US Market: Wall Street edge down from records amid Trump Tariff threats
In his ongoing critique of trade, Trump indicated the possibility of imposing 35% tariffs on Canada and mentioned that his administration would soon reveal tariffs on the European Union.
The S&P 500, which represents a wide array of stocks, closed down 0.3% at 6,259.75, retreating from the all-time high set on Thursday. The Dow Jones Industrial Average declined by 0.6% to 44,371.51, and the tech-heavy Nasdaq Composite Index dropped 0.2% to 20,585.53 after achieving its own record on Thursday.
Levi Strauss & Co. saw its stock surge 11.2% following its announcement of higher profits alongside a 6.4% increase in revenues. The denim brand particularly enjoyed robust growth in both the Americas and Europe.
Earnings season accelerates next week as major banks like JPMorgan Chase, Wells Fargo, and Citigroup are set to announce their results on Tuesday.
The recent rise in Bitcoin's price aligns with the optimistic trend seen across risk assets and coincides with Nvidia reaching a $4 trillion market valuation. This surge happens just days before the US Congress's Crypto Week on July 14, where lawmakers will discuss various bills that could establish the regulatory landscape for the industry.
President Donald Trump stated in a letter on Thursday that he plans to increase taxes on numerous imported goods from Canada to 35%, which further widens the divide between the longstanding North American partners. The correspondence addressed to Canadian Prime Minister Mark Carney represents a significant rise from the initial top tariff rate of 25% that Trump implemented in March.
This action is the latest strategy by the White House to leverage the prospect of higher tariffs on imported goods into the US as a means of negotiating new trade agreements with countries worldwide, including historically close allies like Canada.
Initially, the administration had set Wednesday as a deadline for nations to strike deals with the US or face substantial tariff hikes. However, with only two trade agreements announced since April—one with the United Kingdom and another with Vietnam—the negotiation period has now been extended to August 1.
Additionally, Trump suggested this week that he might impose tariffs up to 200% on pharmaceutical products and implement a 50% tariff on copper imports, aligning them with the rates applied to steel and aluminum.
(With inputs from AP, and AFP)
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
15 minutes ago
- Hans India
Market drifts lower amid tariff jitters, Q1 earnings season key to lift sentiment
Markets drifted lower during the week and lost over a per cent, primarily pressured by the lingering uncertainty surrounding global tariffs and a disappointing start to the earnings season, analysts said on Saturday. While the tone remained largely stable in the first three sessions, profit booking in the final sessions dragged the indices lower. Eventually, both the Nifty and Sensex settled near their weekly lows at 25,149.85 and 82,500.47, respectively. According to Ajit Mishra–SVP, Research, Religare Broking Ltd., sentiment weakened amid heightened global trade tensions following US President Donald Trump's renewed tariff threats on Canada and other key partners. 'Although there were expectations of an interim trade deal between the US and India, the lack of clarity kept risk appetite in check. Additionally, a weak start to the Q1 earnings season — especially after IT major TCS reported below-par results — added pressure to the markets in the final session,' he mentioned. Consumption-oriented sectors such as FMCG and discretionary stocks experienced selective buying, supported by signs of urban demand revival and improving margins. A backdrop of easing inflation, declining interest rates, and a favourable monsoon contributed to the overall positive undertone. 'Broader indices slipped into negative territory due to a lack of triggers to sustain current premium valuations and uninspiring results from a key IT bellwether, which raised concerns over FY26 earnings estimates,' said Vinod Nair, Head of Research, Geojit Investments Limited. As Q1 FY26 earnings unfold, investors are closely monitoring guidance on margins and sector dynamics. Looking ahead, the earnings season will be in full focus. A packed calendar includes results from HCL Tech, Tech Mahindra, Axis Bank, ICICI Bank, Wipro, JSW Steel, L&T Finance, and HDFC Bank, among others. On the macroeconomic front, participants will closely track the WPI and CPI inflation data scheduled for July 14 for further cues on the economy. Apart from these, the trend in FII flows and movement in crude oil prices will also remain on traders' radar, said market watchers. Globally, markets will watch for any updates related to trade negotiations and tariffs, along with key economic data releases such as U.S. inflation and 'We anticipate a consolidation phase in the Nifty index with a negative bias in the near term, following the recent fall. Volatility is expected to persist amid global uncertainties and the unfolding earnings season. Traders are advised to maintain a stock-specific approach, focusing on companies with strong earnings and relative strength,' said Mishra.
