Stock market today: Dow, S&P 500, Nasdaq futures fall as Trump warns of 10% BRICS tariff, deals deadline looms
Dow Jones Industrial Average futures (YM=F) slipped 0.1%, while S&P 500 futures (ES=F) backed off 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.5% as Tesla (TSLA) stock sank amid worries about CEO Elon Musk's plan to launch a political party.
Stocks are pulling back after a strong jobs report helped boost the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) to all-time closing highs on Thursday, before the early trading shutdown for the long Independence Day weekend.
With equities at record levels, investors are wary that any sharp turn in trade negotiations could trigger volatility.
Trump said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. "There will be no exceptions to this policy," he said in a post to social media. The warning came after BRICS — a group of countries including key US trading partners China and India — criticized Trump's tariff policy at its summit at the weekend.
It ramped up already-high trade tensions as nations race to clinch tariff deals ahead of Trump's self-imposed deadline of July 9, when his "pause" on steep April tariffs would go back into effect. Global markets have been bracing for that potential shock, with the US only having reached deals with the UK and Vietnam, as well as a framework toward an agreement with China.
On Sunday, Treasury Secretary Scott Bessent and Trump confirmed that while letters will be sent out this week informing countries of their tariff rates, those duties would not go into effect until Aug. 1.
Read more: The latest on Trump's tariffs.
Bessent hinted at several possible deals in the coming days, suggesting the focus this week is clarity with 18 major trading partners before setting duties for the 100-plus other countries that the administration has in its sights for trade taxation.
Earnings are coming back into the conversation this week, with Thursday's report from Delta (DAL) serving as the unofficial kickoff to the second-quarter season.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Earnings: No notable earnings releases.
Economic data: No notable economic releases.
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Trump warns of extra 10% tariff for 'anti-American' BRICS
Markets await clarity as Trump tariff deadline looms
Tesla stock sinks as Musk's 'America Party' worries investors
US consumers to cut summer spending on tariff worries: Poll
Trump is already making the next Fed chair's job harder
Amazon Prime Day set to lift US online sales to $23.8B: Adobe
Trump slams Musk's plan for rival political party
How China's Xiaomi succeeded where Apple failed
Here are some top stocks trending on Yahoo Finance in premarket trading:
Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing.
Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced.
Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies.
Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!
Trump's threat caused metals fall on Monday.
Bloomberg News reports
Read more here.
Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend.
The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control?
However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer.
"The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models."
Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis!
Bloomberg reports:
Read more here.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Earnings: No notable earnings releases.
Economic data: No notable economic releases.
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Trump warns of extra 10% tariff for 'anti-American' BRICS
Markets await clarity as Trump tariff deadline looms
Tesla stock sinks as Musk's 'America Party' worries investors
US consumers to cut summer spending on tariff worries: Poll
Trump is already making the next Fed chair's job harder
Amazon Prime Day set to lift US online sales to $23.8B: Adobe
Trump slams Musk's plan for rival political party
How China's Xiaomi succeeded where Apple failed
Here are some top stocks trending on Yahoo Finance in premarket trading:
Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing.
Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced.
Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies.
Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!
Trump's threat caused metals fall on Monday.
Bloomberg News reports
Read more here.
Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend.
The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control?
However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer.
"The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models."
Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis!
Bloomberg reports:
Read more here.
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