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Category Archives: Business News

Wall Street is mixed amid Trump’s new tariff deadlines

Wall Street is mixed amid Trump’s new tariff deadlines

By ALEX VEIGA AP Business Writer

A choppy day in the markets left major U.S. stock indexes little changed Tuesday as the Trump administration pressed its campaign to win more favorable trade deals with nations around the globe by leaning into tariffs on goods coming into the U.S.

The S&P 500 slipped 0.1% a day after posting its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.4%. The Nasdaq composite eked out a gain of less than 0.1%, staying near its own record high.

The sluggish trading came as the market was coming off a broad sell-off following the Trump administration’s decision to impose new import tariffs set to go into effect next month on more than a dozen nations.

Still, the modest pullback in the markets is a sign that Wall Street may be betting that the U.S. and its trading partners may eventually negotiate deals that will reduce or eliminate the need for punishing tariffs, said Ross Mayfield, investment strategist at Baird.

“I think today you’re basically seeing a market that doesn’t quite believe the worst of this is going to come to bear and is just kind of waiting for any sort of clarity because we seem back in that in that kind of phase where things change every couple of hours,” Mayfield said.

On Monday, President Donald Trump set a 25% tax on goods imported from Japan and South Korea and new tariff rates on a dozen other nations scheduled to go into effect on Aug. 1.

Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.

Just before hefty U.S. tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.

With the tariffs set to kick in now on Aug. 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause, wrote Tobin Marcus, an analyst at Wolfe Research.

“At a very basic level, nothing actually happened based on Trump sending these letters, so there’s no reason to panic over headlines,” he wrote. “But we think these moves do contain some signal about where the trade war is heading, and that signal is mostly hawkish.”

During a cabinet meeting Tuesday, Trump said he would be announcing tariffs on pharmaceutical drugs at a “very, very high rate, like 200%.” He also said he would sign an executive order placing a 50% tariff on copper imports, matching the rates charged on steel and aluminum.

Shares in mining company Freeport-McMoRan rose 2.5% following Trump’s remarks. The price of copper for September delivery jumped 13.1% to $5.69 per pound.

This latest phase in the trade war heightens the threat of potentially more severe tariffs that’s been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks.

Gains in technology, energy and health care stocks helped outweigh a pullback in banks and other sectors.

Intel jumped 7.2%, Exxon Mobil rose 2.8% and AbbVie rose 1.1%. JPMorgan and Bank of America each fell 3.1%.

Amazon shares fell 1.8% as the online retail giant kicked off Prime Day, which, beginning this year, lasts four days. Amazon launched the membership sales event in 2015 and expanded it to two days in 2019.

Elsewhere in the market, First Solar slid 6.5% after Trump issued an executive order ending subsidies for foreign-controlled energy companies.

Hershey Co. lost 3.2% after the chocolate maker announced that Wendy’s CEO Kirk Tanner will succeed current CEO Michele Buck, who is retiring.

Shares in WeightWatchers parent WW International gave up an early gain and dropped 1.1% after the company announced that it has completed its reorganization and relisting on Nasdaq. The company filed for Chapter 11 bankruptcy protection in May to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider.

Bond yields mostly rose. The yield on the 10-year Treasury edged up to 4.40% from 4.39% late Monday.

All told, the S&P 500 fell 4.46 points to 6,225.52. The Dow lost 165.60 points to 44,240.76, and the Nasdaq added 5.95 points to 20,418.46.

The market’s downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report.

In stock markets overseas, indexes rose across much of Europe and Asia. In two of the bigger moves, South Korea’s Kospi surged 1.8%, and Hong Kong’s Hang Seng index climbed 1.1%.

The National Federation of Independent Business reported Tuesday that its small business optimism index fell slightly last month, in line with analysts’ expectations. The index tracks how small firms view the U.S. economy and their business prospects.

On Wednesday the Federal Reserve will release minutes from its policymaking committee’s meeting last month. The Fed’s chair, Jerome Powell, has said the central bank wants to wait and see how Trump’s tariffs affect the economy and inflation before making its next move on interest rates.

