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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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S&P 500 and Nasdaq Futures Rise as Oil Prices Retreat

 


In today’s market update, U.S. stock futures saw a positive shift as investors welcomed a decline in oil prices. Futures for the S&P 500 increased by 0.4%, while Nasdaq 100 futures rose by 0.5%, indicating a recovery for tech giants like Amazon, Apple, and Alphabet.

The Dow Jones Industrial Average futures also edged up by 0.2%, continuing the upward trend from recent months. This boost comes as tensions in the Middle East ease, leading to a drop in oil prices. Additionally, the 10-year Treasury yield briefly dipped after surpassing the 4% mark on Monday.

Market sentiment remains cautious, however, as investors keep an eye on the Federal Reserve’s upcoming decisions on interest rates. Comments from Fed officials have highlighted the importance of data in guiding future rate cuts, with the next CPI inflation report being a key focus.

In corporate news, PepsiCo reported a surprising drop in quarterly revenue and lowered its sales growth forecast for 2024, causing its shares to slip in premarket trading.

Overall, the market is navigating a complex landscape of easing oil prices, interest rate speculations, and mixed corporate earnings as it looks to build on recent gains.


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