Wall Street Rises Despite Trump's Tariff Threats; Airline and Steel Stocks Lead Gains
The Dow climbed 192.34 points (0.4%) to 44,650.64, the Nasdaq inched up 19.33 points (0.1%) to 20,630.66 and the S&P 500 rose 17.20 points (0.3%) to 6,280.46.
Despite lingering uncertainty over Donald Trumps trade policies, Wall Street closed higher. Trump announced a 50% tariff on copper starting August 1 via Truth Social, raising concerns. He also shared letters to multiple world leaders outlining further tariff plans. However, investors seem to be discounting his unpredictable announcements. Analysts suggest markets are now refocusing on economic data and corporate performance instead.
The Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th. The report said initial jobless claims dipped to 227,000, a decrease of 5,000 from the previous week's revised level of 232,000.
Airline stocks substantially moved upwards, with the NYSE Arca Airline Index soaring by 7.8% to its best closing level in four months. Delta Air Lines (DAL) led the sector higher, spiking by 12% after reporting better than expected earnings for the June quarter and reinstating its full-year profit outlook. Steel stocks were significantly strong, as reflected by the 1.8% jump by the NYSE Arca Steel Index. Biotechnology, energy and financial stocks too saw notable strength while software and networking stocks moved to the downside.
Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index fell by 0.4%, while China's Shanghai Composite Index climbed by 0.5%. The major European markets also ended the day mixed while the German DAX Index decreased by 0.4%, the French CAC 40 Index rose by 0.3% and the U.K.'s FTSE 100 Index jumped by 1.2%.
In the bond market, treasuries recovered from early weakness to end the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.34% after reaching a high of 4.37%.
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Indian Express
7 minutes ago
- Indian Express
India begins crucial week-long trade negotiations with US
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Time of India
37 minutes ago
- Time of India
Wall of lies? V.A. reported fake cuts to DOGE while real pain hit veterans hard
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The Hindu
an hour ago
- The Hindu
Trump says U.S. to send weapons for Ukraine under NATO deal; threatens Russia with tariffs if war isn't resolved
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"Every night, people are dying.' Meanwhile, Mr. Trump's special envoy to Ukraine and Russia, retired Lt. Gen. Keith Kellogg, met with Mr. Zelensky in Kyiv on Monday. Mr. Zelensky said he had 'a productive conversation' with Mr. Kellogg about strengthening Ukrainian air defences, joint arms production and purchasing U.S. weapons in conjunction with European countries, as well as the possibility of tighter international sanctions on the Kremlin. 'We hope for the leadership of the United States, because it is clear that Moscow will not stop unless its ... ambitions are stopped by force,' Mr. Zelensky said on Telegram. Russia has pounded Ukrainian cities, including the capital, Kyiv, with hundreds of drones and cruise and ballistic missiles that Ukraine's air defences are struggling to counter. June brought the highest monthly civilian casualties of the past three years, with 232 people killed and 1,343 wounded, the U.N. human rights mission in Ukraine said. Russia launched 10 times more drones and missiles in June than in the same month last year, it said. At the same time, Russia's bigger Army is making a new effort to drive back Ukrainian defenders on parts of the 1,000-kilometre (620-mile) front line. U.S. to send Patriot air defence missiles for Ukraine Mr. Trump confirmed the U.S. is sending Ukraine more badly needed Patriot air defence missiles and that the European Union will pay the U.S. for the 'various pieces of very sophisticated' weaponry. While the EU is not allowed under its treaties to buy weapons, individual EU member countries can and are, just as NATO member countries are buying and sending weapons. Germany has offered to finance two Patriot systems, government spokesperson Stefan Kornelius said Monday in Berlin. As far as other European countries financing more systems is concerned, that would have to be seen in talks, he said. 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Kirill Dmitriev, Mr. Putin's envoy for international investment who took part in talks with U.S. officials in Saudi Arabia in February, dismissed what he said were efforts to drive a wedge between Moscow and Washington. 'Constructive dialogue between Russia and the United States is more effective than doomed-to-fail attempts at pressure,' Mr. Dmitriev said in a post on Telegram. 'This dialogue will continue, despite titanic efforts to disrupt it by all possible means.'
