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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Tech-Led Comeback Boosts US Futures as Netflix Earnings Await


US stock futures are on the rise, fueled by optimism over tech earnings and positive global equity markets. Investors are closely watching Netflix (NFLX) as it kicks off the earnings season for mega-cap tech companies. Here are the key highlights:

  1. Tech Stocks Revive:

    • Futures on the S&P 500 and the Dow Jones Industrial Average rose about 0.2% after recent declines.
    • Nasdaq 100 futures also added 0.2% despite tech stocks ending over 1% lower previously.
    • TSMC’s strong earnings results lifted hopes for chip and tech stocks, signaling robust AI demand.

  2. Netflix Earnings in Focus:

    • Netflix, part of the “Magnificent” group of companies, is set to report its financial update later today.
    • Investors consider this a critical test for stocks this earnings season, given the significant role of megacap techs in driving market gains.

  3. Federal Reserve Watch:

    • The market continues to monitor whether the Federal Reserve will hold off from cutting interest rates this year.
    • An update on jobless claims and appearances by policymakers John Williams and Raphael Bostic are on the docket.

  4. Bond Yields Ease:

    • US bond yields have retreated from recent five-month highs, easing pressure on stocks.
    • The 10-year Treasury yield is down about 2 basis points, trading near 4.56%.

  5. Debt Concerns and US Economy:

    • The IMF has warned about the high levels of US debt ($34 trillion and counting).
    • Bank of America’s CEO, Brian Moynihan, emphasizes the need to manage debt levels over the next decade.

In summary, tech stocks are staging a comeback, and all eyes are on Netflix’s earnings report. As the market navigates economic uncertainties, investors remain cautiously optimistic.


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