Wall Street Live: US stocks mixed as investors await new trade developments, Intel climbs 4.1%
As of 9:56 AM Eastern time, the benchmark S&P 500 was up less than 0.1%, the Dow Jones Industrial Average was down 0.1%, and the Nasdaq Composite was 0.2% higher.
In the bond market, the yield on the 10-year Treasury rose to 4.43% from 4.39% late on Monday.
US President Donald Trump on Monday imposed 25% tax on goods imported from Japan and South Korea.
He also set new tariff rates on a dozen other nations, scheduled to go into effect on August 1.
The Trump administration posted letters on Truth Social, warning various countries to not retaliate by increasing their import taxes, or else the US would further increase tariffs.
Shares of Intel climbed 4.1% and Eli Lilly edged higher 1.5%.
JPMorgan and Bank of America stocks were each down 1.9%.
Amazon shares fell 0.2% as the online retail giant kicked off Prime Day sale.
US benchmark crude was down 0.3%, while Brent crude, the international standard, was off 0.2%.
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Economic Times
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Rupee inches up tracking regional peers, spotlight stays on tariffs
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Mint
44 minutes ago
- Mint
Intel to lay off over 500 employees in Oregon as part of massive restructuring: Report
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Time of India
an hour ago
- Time of India
Close to deal with India, says Donald Trump amid flurry of letters
Image used for representative purposes NEW YORK/WASHINGTON: US President Donald Trump on Monday said Washington is "close to making a deal with India" even as he announced reciprocal tariffs on more than a dozen countries, including close allies, late Monday (early Tuesday India time) while sparing New Delhi. "We have made a deal with the UK, we have made a deal with China, we are close to making a deal with India. Others, we met with, and we don't think we will be able to make a deal, so we just sent them a letter: if you want to play ball, this is what you have to pay. As far as I am concerned, we are done. We are sending out letters to various countries, asking them how much we have to pay," he told reporters. More letters are to be sent on Tuesday, he posted on Truth Social. Although this is not the first time that Trump has made claims about a deal with India - he again linked it to the ceasefire between India and Pakistan as well - this time he has made a distinction as he announced tariffs, effective Aug 1, for 14 countries, ranging from 25% (Japan, South Korea, Malaysia, Kazakhstan and Tunisia) to 40% (Laos and Myanmar). Cambodia has seen a significant reduction, of 13 percentage points to 36%, compared to the tariffs announced in April, while there is an eight percentage point cut in the case of Laos. Japan and Malaysia have seen a one percentage point reduction. There was no comment from government on Tuesday amid intense speculation about when a deal could be announced. Govt sources said they were waiting for clarity from the White House as negotiations at the official level concluded last week. India has pledged to buy loads of American arms, energy, and other produce to whittle down the $45 billion trade deficit while making clear its reluctance to lowering duties on several farm and dairy products. Indian exporters are keen that a deal be closed quickly. 'With US imposing reciprocal tariffs on a dozen countries and advancing trade deals with partners like the UK and Vietnam, it is imperative that India and the US finalise a BTA at the earliest. A timely deal will not only shield Indian exports from uncertainty but also unlock new opportunities with comparative tariff advantages both in labour intensive and sunrise sectors. Strengthening this strategic trade partnership will send a strong signal of economic alignment and trust, benefiting businesses on both sides,' said Ajay Sahai, director general of the Federation of Indian Export Organisations. India and US have been engaged in talks for over four months now with a view to seal the first tranche of a bilateral trade pact by Fall (Sept-Oct). The announcement of reciprocal tariffs in early April pushed govt to seek a mini deal. The Aug 1 deadline set by Trump gives negotiators a few more days to bridge the gaps, although officials suggested that the US president has to take the final call on the deal with India. On Monday, Trump shot off missives to long-time allies Japan and South Korea, slapping them with 25% tariff. In letters riddled with random capitalisation and poor grammar and syntax, Trump told the prime minister of Japan, a US treaty ally, that the trade surplus Tokyo has run up against Washington constituted a 'major threat' to US national security. Identical letters citing threat to US national security was sent to leaders of Bosnia & Herzogovina (whose female President Zeljka Cvijanovic was addressed as Mr President), Cambodia and Bangladesh, which have small trade surpluses with Washington with exports in the paltry billions. Trump and his team also dialled down expectations of '90 deals in 90 days' that they had talked up at the start of the tariff war the US President initiated. Having negotiated only a framework for three sketchy agreements, Trump indicated most other countries would simply get a letter intimating them of tariff increases if they don't conclude an agreement by Aug 1. 'It's all done,' he maintained, even as aides acknowledged that instead of the White House phones 'ringing off the hook' as they anticipated, many countries had not even contacted them. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
