The path is set for the S&P 500 to reach a new record as soon as this week
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Trump tariffs live updates: Trump strikes deal with Japan, but EU digs in with over $100B counterattack
The European Union said on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event the two sides cannot reach a trade deal by Aug. 1. Bloomberg News reported the European Commission will combine $24 billion in approved tariffs with a proposed $83 billion US goods list into one countermeasure package that would hit everything from American whiskey to cars to Boeing (BA) planes. As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. 'I just signed the largest deal in history with Japan," Trump said during the meeting. The president said the agreement includes a 15% tariff on imported goods from Japan, and the country will invest $550 billion into the US. Earlier on Tuesday, Trump said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal. The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any 'transhipped' goods. US officials said no tax would apply to "99%" of US imports. The deal developments come as prospects for larger pacts with India, the EU, and Canada look increasingly in doubt. Trump has threatened 25% to 35% tariffs on those larger trade partners. Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. EU readies €100B no-deal plan to match US 30% tariff The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. The European Union announced on Wednesday it plans to hit the US with 30% tariffs on over $100 billion worth of goods in the event that no deal is made and if President Trump decides to follow through with his threat to impose that rate on most of the bloc's exports after Aug. 1. A European Commission spokesman said that the first part of countermeasures would combine an already approved list of tariffs on $24 billion of US goods and a previously proposed list on an additional on $83 billion of American products into one package. The US exports, which would include goods such as Boeing (BA) aircraft, US-made cars and bourbon whiskey would all face heavy tariffs that match Trump's 30% threat. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. Bloomberg News reports: Read more here. 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
9 minutes ago
- Yahoo
Tesla Draws Optimism From JPMorgan on Robotaxi Debut
Tesla (TSLA, Financials) is set to report its second-quarter results after the market closes Wednesday, just as JPMorgan issued a cautiously optimistic note about its new robotaxi business. Analysts from JPMorgan rode the autonomous vehicle in Austin and described it as solid and consistently safe a rare endorsement from a firm that has maintained a long-standing bearish view on the stock. Tesla launched the ride-hailing service on June 22 and has already grown its geofenced coverage to 42 square miles in Austin, although Alphabet's Waymo has expanded faster in the same city. Despite the positive test ride, JPMorgan reiterated a Sell rating and a $115 price target on July 7, implying 65% downside from current levels. The firm cited Tesla's valuation as unjustified when compared to peers in the so-called Magnificent Seven. Wall Street expects Tesla to post Q2 adjusted earnings per share of $0.40 on revenue of $22.19 billion. Analysts are especially focused on any updates regarding full-self driving progress and the robotaxi rollout. Investors are also watching how the Trump administration's plan to end EV tax credits could affect Tesla's margins in the upcoming quarters. This article first appeared on GuruFocus. 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
San Francisco Chronicle
11 minutes ago
- San Francisco Chronicle
Republican congress member Mike Lawler says he won't run for New York governor
NEW YORK (AP) — U.S. Rep. Mike Lawler, a moderate Republican representing a suburban New York swing district, said Wednesday he won't run for governor next year. Lawler had been viewed as a potentially strong challenger to Democratic Gov. Kathy Hochul. But another prominent House Republican, Rep. Elise Stefanik, also has been eying a candidacy. She said in a statement Wednesday she'll decide after this November's election. Lawler, a second-term Congress member from the Hudson Valley north of New York City, weighed his options as President Donald Trump and his fellow Republicans strive to retain control of the House in next year's midterm elections. Lawler told the 'Fox and Friends' morning show that running for reelection to the House was 'the right thing to do for me and my family and my district.' 'Keeping the House majority is critical if we are going to continue to move this economy in the right direction,' he said. Lawler's seat has been a crucial swing district in recent elections. He noted Wednesday that he's one of few Republicans who won a seat in a district Democratic presidential nominee and former Vice President Kamala Harris won last year. Lawler is now coming off a successful fight to raise the federal income tax deduction for state and local taxes, a significant pocketbook issue in New York and some other places primarily on the East and West coasts. Trump's big tax and spending legislation, which he signed into law this month, quadruples the cap on state and local deductions to $40,000, for the next five years. It had been capped at $10,000 as part of Trump's first-term tax overhaul. Lawler held a series of sometimes raucous town halls in his district over the spring — at a time when Republicans were being advised to skip the forums that were drawing angry questions about President Donald Trump's agenda. Trump in May endorsed Lawler for reelection in the 17th Congressional District , calling him 'a Strong Champion, and Highly Effective Representative' in a post on his Truth Social platform. Hochul, a former lieutenant governor, assumed the top office in 2021 after predecessor Andrew Cuomo resigned. Hochul then was elected in 2022. She also faces a challenge from her own lieutenant governor, Antonio Delgado, amid a feud between the two Democrats. Lawler arrived in the House after defeating former U.S. Rep. Mondaire Jones, a Democrat who previously represented part of the district. During that campaign, The New York Times obtained a photo of Lawler wearing blackface in 2006 at a college Halloween party where he dressed as singer Michael Jackson. Lawler said the outfit was intended to be an homage to a childhood idol.
