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Yahoo
28 minutes ago
- Yahoo
Stock market slides after tariff surprise
Stock market slides after tariff surprise originally appeared on TheStreet. Never a dull moment. Fresh on the heels of his big, beautiful tax cut win, President Donald Trump surprised most with a fresh volley of tariff uncertainty. The president unexpectedly revealed a fresh batch of tough talk on tariffs over the weekend after signing the One Big Beautiful Bill Act on July move poured cold water on an arguably red-hot stock market, sending the S&P 500 lower by 0.8% and the Dow Jones Industrial Average and Nasdaq Composite down about 1%. Since pausing reciprocal tariffs for 90 days, those indexes have rallied by a somewhat remarkable 19%, 26%, and 35%. The new bout of tariff uncertainty could pressure a stock market already beginning to flash warnings on some sentiment indicators. The One Big Beautiful Bill Act included a healthy slate of tax cuts, which is good news for consumers and companies. Americans over age 65 get a new bonus deduction totaling $6,000, up from $2,000 previously, while residents in high-tax states got a massive increase in the SALT tax deduction to $40,000 from $10, the big, beautiful bill included a deduction on up to $25,000 in tip income, and it doubles the estate tax to $30 million for married couples filing jointly. For businesses, it also made the 20% qualified business income (QBI) deduction under Section 199A permanent, reinstated deductions for research and development, and rebooted first-year 100% bonus deductions for certain equipment. In short, the passage of the Big Beautiful Bill Act not only provides some clarity for consumers and businesses, but extra money in pockets that can flow to risk assets, such as stocks. Unfortunately, the good news didn't translate into gains for the major indexes because of President Trump's renewed tough talk on tariffs. Trump threatened 25% tariffs on Japan and South Korea, plus warned of a possible 10% tariff on countries choosing to align themselves with Brazil, Russia, India, and China, otherwise called the BRIC nations. He also targeted a few other countries, suggesting tariffs of 40% on goods from Laos and Myanmar, 30% on South Africa, and 25% on Malaysia and Kazakhstan. The 90-day window for inking trade deals opened by Trump on April 9 closes July 9. Many have expected President Trump to extend the deadline to continue propping up markets, so the renewed offensive ratchets up concerns that we may not have heard the last of on the threatened tariffs were bad news for markets because they marked a return to uncertainty, President Trump plans to extend the July 9 deadline to August 1. That's good news; however, it's not a long extension. The compressed timeline may mean more tough talk in the coming weeks that could move markets. It certainly wasn't great for the indexes the first go-round. The S&P 500 fell 19% from its February peak through President Trump's pause decision in early April amid a flurry of tariff announcements, including 25% tariffs on Canada, Mexico, and autos, plus what has since become (after much negotiation) 30% tariffs on China. This time around, stocks may not react as poorly, given there's already been a playbook for tariff volatility. Still, the latest salvo comes even as some measures of investor sentiment flash overbought. For instance, the relative strength index (14) can signal that stocks are due for a break when it exceeds 70. The S&P 500 and Nasdaq Composite had a relative strength reading of 75 and 72, respectively, on July 3. Long-time technical analyst Helene Meisler pointed out in a recent TheStreet Pro post a host of sentiment indicators that may be getting a bit frothy, including institutional and individual investor surveys and the Daily Sentiment Index (DSI). "Finally there is the DSI," wrote Meisler. "The reading for the VIX is now 16. A reading under 15 is a big yellow flag; single digits is a red flag. The S&P 500 scooted right up to 87 and the Nasdaq is at 86. Over 85 is the yellow zone, while over 90 is the red zone. Let's call this extreme." Finally, the renewed tariff talk happens even as stocks' valuation has gotten a little over its skis. The S&P 500's forward price-to-earnings ratio is 22.2. Historically, forward returns for stocks are harder to come by when the P/E ratio gets north of 20. For perspective, it was last over 22 in February, right around when the S&P 500 made a new all-time high before its tariff-driven retreat. Coincidence? Perhaps. But something worth watching in the coming days and market slides after tariff surprise first appeared on TheStreet on Jul 7, 2025 This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29 minutes ago
- Yahoo
Texas flood toll passes 100 as more bodies recovered
