Trump, Zelenskyy discuss boosting Ukraine's air defences amid Russian attacks
The Ukrainian president emphasised the urgency of bolstering defences, citing intensified Russian airstrikes and battlefield activity. He also expressed readiness to pursue joint defence projects with US partners, particularly involving drone technologies.According to US media reports, the call lasted about 40 minutes. Trump reportedly expressed support for Ukraine's air defence needs and promised to look into whether any U.S. weapon shipments had been paused.The conversation came just one day after Trump had what he described as a 'very disappointing' phone call with Russian President Vladimir Putin. Trump said Putin showed no signs of seeking an end to the war. Despite these concerns, the Trump administration has not yet approved new aid or sanctions targeting Russia.Washington recently paused some weapons deliveries to Ukraine, including Patriot missiles, prompting concern in Kyiv over the potential impact on its air defence. Germany has since entered discussions to purchase Patriot systems to help fill the gap.While direct peace talks between Russia and Ukraine resumed earlier this year in Istanbul, progress has been limited, with only prisoner exchanges achieved so far.- EndsMust Watch
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Dow futures fall as Trump's tariff deadline nears, raising fears of economic backlash- U.S. stock futures dropped Sunday evening as investors braced for the possible return of steep tariffs, with President Donald Trump's 90-day pause on reciprocal tariffs set to expire this Wednesday, July 9. Markets had hoped for an extension, but administration officials signaled that unless trade agreements are reached soon, tariffs will snap back to 'Liberation Day' levels by August 1. This has sent a fresh wave of concern through Wall Street, with investors recalling the sharp April 2 stock drop triggered by those same tariff levels. Now, with time running out, uncertainty over trade policy is rattling equities, commodities, and currencies all at once. S&P 500 futures : -0.32% at 5,611.50 : at Dow Jones Industrial Average futures : -0.28% at 39,205.00 : at Nasdaq-100 futures: -0.47% at 20,215.75 All three major benchmarks are set to open in the red, signaling a cautious start to the trading week. Futures tied to the Dow Jones Industrial Average fell 120 points, or 0.27%, in early evening trading Sunday, reflecting investor concerns about the economic impact of renewed tariffs. S&P 500 futures dropped 0.41%, while Nasdaq futures declined 0.50%, suggesting a cautious start to the trading week. These losses follow Trump's Thursday announcement that letters setting tariffs as high as 70% would begin going out—sending a warning to nations not yet in agreement with the U.S. on trade terms. Also Read: Investors flee Tesla after Elon Musk reveals America Party— stock nosedives 7% Tesla (TSLA) : -6.96% , as political news overshadows EV and AI progress. : , as political news overshadows EV and AI progress. Nvidia (NVDA) : -1.2% in premarket, pressured by tech sentiment and China exposure. : in premarket, pressured by tech sentiment and China exposure. Apple (AAPL) : -0.5% , with tariff worries hitting electronics exporters. : , with tariff worries hitting electronics exporters. Boeing (BA) : -0.6% , facing potential European tariff risks. : , facing potential European tariff risks. Amazon (AMZN): -0.3%, showing relative resilience amid broader tech softness. Trump administration insiders made it clear: if countries don't finalize trade deals, duties will 'boomerang back' to previous highs. Treasury Secretary Scott Bessent said rates will return to April 2 levels, while Commerce Secretary Howard Lutnick emphasized that Trump is actively setting rates and shaping deals now, ahead of the August 1 enforcement date. Dow Jones futures : Down approximately 0.27% (about 120 points) : Down approximately (about 120 points) S&P 500 futures : Down around 0.41% : Down around Nasdaq futures: Dropping by 0.50% SPDR S&P 500 ETF (SPY) : 625.34 USD, up 0.008% : 625.34 USD, up 0.008% Invesco QQQ Trust (QQQ) : 556.22 USD, up 0.010% : 556.22 USD, up 0.010% SPDR Dow Jones ETF (DIA): 448.09 USD, up 0.008% 10-Year U.S. Treasury Yield : 4.33%, down 1 basis point : 4.33%, down 1 basis point Gold : $3,325.20 per ounce , down 0.53% : , down U.S. Crude Oil (WTI) : $65.85 per barrel , down 1.72% : , down Brent Crude : $67.65 per barrel , down 0.95% : , down USD vs Euro : Dollar down 0.05% : Dollar down USD vs Yen: Dollar down 0.03% If trading partners fail to secure new deals with the U.S. by the end of July, tariffs will revert to the tough levels imposed on 'Liberation Day'—Trump's term for the original deadline that kicked off tariff escalation. According to Bessent, this would replicate the conditions that caused the stock market's sharp crash in early April, before Trump implemented the current 90-day reprieve to give time for negotiation. The administration's current stance implies that the window for diplomacy is rapidly closing. While many analysts hoped for a full extension beyond July 9, Sunday's remarks suggest only a few extra weeks at best. This policy uncertainty is weighing on global market sentiment. President Trump signaled new tariffs on Chinese electronics and European autos may take effect by August 1, intensifying global trade war fears. The uncertainty is weighing heavily on manufacturing, industrials, and tech. Shares of Tesla Inc. (TSLA) are down nearly 7% in premarket trading to $305.25, after Elon Musk announced the creation of the 'America Party'—a third political group. The news triggered investor concerns about Musk's focus and its effect on Tesla's growth prospects. WTI crude : Down 1.3% to $73.41 per barrel on easing OPEC+ supply cuts. : Down to on easing OPEC+ supply cuts. 10-year U.S. Treasury yield: Up 3 basis points to 4.36%, indicating caution amid inflation uncertainty. The tariff news didn't just hit stocks—bond yields, gold, oil, and currency markets also moved. The 10-year U.S. Treasury yield dipped by 1 basis point to 4.33%, signaling a modest shift toward safer assets. Gold prices fell 0.53% to $3,325.20 per ounce, reflecting slight liquidation by traders, possibly due to profit-taking or broader market jitters. The U.S. dollar edged lower, down 0.05% against the euro and 0.03% against the Japanese yen. In the oil markets, U.S. crude prices fell 1.72% to $65.85 per barrel, while Brent crude lost 0.95%, settling at $67.65. This drop followed OPEC+'s announcement of a larger-than-expected increase in output for August, adding supply pressure to already fragile energy markets. While economic data this week is light, all eyes will be on the Federal Reserve's meeting minutes, which are set to be released on Wednesday. With markets already jittery due to tariff risks, any insight into the Fed's stance on interest rates or inflation could swing investor sentiment sharply. Traders are likely to look for signals about whether the Fed is preparing for more aggressive tightening, especially if tariffs reignite inflation concerns. Index/Asset Value Change Dow Futures ↓ 120 pts -0.27% S&P 500 Futures — -0.41% Nasdaq Futures — -0.50% 10-Yr Treasury 4.33% -1 bps Gold $3,325.20 -0.53% Crude Oil (WTI) $65.85 -1.72% Brent Oil $67.65 -0.95% President Trump's next moves will be critical. As he continues sending letters to countries warning of tariffs up to 70%, trade partners will face mounting pressure to finalize agreements before August 1. The risk of a trade standoff looms large, particularly with little time left before the current reprieve ends. Fed minutes (Wednesday) : Key insight into future rate policy amid softening inflation. : Key insight into future rate policy amid softening inflation. CPI inflation data (Thursday) : June figures expected to show year-over-year cooling below 3.1% . : June figures expected to show year-over-year cooling below . Earnings season kickoff: JPMorgan, Citigroup, and Delta Airlines report later this week. For now, investors are treading carefully, watching both policy signals from Washington and global reactions. The countdown has begun, and without a breakthrough soon, markets could face another wave of volatility, just like they did in early April. Q1: Why are Dow futures falling ahead of Trump's tariff deadline? Dow futures are dropping as Trump's 90-day tariff pause ends and higher duties may return by August 1. Q2: What happens if trade deals aren't made before Trump's tariff deadline? If no trade deals are signed, tariffs may 'boomerang back' to previous levels, hitting markets hard again.
