US stock market today: S&P 500 falls, Dow Jones drops, Nasdaq offers relief. Check top performing stocks
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Industrial Average dropped 171 points, or 0.4 per cent, and the
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composite rose 0.1 per cent. S&P 500 slipped 7.96 points to 6,362.90. The Dow Jones Industrial Average dropped 171.71 to 44,461.28, and the Nasdaq composite rose 31.38 to 21,129.67.
This came after doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September. Stocks felt pressure from rising Treasury yields in the bond market after the Federal Reserve voted to hold its main interest rate steady. The move may upset President Donald Trump, who has been angrily lobbying for lower interest rates, but it was widely expected on Wall Street.
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A cut in rates would give the job market and overall economy a boost, but it could also risk fueling inflation when Trump's tariffs may be set to raise prices for U.S. consumers. The Fed's job is to keep both the job market and inflation in a good place.
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Trump on Wednesday announced a 25 per cent tariff on imports coming from India, along with an additional tax because of India's purchases of Russian oil, beginning on August 1. That's when stiff tariffs Trump has proposed for many other countries are also scheduled to kick in, unless they reach trade deals that lower the rates.
The yield on the two-year U.S. Treasury note rose to 3.93% from 3.86% late Tuesday. It tends to closely follow expectations for what the Fed will do with its overnight interest rate.
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The 10-year Treasury, which also takes into account longer-term expectations for the economy and inflation, rose to 4.36% from 4.34%.
A report earlier in the morning suggested the U.S. economy's growth was much stronger during the spring than economists expected. But underlying trends beneath the surface may be more discouraging.
'Cutting through the noise of the swings in imports, the economy is still chugging along, but it is showing signs of sputtering,' said Brian Jacobsen, chief economist at Annex Wealth Management.
On Wall Street, Humana rose 12.4% after the insurer and health care giant reported stronger results for the spring than expected. It also raised its forecasts for profit and revenue over the full year.
Video-game maker Electronic Arts climbed 5.7% after likewise topping Wall Street's expectations.
Companies are under pressure to deliver solid profit growth. They need to in order to justify the big jumps in their stock prices during recent months, which has caused some critics to say the broad U.S. stock market looks too expensive.
Trane Technologies, whose stock came into the day with a 27.5% gain for the year so far, tumbled even though it reported a stronger-than-expected profit for the latest quarter. The heating, ventilation and air conditioning company's revenue came up short of analysts' estimates, as did its forecast for profit in the current quarter. It dropped 8.4%.
Freeport-McMoRan, a copper producer with mines around the world, tumbled 9.5% after Trump signed an executive order to tax imports of copper at 50%.
Starbucks stocks slipped 0.2% after reporting a weaker profit than analysts expected as it tries to turn around its operations. The company is hoping to boost its performance through improved store operations and new products, including a cold foam protein drink.
In stock markets abroad, indexes were mixed across Europe and Asia. Hong Kong's Hang Seng fell 1.4%, and South Korea's Kospi rose 0.7% for two of the bigger moves.
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A1. Top three indexes of US Stock Market are S&P 500, Dow Jones, Nasdaq.
Q2. How are Starbucks stocks performing?
A2. Starbucks stocks slipped 0.2% after reporting a weaker profit than analysts expected as it tries to turn around its operations. The company is hoping to boost its performance through improved store operations and new products, including a cold foam protein drink.
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Business Standard
7 minutes ago
- Business Standard
India to keep buying Russian oil despite Trump's penalty threat: Report
India will continue to buy crude oil from Russia, despite US President Donald Trump's warning of a penalty, according to a report in Reuters, quoting two Indian government sources, who did not wish to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." The New York Times, in its report, quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy. One of the officials, in the news report, said the government had "not given any direction to oil companies" to cut back imports from Russia. The Indian authorities had, on Friday, said their energy decisions are based on national interest and market factors. Trump recently claimed India may stop purchasing oil from Russia, calling it a 'good step' if true. However, India's foreign ministry stated on Friday that no such decision has been made. Speaking to the media on Friday, Trump said, 'I understand that India is no longer going to be buying oil from Russia. That's what I heard — I don't know if that's right or not — but that would be a good step.' His comment followed the US government's announcement of a 25 per cent tariff on all goods imported from India, effective from August 1, along with an unspecified penalty. Tougher stance: 100% tariff warning In mid-July, Trump issued a stronger threat, warning of up to 100 per cent tariffs on any