Time of India
20 minutes ago
- Time of India
Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
Oil prices rose over 2 per cent on Friday as the International Energy Agency said the market was tighter than it appears, while US tariffs and possible further sanctions on Russia were also in focus. Brent crude futures settled up $1.72, or 2.5 per cent, at $70.36 a barrel. US West Texas Intermediate crude gained $1.88, or 2.8 per cent, to $68.45 a barrel. For the week, Brent rose 3 per cent, while WTI had a weekly gain of around 2.2 per cent. The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. Front-month September Brent contracts were trading at about a $1.20 premium to October futures. "The market is starting to realise that supplies are tight," said Phil Flynn, senior analyst with Price Futures Group. US energy firms this week cut the number of oil and natural gas rigs operating for an 11th straight week, energy services firm Baker Hughes said. The last time that happened was July 2020, when the COVID-19 pandemic cut demand for fuel. Short-term market tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. " OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said. OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. Further adding support to the short-term price outlook, Russian Deputy Prime Minister Alexander Novak said Russia will compensate for overproduction against its OPEC+ quota this year in the August-September period. Another sign of robust short-term demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in more than two years. On a longer-term basis, however, OPEC cut its forecasts for global oil demand in the 2026-2029 period because of slowing Chinese demand in its 2025 World Oil Outlook, published on Thursday. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target. On Thursday, both benchmark futures contracts lost more than 2 per cent as investors worried about the impact of US President Donald Trump's tariffs on global economic growth and oil demand. Trump told NBC News on Thursday that he will make a "major statement" on Russia on Monday, without elaborating. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimizing such challenges.
Time of India
21 minutes ago
- Time of India
Poilievre criticizes Canada's trade deadline with US as he seeks political comeback
Pierre Poilievre is questioning Canada's approach to trade talks with the United States. He believes the deadline set by Prime Minister Mark Carney weakens Canada's position. Poilievre suggests the digital services tax could have been used as leverage. He also defends Canada's supply management system. He calls for transparency in the negotiation process. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Conservative Leader Pierre Poilievre , currently working to regain a seat in Parliament, is warning that Canada's decision to set a deadline for a US trade deal hands negotiating power to President Donald Trump In an interview with CBC Radio's The House, Poilievre said Prime Minister Mark Carney's decision to announce a July 21 deadline for a deal has weakened Canada's position. 'A unilateral, self-imposed deadline tells the counterparty that they have you on a clock, a clock that only applies to you,' he comments come as he mounts a political comeback following the loss of his Ottawa riding. While preparing for a by-election, he has taken a high-profile role in criticizing the government's handling of sensitive trade talks with urgency stems from Trump's threat to impose a 35 percent tariff on all Canadian goods beginning August 1, unless a new agreement is reached. Trump has claimed without strong evidence that fentanyl is entering the US from Canada and has also raised concerns about Canada's supply management system for to a US official, goods compliant with the Canada-US-Mexico Agreement (CUSMA) would be exempt from tariffs, but no final decisions have been emphasized that every day without clarity adds pressure to Canadian businesses. 'Every passing day brings uncertainty and paralysis,' he MP Adam Chambers called for the Standing Committee on International Trade to be recalled. Poilievre echoed that call, saying Canadians need transparency on how the government is handling also criticized the Liberal government's digital services tax, which targeted US tech giants. Trump had halted talks over the tax but returned to negotiations after Carney agreed to drop it, a move the White House described as Canada 'caving.'Poilievre argued the tax could have been used as leverage. 'He [Carney] hasn't made any headway,' he said. 'We want to see some wins for Canada.'On supply management, Poilievre pushed back against US criticism, saying Canada shouldn't offer concessions unless the US eliminates 'billions of dollars' in farm the clock ticking toward August 1, Carney has vowed to protect Canadian interests. Poilievre, meanwhile, is using the moment to reassert his leadership and possibly his return to Parliament.