The death toll from catastrophic flooding in Texas rose to more than 100 on Monday, as rescuers continued their grim search for people swept away by torrents of water. Among the dead were at least 27 girls and counselors who were staying at a youth summer camp on a river when disaster struck over the Fourth of July holiday weekend. Forecasters have warned of more flooding as rain falls on saturated ground, complicating recovery efforts involving helicopters, boats and dogs, as the number of victims is expected to rise still. President Donald Trump is planning to visit Texas on Friday, the White House said, as it slammed critics claiming his cuts to weather agencies had weakened warning systems. "Blaming President Trump for these floods is a depraved lie, and it serves no purpose during this time of national mourning," Press Secretary Karoline Leavitt told reporters Monday. She said the National Weather Service, which The New York Times reported had several key roles in Texas unfilled before the floods, issued "timely and precise forecasts and warnings." Trump has described the floods that struck in the early hours of Friday as a "100-year catastrophe" that "nobody expected." The president, who previously said disaster relief should be handled at the state level, has signed a major disaster declaration, activating fresh federal funds and freeing up resources. - 'Tragedy' - Kerr County in central Texas has been hardest hit of the counties devastated by the floods, with 56 adults and 28 children killed, according to the local sheriff's office. They include the 27 who had been staying at Camp Mystic, an all-girls Christian camp that was housing about 750 people when the floodwaters struck. Camps are a beloved tradition in the long US summer holidays, with children often staying in woods, parks and other rural areas. Texas Senator Ted Cruz described them as a chance to make "lifetime friends -- and then suddenly it turns to tragedy." In a terrifying display of nature's power, the rain-swollen waters of the Guadalupe River reached treetops and the roofs of cabins as girls at the camp slept. Blankets, teddy bears and other belongings were caked in mud. Windows in the cabins were shattered, apparently by the force of the water. Volunteers were helping search through debris from the river, with some motivated by personal connections to the victims. "We're helping the parents of two of the missing children," Louis Deppe, 62, told AFP. "The last message they got was 'We're being washed away,' and the phone went dead." Months' worth of rain fell in a matter of hours on Thursday night into Friday, and rain has continued in bouts since then. The Guadalupe surged around 26 feet (eight meters) -- more than a two-story building -- in just 45 minutes. Flash floods, which occur when the ground is unable to absorb torrential rainfall, are not unusual in this region of south and central Texas, known colloquially as "Flash Flood Alley." Human-driven climate change has made extreme weather events such as floods, droughts and heat waves more frequent and more intense in recent years. bur/bgs/bjt/st
Yahoo
29 minutes ago
- Yahoo
Factbox-US corporate heads who got involved in politics
(Reuters) -Tesla CEO Elon Musk last week announced on social media the formation of a new political party in the United States called the "America Party" after heavy criticism of U.S. President Donald Trump's sweeping tax and spending bill. Musk had been a close ally of the president before a falling-out that began earlier this year. Musk wouldn't be the first executive who has either tried to form a third party or run for office without previous political experience. Here are a list of other top U.S. executives who have shifted to politics: DONALD TRUMP The real estate mogul and former head of the Trump Organization ran for and won the 2016 presidential election, campaigning on the slogan of "Make America Great Again" geared around the issues of border security and immigration. After losing his re-election to Democratic nominee Joseph Biden in 2020, Trump returned to the White House four years later, campaigning on issues similar to his previous run. ELON MUSK The automotive and space billionaire last week announced the formation of the "America Party" after Trump's tax bill was signed into law. Prior to their public falling out, Musk was a large political donor to the president, contributing over a quarter of a billion dollars to help get Trump elected. ROSS PEROT The tech billionaire and founder of Electronic Data Systems ran as an independent candidate during the 1992 presidential race, campaigning on addressing the federal budget deficit and fiscal responsibility. He received nearly 19% of the popular vote but lost the election to Democrat Bill Clinton. In 1996, he started the Reform Party and ran again for the White House, this time capturing 8% of the popular vote. MEG WHITMAN The former eBay CEO ran for the governor of California in 2010 and poured millions of dollars into her campaign but lost to Jerry Brown. CARLY FIORINA The former CEO of Hewlett Packard unsuccessfully ran for a spot in the U.S. Senate and then ran for the 2016 Republican presidential nomination but dropped out of the race. MITT ROMNEY The former CEO of Bain & Company and co-founder of private equity firm Bain Capital had multiple runs for office through his political career. Romney was elected governor of Massachusetts in 2003, ran for the Republican nomination for president in 2008, won the Republican nomination in 2012 but lost the general election to Barack Obama and also served as a U.S. senator from Utah. VIVEK RAMASWAMY A Trump ally and former Republican presidential candidate, Ramaswamy has never held elected office, but has said he will run for governor of Ohio in 2026. The founder and former CEO of biotechnology company Roivant Sciences was also named co-chair of the Department of Government Efficiency in late 2024, but left to run for elected office. MICHAEL BLOOMBERG Media mogul Michael Bloomberg, the co‑founder and majority owner of financial data and media company Bloomberg LP, was elected mayor of New York City in 2001 as a Republican and served three terms, later becoming an independent. He entered the 2020 presidential race as a Democrat, but did not gain traction and later endorsed then-nominee Biden.