country that continues to buy oil from Russia unless there is a complete peace agreement between Russia and Ukraine. Earlier this week, he also criticised India's economic partnership with Russia. Posting on Truth Social, Trump said, 'I don't care what India does with Russia. They can take their dead economies down together, for all I care.' He repeated long-standing complaints about India's high tariffs, saying, 'Their tariffs are too high, among the highest in the world. The US has done very little business with India for this reason.' On Wednesday, the US officially announced a 25 per cent tariff on all Indian exports to the United States starting August 7. India defends its position Responding to the US statements, India's Ministry of External Affairs said the country decides on oil purchases based on availability, global prices, and domestic needs. 'We look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation,' said foreign ministry spokesperson Randhir Jaiswal during a press briefing on Friday. Russia remains India's top oil supplier Russia continues to be India's leading crude oil supplier, accounting for about 35 per cent of total oil imports. From January to June 2025, India imported around 1.75 million barrels per day of Russian oil — slightly higher than the same period last year, Reuters reported. Other key suppliers include Iraq, Saudi Arabia, and the UAE. India is the world's third-largest importer and consumer of oil. US Senator Marco Rubio calls India's Russia ties a concern US Secretary of State Marco Rubio also expressed concern over India's oil purchases from Russia, saying it is 'most certainly a point of irritation' in the US-India relationship. Speaking to Fox Radio on Thursday, Rubio noted that even among allies, it is normal to disagree on some foreign policy matters. 'India is a strategic partner. Like anything in foreign policy, you're not going to align 100 per cent of the time,' he said. (With agency inputs)
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First Post
7 minutes ago
- First Post
Trump's tariff threat: For India, no deal is better than a bad one
Trade deals aren't T20s—they're Test matches, needing years of diplomacy, while President Trump wants them wrapped up in days read more America is India's largest trading partner. Still, the world is larger than the US, and India is a sovereign global power. File Image/Reuters The President of the United States, Donald Trump, issues policy decisions and administrative orders from golf courses, aboard Air Force One, on his social media platform Truth Social, and occasionally from the White House in the form of Executive Orders. For President Trump, 'tariff' is the most beautiful word in the dictionary. Once again, on July 31, 2025, Trump disrupted the global trade order, sending markets into turmoil with a sweeping revision of ad valorem duties on imports from nearly 200 countries. His latest Executive Order was issued just a day before his extended deadline to the world expired on August 1, 2025. STORY CONTINUES BELOW THIS AD India, along with Brazil, Canada, and Switzerland, has been hit particularly hard. I'll examine the implications for India shortly. Extreme Break, and the Cost to US Consumers First, what do these new tariff orders signify? Indisputably, they add more confusion to an already uncertain global trade environment. More critically, they represent a sharp departure from over a century of US trade policy. According to the Budget Lab at Yale University, the new tariffs will lead to an overall effective tariff rate of 18.3 per cent— the highest since 1934. They estimate this will cost the average American household around $2,400 in 2025 alone. Markets in a Tizzy The new trade policy, effective August 7, impacts nearly every country and marks a decisive break from decades of free trade. The result? Markets tumbled on both sides of the Atlantic. After an early-day sell-off in Asian markets, Europe's Stoxx 600 fell nearly 2 per cent, the UK's FTSE 100 declined by 0.8 per cent, and Wall Street closed lower, with the Dow Jones and S&P 500 down over 1 per cent, and the Nasdaq dropping more than 2 per cent. The market drop was worsened by weaker-than-expected US job data. STORY CONTINUES BELOW THIS AD Why So Much Uncertainty? First, the second Executive Order (dated July 31) came just months after the original April 2 order — a one-two punch for global markets. Second, there is no assurance that we've seen the worst of Trump's tariff campaign. Decoding the New Tariff Regime The revised tariffs impact nearly every country and signify a hard pivot toward protectionism. Here's how the new structure breaks down: 10 per cent Tariff: Imposed on countries with whom the US has a trade surplus (ie, countries that import more from the US than they export to it). 