Wall Street Ends Lower as Trump Targets Canada with Tariffs, Nvidia Hits $4 Trillion
The S&P 500 dropped 0.33% to 6,259.75, and the Nasdaq was down 0.22% at 20,585.53, while the Dow finished 0.63% lower at 44,371.51. Reports of potential new EU antitrust fines saw Meta fall 1.3%.
Nvidia Surges, Drone Stocks Soar
Even with the sharp downturn, shares of Nvidia rose 0.5%, to a market value of $4.02 trillion, its highest ever, boosting confidence in AI-related stocks. Meta Platforms shares dropped by 1.3% after reports said it's unlikely to change its EU data practices, possibly facing new antitrust fines. Defense companies AeroVironment and Kratos Defense surged about 11% each after the U.S.
Defense Secretary said more drone production is needed. Kraft Heinz gained 2.5% on news of a potential breakup of the company, and Levi Strauss surged 11% after boosting its full-year profit outlook.
Looking Ahead to Earnings Season
Volume was light, with 15.4 billion shares changing hands on U.S. exchanges, below the 20-day average of 18.3 billion. The S&P 500 was down 0.3% for the week, while the Dow dropped 1% and the Nasdaq lost 0.1%.
Analysts have expected earnings in the second quarter to rise 5.7% from a year earlier, pulled up by tech but dragged down by energy and consumer sectors. Next week's results from JPMorgan, Netflix, and Johnson & Johnson could show whether Trump's tariffs are cutting into corporate profits.
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Business Times
37 minutes ago
- Business Times
EU to keep US trade countermeasures on hold until August, says von der Leyen
[BRUSSELS] The EU will extend its suspension of countermeasures to US tariffs until early August as it aims for a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen said on Sunday (Jul 13). US President Donald Trump escalated his global trade war on Saturday and threatened to impose a 30 per cent tariff on imports from the European Union from Aug 1, separate from sector-specific duties, despite months of intense talks. Announcing the extension of the halt on retaliatory measures, von der Leyen told reporters the bloc would 'continue to prepare further countermeasures so we are fully prepared'. A first package of countermeasures to US tariffs on steel and aluminium that would hit 21 billion euros (S$31.4 billion) in US goods was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday. A second package has been in the works since May and would target 72 billion euros of US goods, but these measures have not yet been made public and the final list requires approval by member states. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Von der Leyen added that use of the EU's Anti-Coercion Instrument was not yet on the table. 'The (anti-coercion) instrument is created for extraordinary situations, we are not there yet,' she said. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls. REUTERS
Straits Times
an hour ago
- Straits Times
EU holds off on US tariff countermeasures for now to pursue talks
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: European Commission President Ursula von der Leyen looks on during a joint news conference with Canadian Prime Minister Mark Carney and European Council President Antonio Costa, during an EU-Canada summit in Brussels, Belgium June 23, 2025. REUTERS/Gonzalo Fuentes/File Photo BRUSSELS - The European Union said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc. Trump said on Saturday he would be imposing a 30% tariff on most imports from the EU from August 1, though his deadline gave the EU, like other targeted countries, time to hammer out agreements that could lower the threatened tariff rate. Ursula von der Leyen, head of the EU's executive Commission which handles trade policy for the 27 member states, said the bloc would maintain its two-track approach: keep talking and prepare retaliatory measures. "We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now," von der Leyen told a press conference, adding that the bloc would extend its halt on countermeasures until August. Von der Leyen's decision to resist immediate retaliatory measures points to the European Commission's desire to avoid a spiralling tit-for-tat escalation in the trade war while there remains a chance of negotiating an improved outcome. White House economic adviser Kevin Hassett said Trump had seen some trade deal offers and thinks they need to improve, adding that without that, he would proceed with the threatened tariffs on Mexico, the EU and other countries. "These tariffs are real if the president doesn't get a deal that he thinks is good enough," Hassett told ABC's This Week programme. "But you know, conversations are ongoing, and we'll see where the dust settles." Top stories Swipe. Select. Stay informed. Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore From Normal stream to Parliament: 3 Singapore politicians share their journeys World Israeli strikes kill over 40 as truce talks deadlocked, says Gaza civil defence Singapore Segregated recycling bins found to lower contamination rate as more spring up Asia Mahathir discharged from hospital after feeling fatigued during birthday gathering Business 29 Jollibean workers get help from MOM, other agencies, over unpaid salaries Singapore Medics treat 7 after blaze at HDB block lift lobby in Chai Chee Singapore I lost my daughter to Kpod addiction: Father of 19-year-old shares heartbreak and lessons TEST OF UNITY The latest salvo from Trump and the question of how to respond may test the unity of member states, with France appearing to take a tougher line than Germany, the bloc's industrial powerhouse whose economy leans heavily on exports. French President Emmanuel Macron said the Commission needed more than ever to "assert the Union's determination to defend European interests resolutely", and that retaliation might need to include so-called anti-coercion instruments. Germany's economy minister called for a "pragmatic solution" immediately after Trump's latest threat, though on Sunday the country's finance minister said the EU should be ready to take firm action if talks failed. "If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe," Finance Minister Lars Klingbeil, also vice chancellor in the ruling coalition, told Sueddeutsche Zeitung newspaper. While the EU has held back from retaliating against the U.S. in the months since Trump hit the bloc with tariffs, it has readied two packages that could hit a combined 93 billion euros of U.S. goods. A first package, in response to U.S. levies of 50% on imported steel and aluminium that would hit 21 billion euros in U.S. goods was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday before the extension was announced. A second package in retaliation against Trump's "reciprocal" tariffs has been in the works since May and was set to target 72 billion euros of U.S. goods. These measures have not been made public and the final list requires approval by member states. ANTI-COERCION INSTRUMENT Von der Leyen said on Sunday that the use of the EU's Anti-Coercion Instrument was not yet on the table. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," she said. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls. In a sign of the EU's desire to strike deals with more trading partners at a time of deepening uncertainty in trans-Atlantic relations, von der Leyen said a political agreement had been reached to advance an EU-Indonesia trade deal. France's cheese producers warned of the damaging consequences of a 30% tariff for the local dairy industry, which exports nearly half its produce, including to the United States. "It's a new environment we will have to get used to - I don't think this is temporary," Francois Xavier Huard, CEO of dairy association FNIL, told Reuters. REUTERS
CNA
2 hours ago
- CNA
EU and Indonesia announce 'political agreement' on trade deal
BRUSSELS: EU chief Ursula von der Leyen and Indonesian President Prabowo Subianto on Sunday (Jul 13) announced a "political agreement" to conclude a long-awaited free trade deal, as US leader Donald Trump upends global commerce. "We're living in turbulent times and when economic uncertainty meets geopolitical volatility, partners like us must come closer together. So today we're taking a big step forward in this partnership," von der Leyen told journalists in Brussels. "I am very pleased to report that we have just reached a political agreement on an ambitious Free Trade Agreement." The 27-nation European bloc and Southeast Asia's largest economy have been negotiating since 2016 to agree a deal that is expected to increase trade and investment. A European Commission statement called Sunday's agreement a "decisive milestone" towards striking the deal - which is to be concluded in September by EU trade chief Maros Sefcovic and Indonesia's chief economic minister Airlangga Hartarto. "There's a lot of untapped potential in our trade relationship. And therefore this agreement comes at the right time, because the new agreement will open new markets," von der Leyen said. "It will create more opportunities in key industries, in business activity and agriculture, in automotive and in services." Brussels has stepped up efforts to improve ties with key potential partners around the world as Trump threatens a trade war with sweeping tariffs. "This big and important political agreement on the free trade agreement with Indonesia is today a huge milestone forward, and shows that we're looking for new markets, open markets," von der Leyen said. "BREAKTHROUGH" Prabowo called the announcement in Brussels a "breakthrough". "After 10 years of negotiations, we have concluded the agreement to have a Comprehensive Economic Partnership Agreement, which basically is a free trade agreement," he said. The president said "we consider Europe still a very important factor, and we would like to see a very strong Europe." But he insisted that "the United States will be always a very important leader in the world". The European Union is Indonesia's fifth-largest trading partner with bilateral trade between them reaching US$30.1 billion last year. Ties had been frayed by a proposed EU import ban on products linked to deforestation that has angered Indonesia because it is a major palm oil exporter. That legislation has been delayed to the end of this year.
