Wall Street slips amid new tariff turmoil
Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals.
The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce.
The White House said talks with the EU, Canada and Mexico are still underway.
Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper.
Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals.
"The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley.
In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58.
RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026.
Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday.
Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs.
Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday.
While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch.
In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates.
Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent.
Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent.
Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI.
Crypto stocks ticked up after bitcoin topped $US120,000 for the first time.
Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent.
Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal.
Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings.
Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals.
The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce.
The White House said talks with the EU, Canada and Mexico are still underway.
Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper.
Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals.
"The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley.
In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58.
RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026.
Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday.
Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs.
Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday.
While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch.
In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates.
Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent.
Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent.
Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI.
Crypto stocks ticked up after bitcoin topped $US120,000 for the first time.
Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent.
Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal.
Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings.
Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals.
The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce.
The White House said talks with the EU, Canada and Mexico are still underway.
Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper.
Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals.
"The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley.
In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58.
RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026.
Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday.
Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs.
Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday.
While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch.
In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates.
Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent.
Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent.
Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI.
Crypto stocks ticked up after bitcoin topped $US120,000 for the first time.
Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent.
Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal.
Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings.
Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals.
The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce.
The White House said talks with the EU, Canada and Mexico are still underway.
Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper.
Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals.
"The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley.
In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58.
RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026.
Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday.
Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs.
Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday.
While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch.
In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates.
Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent.
Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent.
Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI.
Crypto stocks ticked up after bitcoin topped $US120,000 for the first time.
Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent.
Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal.
Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
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The Advertiser
2 hours ago
- The Advertiser
Trump arrives in Scotland for golf and diplomacy
US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters US President Donald Trump has arrived in Scotland as his family's business prepares for the upcoming opening of a new golf course in Aberdeenshire billed as "the greatest 36 holes in golf". Air Force One - the presidential plane - touched down at Prestwick Airport in Ayrshire on Friday just before 8.30pm. The president was met by Scottish Secretary Ian Murray as he disembarked, before heading to the waiting presidential helicopter Marine One, bound for his nearby Turnberry golf course. His presence is expected to spark protests across the country, with Scottish Police being forced to request aid from other forces to help increase manpower for the trip. Trump is set to spend time at his golf resort in Turnberry on Scotland's west coast, before heading to his sprawling golf property 320 kilometres away near Aberdeen in the east. But it won't be all play and no work. He will meet British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen who both want to talk about trade. Trump said Washington was also working hard on a possible trade deal with the EU, which he said was very keen to make a deal. EU diplomats say a deal could result in a broad 15 per cent tariff on EU goods, mirroring a framework agreement with Japan and half of the 30 per cent tariff Trump is threatening to impose by August 1 As part of the visit, he will open a second 18-hole course on the Aberdeen property named in honour of his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to America. The White House has described the trip as "private". The trip shows how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. Trump has described Scotland as a "very special place" and made a similar trip there in 2016 during his first run for the presidency, but he will not necessarily get a warm welcome. About 70 per cent of Scots have an unfavourable opinion of Trump, while 18 per cent have a favourable opinion, an Ipsos poll in March found. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned that they are already overworked and will be diverted from their normal duties. The overseas travel comes as Trump faces the biggest domestic political crisis of his second term in office. Allies and opponents alike have criticised his administration's handling of investigative files related to disgraced financier and sex offender Jeffrey Epstein's criminal charges and the circumstances of his 2019 death in prison. The issue has caused a rare breach with some of Trump's most loyal Make America Great Again supporters, and majorities of Americans and Trump's Republicans say they believe the government is hiding details on the case, according to Reuters/Ipsos polling. White House officials, frustrated by the ongoing focus on the Epstein saga, are hoping the controversy dies down while Trump is abroad, one person familiar with the matter said. with PA and Reuters
Sky News AU
11 hours ago
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Anthony Albanese avoiding ‘ritual humiliation' by Trump in the Oval Office
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News.com.au
12 hours ago
- News.com.au
Defence, Foreign Ministers sign new 50-year UK-Australia ‘Geelong Treaty' military pact
Defence and Foreign Ministers from the United Kingdom and Australia have signed a new 50-year military pact designed to underpin Australia's acquisition of nuclear-powered submarines. The deal was signed in Geelong on Saturday, the hometown of Australia's Defence Minister, and dubbed 'The Geelong Treaty'. Officials from Australia and the UK have been forced to voice renewed enthusiasm for the AUKUS agreement, amid a US review of the deal. America's defence and foreign minister-equivalents have not been part of AUKUS meetings in Australia this week. Donald Trump and UK Prime Minster Keir Starmer and expected to meet in Scotland this week. At Geelong on Saturday, Australian Defence Minister Richard Marles said the new pact meant jobs and military security. 'It's a treaty which will last for 50 years,' Mr Marles said during a signing ceremony with his UK counterpart. 'It is a bilateral treaty which sits under the trilateral AUKUS framework, itself embodied in a trilateral treaty that was signed that I signed in Washington, DC., in August of last year. 'In doing this, AUKUS will see 20,000 jobs in Australia. It will see, in building submarines in this country, the biggest industrial endeavour in our nation's history, bigger even than the Snowy Hydro scheme,' Mr Marles said. 'In military terms, what it will deliver is the biggest leap in Australia's military capability, really, since the formation of the navy back in 1913.' Alongside Mr Marles, UK Secretary of State for Defence John Healey dubbed the Geelong Treaty a powerful agreement. 'It is a treaty that will support tens of thousands of jobs in both Australia and the UK,' Mr Healey said. 'It is a treaty to build the most advanced, most powerful attack submarines either of our nations have ever had. It is a treaty that will fortify the Indo-Pacific. 'It will strengthen NATO and we're the politicians signing it today; But this is a treaty that will define the relationship between our two nations and safeguard the security of our country for our children and our children's children to come. 'So this is a historic day.' The two ministers have been joined in a series of meetings by Foreign Minster Penny Wong and UK Foreign Secretary David Lammy this week. The treaty signing also comes as the largest British flotilla in 30 years arrives in Darwin, with the HMS Prince of Wales aircraft carrier docking in Darwin on Wednesday. It was the first time a British aircraft carrier visited Australia since 1997, and brought troops to take part in the massive Talisman Sabre exercises, which run annually across northern Queensland and PNG.