15 per cent Tariff: Set as a minimum for about 40 countries where the US runs a trade deficit. For some, this is lower than the April 2 'reciprocal' tariffs; for others, it's higher. Above 15 per cent: Over two dozen countries now face tariffs higher than 15 per cent, either due to agreed frameworks or unilateral decisions by Trump — mostly those with large trade deficits with the US. STORY CONTINUES BELOW THIS AD Trans-shipment Penalty: An additional 40 per cent tariff may be imposed on goods Washington deems as 'trans-shipped' through another country — a move primarily targeting Chinese goods. Winners and Losers The new tariff framework has created a jarring set of winners and losers. Losers: Brazil: Hit hardest with a 50 per cent tariff, including a vague 'free speech' penalty. India: Faces a 25 per cent tariff, plus an unspecified penalty for purchasing Russian energy and military hardware — potentially as high as 200 per cent. Syria: 41 per cent tariff — second highest after Brazil. Myanmar and Laos: 40 per cent each. Switzerland: Slapped with a 39 per cent tariff, the highest for any European nation outside the EU. Iraq and Serbia: 35 per cent each. Canada: Tariff raised to 35 per cent, but goods compliant with the United States–Mexico–Canada Agreement (USMCA) are exempt. South Africa, Algeria, Libya: 30 per cent each — the highest in Africa. Moldova, Mexico, Brunei, Tunisia, Kazakhstan: All face a 25 per cent tariff — same as India, though India has the added Russia penalty. STORY CONTINUES BELOW THIS AD Winners: Bangladesh, Sri Lanka, Taiwan, Vietnam: Each now faces a 20 per cent tariff, down sharply from April's rates (46 per cent for Vietnam, 44 per cent Sri Lanka, 37 per cent Bangladesh, 31per cent Taiwan). Cambodia, Indonesia, Malaysia, Pakistan, Philippines, Thailand: Tariffs lowered to 19 per cent, from as high as 49 per cent (Cambodia) and 32 per cent (Indonesia) in April. This comparison puts India at a clear disadvantage among its Asian peers. Trump had initially imposed tariffs up to 27 per cent on Indian goods in April, later paused. Since then, multiple rounds of trade talks have taken place. There's More Beyond general import tariffs, targeted levies now affect specific industries: Steel & Aluminium: 50 per cent (effective June 4) Copper: 50 per cent (effective August 1) Automobiles & Car Parts: 25 per cent (from April 3 and May 3) Though not yet implemented, Trump has threatened 200 per cent tariffs on pharmaceuticals and semiconductors, citing national security. Ninety Deals in Ninety Days? On April 2 — what Trump dubbed Liberation Day — he introduced his first round of 'reciprocal' tariffs. Days later, he paused them, giving trading partners 90 days to negotiate deals with the US. Trump ambitiously aimed for 90 deals in 90 days. According to Kevin Hassett, Director of the National Economic Council, over 50 countries began talks. STORY CONTINUES BELOW THIS AD Arm-Twisting, Not Diplomacy Despite his optimism, Trump has little to show beyond coercive deals: UK: A deal allowing 100,000 cars to be exported to the US at 10 per cent tariff (down from 25 per cent). EU: 15 per cent flat tariff — less than the threatened 30 per cent. Japan: 15 per cent tariff, plus $550 billion investment in US infrastructure and agricultural market access. Philippines: Reduced from 20 per cent to 19 per cent. China: Tariff reduced from 145 per cent to 30 per cent; China reciprocated with a cut from 125 per cent to 10 per cent. South Korea: Tariff set at 15 per cent (down from 25 per cent); Korea pledged $350 billion investment and $100 billion in US energy purchases. These are not carefully negotiated, mutually beneficial agreements — they are outcomes of arm-twisting. Trade Deals Aren't White-Ball Cricket Trump's 90-deal ambition was destined to falter. Trade deals aren't T20 matches — they're Test cricket. They require years of diplomacy and legislative buy-in. The global average to finalise a trade deal is 2.5 years. Trump wants them done in days. STORY CONTINUES BELOW THIS AD India's Trade Talks – Derailed Again India has held five rounds of talks with the Trump administration — predating the April 2 tariffs. Trump repeatedly claimed a 'great deal' with India was coming. Then, out of nowhere, he delivered a bouncer. Despite ongoing talks, he branded India a 'tariff king' and an 'abuser of trade ties', imposing a 25 per cent tariff — significantly higher than most Asian peers — plus an unspecified Russia-related penalty. The most alarming scenario? Trump enforces his earlier threat of a 100 per cent secondary tariff on Russian energy buyers. This would make Indian goods prohibitively expensive in the US. The Logic? There Often Isn't One Trump's justification? High Indian tariffs, non-monetary barriers, and India's defense trade with Russia. Here's what he posted on Truth Social on July 30: 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high… Also, they have always bought a vast majority of their military equipment from Russia… INDIA WILL THEREFORE BE PAYING A TARIFF OF 25% PLUS A PENALTY… STARTING ON AUGUST FIRST. THANK YOU… MAGA!' STORY CONTINUES BELOW THIS AD The next day, Trump doubled down: 'I don't care what India does with Russia. They can take their dead economies down together, for all I care…' Consequences of No Deal In just three days, Trump reversed course — from promising a 'great deal' to dismissing India's economy altogether. The 25 per cent tariff took effect on August 1. A last-minute mini deal India and the US had been negotiating since February has now collapsed. A comprehensive trade deal looks even more unlikely. Time for Bharat First If the new tariffs and the Russia penalty persist, India's GDP could take a 0.2-0.4 per cent hit, especially affecting export sectors like marine products, textiles, leather, automobiles, and pharmaceuticals. But it's time to hold the line. As the government rightly states, India must take all necessary steps to protect its national interest — as seen in recent trade pacts like the Comprehensive Economic and Trade Agreement with the UK. America is India's largest trading partner. Still, the world is larger than the US, and India is a sovereign global power. India must refuse any trade agreement that is inequitable or detrimental to its farmers, entrepreneurs, and Micro, Small & Medium Enterprises (MSMEs). No deal is better than a bad deal. The author is a multi-disciplinary thought leader with Action Bias and an India based impact consultant. He is a keen watcher of changing national and international scenarios. He works as President Advisory Services of Consulting Company BARSYL. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Time of India
