw modest gains by midday: Britain's FTSE 100 rose 0.1%, Germany's DAX advanced 0.8%, and France's CAC 40 climbed 0.2%. Asia closed largely mixed. Japan's Nikkei 225 dropped 0.6%, Hong Kong's Hang Seng slipped 0.1%, and Australia's ASX 200 edged 0.2% lower. South Korea's KOSPI rose 0.2%, and Shanghai Composite added 0.1%. In currency trading, the US dollar strengthened to 145.42 yen from 144.44 yen, while the euro dipped to $1.1727 from $1.1779. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Indian Express
4 hours ago
- Business
- New Indian Express
Wall Street points to losses as Trump's tariff deadline nears
Wall Street is pointing to a lower open Monday as the Trump administration steps up pressure on trading partners to quickly make deals before a Wednesday deadline. The US will warn trading partners that higher tariffs could kick in Aug. 1. Futures for the S&P 500 fell 0.3% before the opening bell, while futures for the Dow Jones Industrial Average slipped less than 0.1%. Nasdaq futures slid 0.5%. Trump and his top trade advisers said over the weekend that the president could extend the tariff deadline if countries were making concessions and negotiating in good faith. "We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners," the Nomura Group wrote in a commentary. The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs, according to Nomura. "With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk," Stephen Innes, managing partner at SPI Asset Management said in a commentary. In equities trading, Tesla tumbled 6.5% as the feud between CEO Elon Musk and Trump reignited over the weekend. Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republicans' spending bill that passed late last week. Trump criticized Musk in a social media post, suggesting that Musk's disappointment in the bill was because the legislation ended an "electric vehicle mandate," which Trump says Musk knew was coming. Investors fear that Musk's companies, which receive significant subsidies from the federal government, could suffer further if his feud with Trump continues to escalate. Molina Healthcare tumbled 6% after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April.
Global News
6 hours ago
- Business
- Global News
Trump's tariff deadline on countries weighs down global shares
Global shares mostly fell Monday as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could kick in Aug. 1. In early European trading, Britain's FTSE 100 was down 0.2 per cent to 8,809.23 while Germany's DAX added 0.3 per cent to 23,854.32. In Paris, the CAC 40 edged down 0.1 per cent to 7,688.34. Japan's Nikkei 225 shed 0.6 per cent to 39,587. 68 while Hong Kong's Hang Seng index edged down 0.1 per cent to 23,887.83. South Korea's KOSPI index rose 0.2 per cent to 3,059.47 while the Shanghai Composite Index edged 0.1% higher to 3,473.13. Australia's S&P ASX 200 fell 0.2 per cent to 8,589.30. Oil prices also fell after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day, accelerating output increases since oil prices jumped, then retreated, in the aftermath of Israel and U.S. attacks on Iran. Story continues below advertisement 4:23 The U.S. trade war is fueling Canadian pride this Canada Day U.S. benchmark crude was down 71 cents to US$66.29 per barrel. Brent crude, the international standard, shed 41 cents to US$68.39 per barrel. U.S. shares were set to drift lower with S&P 500 futures declining 0.4 per cent to 6,295.50 and Dow futures down 0.2 per cent at 45,012. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners,' the Nomura Group wrote in a commentary. It said the near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs. A more distant implementation date might leave scope for some last-minute trade negotiations and maintain market optimism for potential resolutions or extensions, it added. 'With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk,' Stephen Innes, managing partner at SPI Asset Management said in a commentary. Story continues below advertisement On Thursday, a report showed the U.S. job market performed stronger than Wall Street expected. The S&P 500 rose 0.8 per cent and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8 per cent, and the Nasdaq composite gained one per cent. In other dealings Monday, the U.S. dollar rose to 145.18 Japanese yen from 144.44 yen. The euro edged lower to US$1.1734 from US$1.1779.
Arab Times
8 hours ago
- Business
- Arab Times
Global shares mostly down as Trump's tariff deadline looms and pressure steps up
MANILA, Philippines, July 7, (AP): Global shares mostly fell Monday as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could kick in Aug. 1. In early European trading, Britain's FTSE 100 was down 0.2% to 8,809.23 while Germany's DAX added 0.3% to 23,854.32. In Paris, the CAC 40 edged down 0.1% to 7,688.34. Japan's Nikkei 225 shed 0.6% to 39,587. 68 while Hong Kong's Hang Seng index edged down 0.1% to 23,887.83. South Korea's KOSPI index rose 0.2% to 3,059.47 while the Shanghai Composite Index edged 0.1% higher to 3,473.13. Australia's S&P ASX 200 fell 0.2% to 8,589.30. Oil prices also fell after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day, accelerating output increases since oil prices jumped, then retreated, in the aftermath of Israel and US attacks on Iran. US benchmark crude was down 71 cents to $66.29 per barrel. Brent crude, the international standard, shed 41 cents to $68.39 per barrel. US shares were set to drift lower with S&P 500 futures declining 0.4% to 6,295.50 and Dow futures down 0.2% at 45,012. "We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners,' the Nomura Group wrote in a commentary. It said the near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs. A more distant implementation date might leave scope for some last-minute trade negotiations and maintain market optimism for potential resolutions or extensions, it added. "With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk," Stephen Innes, managing partner at SPI Asset Management said in a commentary. On Thursday, a report showed the US job market performed stronger than Wall Street expected. The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%. In other dealings Monday, the U.S. dollar rose to 145.18 Japanese yen from 144.44 yen. The euro edged lower to $1.1734 from $1.1779.