Wall Street falls as Trump pressures trading partners with new tariffs

Wall Street falls as Trump pressures trading partners with new tariffs

Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect. The S&P 500 lost 0.8% Monday. The Dow Jones Industrial Average gave back 0.9%, and the Nasdaq composite fell 0.9%. 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 Republican spending bill that passed last week.… Continue Reading

US stocks hit another record as Tesla and Nike rally

US stocks hit another record as Tesla and Nike rally

NEW YORK (AP) — U.S. stocks ticked higher to hit another record. The S&P 500 rose 0.5% Wednesday and set an all-time high for the third time in four days. The Dow Jones Industrial Average edged down by less than 0.1%, and the Nasdaq composite gained 0.9%. Tesla rallied following its latest update on deliveries, while Nike and other companies that import a lot from Vietnam rose after President Donald Trump announced a trade deal with the country. Shorter-term Treasury yields held steady ahead of a highly anticipated report coming on Thursday about the strength of the U.S job market.… Continue Reading

Tesla sales plunge again as anti-Musk boycott shows staying power and rivals pounce on the weakness

Tesla sales plunge again as anti-Musk boycott shows staying power and rivals pounce on the weakness

NEW YORK (AP) — Sales of Tesla electric cars fell sharply in the last three months as boycotts over Elon Musk’s political views continue to keep buyers away. Tesla is also facing stiff competition from other electric vehicle makers, especially in Europe where China’s BYD has taken a bite out of its market share. The 13% plunge in sales reported Wednesday adds to growing signs that Musk’s embrace of U.S. President Donald Trump and far-right politicians in Europe has had a deep and enduring impact to Tesla’s brand appeal. Sales fell to 384,122 in April through June, down from 443,956 in the same period last year.… Continue Reading

Wall Street is split as Tesla and tech drop while most other US stocks climb

Wall Street is split as Tesla and tech drop while most other US stocks climb

NEW YORK (AP) — A mixed day of trading left the U.S. stock market split, as Wall Street’s momentum slowed after setting record highs in each of the last two days. The S&P 500 slipped 0.1% Tuesday for its first loss in four days. The Dow Jones Industrial Average rose roughly 400 points, and the Nasdaq composite fell 0.8%. Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured further. But most U.S. stocks rose. So did short-term Treasury yields following a better-than-expected report on U.S. job openings. Data on U.S. manufacturing was more mixed.… Continue Reading

Jabil plans to create nearly 1,200 jobs in North Carolina with manufacturing investment

Jabil plans to create nearly 1,200 jobs in North Carolina with manufacturing investment

SALISBURY, N.C. (AP) — The electronics company Jabil plans to create nearly 1,200 jobs in central North Carolina by building a new manufacturing plant. The company is investing $500 million toward a facility to support cloud computing and artificial intelligence data centers. Officials announced Monday that the facility will be in Rowan County, northeast of Charlotte. The project includes a $264 million capital investment and 1,181 jobs by the end of 2030. North Carolina competed with Florida for the project and offered over $21 million in incentives. Jabil already operates three facilities in the state, employing about 1,000 workers.… Continue Reading

US stocks add a bit more to their all-time high

US stocks add a bit more to their all-time high

NEW YORK (AP) — The U.S. stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% Monday in its first trading after completing a stunning rebound from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%. Oracle helped lead the way after saying it’s off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they’re financially strong enough to survive a downturn in the economy. Treasury yields eased in the bond market.… Continue Reading

US stocks climb to the brink of a record

US stocks climb to the brink of a record

NEW YORK (AP) — U.S. stocks are climbing toward the brink of another record. The S&P 500 rose 0.5% Thursday and is just 0.3% below its all-time high, which was set in February. The Dow Jones Industrial Average added 264 points, and the Nasdaq composite gained 0.5%. McCormick helped lead the market after the seller of cooking spices delivered a better-than-expected profit report. Treasury yields eased a bit in the bond market following a couple of better-than-expected reports on the U.S. economy, including on jobless claims and orders for long-lasting manufactured goods. Stock indexes were mixed across much of Europe and Asia.… Continue Reading

College graduates face toughest job market in more than a decade as hiring slows

College graduates face toughest job market in more than a decade as hiring slows

WASHINGTON (AP) — Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is higher than the overall unemployment rate, and the gap is larger than it’s been in more than three decades. That worries many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administration’s tariff increases… Continue Reading

US stocks hang near their record as Wall Street takes a breath following two big days

US stocks hang near their record as Wall Street takes a breath following two big days

NEW YORK (AP) — U.S. stocks hung near their all-time high as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil. The S&P 500 barely budged on Wednesday and is sitting just 0.8% below its all-time high. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite rose 0.3%. Oil prices stabilized after plunging by roughly $10 per barrel in the prior two days. Stock indexes fell modestly in Europe after rising in Asia, and Treasury yields held relatively steady in the bond market.… Continue Reading

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