7 minutes ago
- Time of India
India aghast at Donald Trump's ‘dead' economy jibe, 25% tariffs
India is facing shock and dismay after the US imposed a surprise 25% tariff, with businesses and policymakers assessing the impact. Trump's remarks on India's trade barriers and alignment with Russia have sparked criticism and concern. While India weighs its options, businesses fear squeezed profit margins and potential job cuts, hoping for improved negotiations. Tired of too many ads? Remove Ads 'Blunt-Force' Message Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Negotiating Tactic Shock, dismay and angst swept across India as businesses, policymakers and citizens digested US President Donald Trump's sharp remarks and a surprise 25% tariff rate earlier this Indian government officials weighed a response and business groups tallied the cost of the trade barrier, the local social media flared up with users protesting Trump's comments and criticizing Indian Prime Minister Narendra Modi for not speaking started with Trump saying that India's trade barriers were the 'most strenuous and obnoxious,' in a Truth Social post July 30. He added the US may also impose a penalty for New Delhi's purchase of Russian weapons and energy. Less than a day later, he ripped into India again for aligning with Russia, calling them 'dead economies' in another no imminent trade deal, the 25% tariffs kicked in as of Friday. India is hardly alone in facing Trump's trade wrath — and not the subject to the very highest rates — but the news left business and political leaders wondering how to cope with the fallout.'Overnight, the US-India trade equation shifted from tense to turbulent,' said Akshat Garg, assistant vice president at Choice Wealth, a Mumbai based financial services firm. The levies 'feel less like structured policy and more like a blunt-force political message.'Complicating the narrative around the India trade deal — or the lack of it — was the US pact with its traditional rival Pakistan that came through on the same the US released rates across the world on Aug. 1, India's relative disadvantage to competitor exporting countries became more apparent, dampening moods and stoking tempers further.'The biggest blow is that Pakistan and Bangladesh got a better rate than us,' V. Elangovan, managing director at SNQS Internationals, an apparel maker in the south Indian manufacturing hub of Tirupur, told Bloomberg News. 'We were expecting something in the 15 to 20% range.'India's annoyance can be traced back in part to Trump declaring himself the peacemaker that helped broker a ceasefire in the armed conflict between India and Pakistan in May. The move was seen as an effort to upstage Modi and put the two South Asian neighbors on an equal footing, despite India's larger military and events of this week have cemented that impression further in the eyes of some Indian the tariff rate news first dropped in late Wednesday evening in India, Ashish Kanodia recalls being 'very disturbed.' A director at Kanodia Global, a closely held exporter that gets over 40% of its revenue from the US selling home fabrics to toys, the entrepreneur already has two of its largest US customers seeking discounts to make up for the levy.'The next six months are going to be difficult for everyone,' Kanodia said, adding that profit margins will be squeezed. If the pain continues for 'months and months,' he said he'll have to start cutting his US is India's largest trading partner, with the two-way trade between them at an estimated $129.2 billion in with India's 25%, Bangladesh was subjected to a 20% tariff, Vietnam got a 20% levy and Indonesia and Pakistan each received 19% duties.'We know that we have got a deal that is worse than other countries,' said Sabyasachi Ray, executive director at The Gem and Jewelry Export Promotion Council. 'We will take it up with the government.'Trump's actions mark a 180-degree turn for New Delhi's hopes of preferential treatment over regional peers. It was among the first to engage Washington in trade talks in February, confident of hammering out a deal sooner than had called India's Prime Minister Narendra Modi 'my friend' in a Feb. 14 post on X and the bond between the two countries 'special.'India is now weighing options to placate the White House, including boosting US imports, Bloomberg News reported citing people familiar with the matter, and many hope that the bilateral relationship and the tariff rate can still be improved.'It is a storm in the India-US relationship at this moment but I think there's a good chance that it will go away,' Vivek Mishra, deputy director of the Strategic Studies Programme at Delhi based Observer Researcher Foundation, told Bloomberg business and trade groups are supporting the government's stance on the deal as the negotiations for a US-India trade deal businesses 'are worried but they are not panicking' because they hope a more favorable deal can be worked out, said Ray of the gems export body. 'The negotiation that should be happening should be a win-win, not a win-lose.'The abrupt announcement by Trump over social media when negotiations with India were ongoing 'seems like a knee-jerk reaction,' according to Rohit Kumar, founding partner at public policy research firm The Quantum Hub.'This appears to be a negotiating tactic aimed at unresolved discussion points,' Kumar said.
