
Wall Street choppy as markets juggle trade war news
US Treasury Secretary Scott Bessent predicted China could lose 10 million jobs quickly due to tariffs, but signaled progress on trade deals with other countries including Japan and India.
The world's two largest economies have slapped tit-for-tat import tariffs on each other and uncertainty around the state of negotiations between the two has kept markets on edge.
There is still some optimism around 'what will likely be deals with India, Japan, Australia, and South Korea', but talks with China will likely be 'the last pin to fall', said Patriarch Organization CEO Eric Schiffer.
A day after US officials said the Trump administration will move to reduce the impact of automotive tariffs, shares of Ford were only marginally higher and Tesla fell 0.6%.
The blue-chip Dow got a boost as Honeywell jumped 5.4% on reporting a rise in adjusted profit for the first quarter. Paintmaker Sherwin-Williams gained 5% after its quarterly profit beat estimates.
However, General Motors fell 1.6% after the automaker pulled its annual forecast due to tariff uncertainty.
The day's data releases also pointed to an increasingly murky economic outlook. The Conference Board's consumer confidence index dropped to its lowest reading since May 2020, while job openings came in at 7.19 million in March, below estimates of 7.48 million.
'We're just in this eye of the storm ... for a lot of investors, consumers, and business leaders wondering what the future looks like as potential tariffs kick in down the road,' said Matthew Stucky, chief portfolio manager at Northwestern Mutual Wealth Management.
At 11:49 a.m. ET, the Dow Jones Industrial Average rose 243.76 points, or 0.61%, to 40,471.35, the S&P 500 gained 13.75 points, or 0.25%, to 5,542.50 and the Nasdaq Composite gained 26.30 points, or 0.15%, to 17,392.44.
More economic data, including nonfarm payrolls, is expected this week, and results from many of the 'Magnificent Seven' group of megacap stocks are also due, with investors hawk-eyed on any signs of tariff impact on their outlook.
All three major indexes remain down for the year, despite the S&P 500 logging its best winning streak since November on Monday.
HSBC became the latest brokerage to trim its year-end target for the S&P 500 index, cutting it to 5,600 from 6,700 earlier.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
an hour ago
- Business Recorder
Iron ore stays above $100 metric ton amid Sino-US trade talks; coal slump continues
BEIJING: Iron ore futures prices held well over the key psychological level of $100 a metric ton on Tuesday, while investors closely monitored the renewed Sino-US trade talks for signs of progress. The benchmark September iron ore on the Singapore Exchange climbed 1.9% to $102.7 a ton, as of 0700 GMT. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) erased the morning's loss to end daytime trade 0.63% higher at 798 yuan ($111.17) a ton. Talks between top U.S. and Chinese officials in Stockholm, who met on Monday, are expected to continue on Tuesday to resolve longstanding economic disputes between the world's top two economies. Although the two superpowers have no deep ties in terms of direct trade in steel and its key feedstock iron ore, trade frictions could blur demand outlook in top consumer China, said analysts. Underpinning iron ore prices were also falling arrivals, with those at the major ports slipping by 7.6% week-on-week to 23.2 million tons in the week as of July 27, data from consultancy Mysteel showed. Kumba Iron Ore half-year profit flat despite increased sales 'Fundamentals of iron ore are relatively healthy amid falling arrivals and resilient hot metal output, supporting prices,' analysts at Shengda Futures said in a note. Markets also awaited details of a Chinese Politburo meeting by July-end that is expected to set the country's economic policy for the rest of the year. Prices of coking coal and coke, also steelmaking ingredients, extended their slump for a second straight session, falling 6.63% and 2.62%, respectively. Both had surged in the past week, fueled by the anticipation of a potential supply cut after the government planned to inspect mines at eight key coal production hubs to check for excess production. Most steel benchmarks on the Shanghai Futures Exchange gained. Rebar added 1.98%, hot-rolled coil rose 2.01%, wire rod advanced 2.33% while stainless steel lost 0.12%.


Business Recorder
an hour ago
- Business Recorder
South Korean shares hit four-year high on hopes of US trade deal
SEOUL: Round-up of South Korean financial markets: South Korean benchmark rose on Tuesday to their highest level in four years, as optimism grew around U.S. trade negotiations ahead of an August 1 deadline for higher tariffs. The benchmark KOSPI ended the session up 21.05 points, or 0.66%, at 3,230.57, its highest closing level since August 10, 2021. Korean Finance Minister Koo Yun-cheol said on Tuesday he would seek a mutually beneficial trade deal when he meets U.S. Treasury Secretary Scott Bessent for talks this week, just days before an August 1 deadline expires to avoid punishing tariffs. 'Trade uncertainty is easing after the U.S. signed a deal with Europe and the possibility increased that the deadline will be extended for China,' said Seo Sang-young, an analyst at Mirae Asset Securities. Among index heavyweights, chipmaker Samsung Electronics rose 0.28%, while peer SK Hynix gained 0.19%. Battery maker LG Energy Solution climbed 3.02%. Hyundai Motor and sister automaker Kia Corp were down 0.23% and up 0.19%, respectively. Steelmaker POSCO Holdings shed 2.01%, while drugmaker Samsung BioLogics rose 1.97%. Of the total 935 traded issues, 469 shares advanced, while 411 declined. Foreigners were net buyers of shares worth 605.4 billion won ($434.46 million). The won was quoted at 1,393.5 per dollar on the onshore settlement platform, 0.32% lower than its previous close at 1,389.1. The most liquid three-year Korean treasury bond yield fell by 0.3 basis point to 2.457%, while the benchmark 10-year yield fell by 2.9 basis points to 2.832%.


Business Recorder
2 hours ago
- Business Recorder
Australian shares end mostly flat over tariff worries
Australian shares finished Tuesday little changed as investors scrutinised the long-term economic impact of elevated trade barriers, even as countries edged towards tariff deals with the United States. The S&P/ASX 200 benchmark index closed 0.1% higher at 8,704.60 points, after losing 0.6% earlier in the session. The benchmark rose 0.4% on Monday. Australia, one of the countries currently subject to the U.S.'s 10% baseline tariffs, could face levies of between 15% and 20% on its exports to the U.S. if it doesn't secure a separate deal soon, erasing the optimism that came with a slew of deals announced recently. 'Questions remain about just how well or otherwise the (Australian) economy will handle stiffer tariffs,' said Tim Waterer, chief market analyst at KCM Trade. Banks boost Aussie shares higher; investors brace for corporate earnings Tariff levels are still going to be higher than they have historically been, and that poses a greater economic challenge to countries such as Australia, along with certain sector-specific tariffs which are less than ideal for the domestic export sector, Waterer said. Banks, the bellwethers for economic growth, ended largely flat, with two of the 'Big Four' lenders finishing lower. Top lender CBA slipped 0.4%, after it announced workforce reductions tied to a shift towards artificial intelligence. Miners finished largely unchanged, down 0.04%. BHP closed slightly higher, while Rio Tinto was flat and Fortescue slipped 0.3%. Energy stocks rose 0.7%, with Woodside gaining 1.6% to hit a six-week high after it said it would take over as the operator of the Bass Strait oil and gas assets from ExxonMobil, unlocking an estimated $60 million in synergies. Market participants now await the local inflation data due on Wednesday to gauge the central bank's next monetary policy move. In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 12,936.41 points.