US: Wall St opens lower on tariff jitters; Tesla down on Musk's political plans
The Dow Jones Industrial Average fell 25.2 points, or 0.06 per cent, at the open to 44,803.36.
The S&P 500 fell 20.3 points, or 0.32 per cent, at the open to 6,259.04, while the Nasdaq Composite dropped 110.6 points, or 0.54 per cent, to 20,490.55 at the opening bell. REUTERS
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Straits Times
an hour ago
- Straits Times
Dow, S&P 500 fall as Trump unveils new tariffs
Sign up now: Get ST's newsletters delivered to your inbox Traders working on the floor of the New York Stock Exchange, in New York City, on July 8. NEW YORK - Wall Street stocks dipped on July 8, falling for a second straight session as President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda. Mr Trump announced plans for a 50 per cent duty on copper imports and a potential 200 per cent levy on pharmaceuticals a day after the White House sent letters to Japan, South Korea and other countries about levies from Aug 1. The onslaught has reinstated trade top of mind on Wall Street after attention had focused on Capitol Hill and the Middle East in recent weeks. The Dow Jones Industrial Average finished down 0.4 per cent following a rollercoaster session at 44,240.76. The broad-based S&P 500 slipped 0.1 per cent to 6,225.52, while the tech-rich Nasdaq Composite Index was flat at 20,418.46. In contrast to Mr Trump's spring tariff announcements which sent equities sharply lower, the market is 'somewhat shaking it off,' said Ms Victoria Fernandez, of Crossmark Global Investments, who noted Mr Trump's record of tempering tariffs that were initially severe. The market is in a 'wait and see mode,' Ms Fernandez said. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Sport Speeding likely cause of Diogo Jota car crash: Police Business Great Eastern could resume trading after delisting vote fails to pass; OCBC's exit offer lapses JPMorgan Chase and Bank of America fell more than 3 per cent and Goldman Sachs dropped nearly 2 per cent following downgrades from HSBC Securities. A note from HSBC called valuations of the banks 'increasingly stretched.' While the banks' operating fundamentals 'appear healthy,' macro uncertainties and slower economic growth 'seem to be downplayed,' it said. Boeing finished flat after announcing it delivered 60 planes in June, the most since December 2023, capping its most successful first semester in terms of planes to customers since 2018. Hershey fell 3.2 per cent after naming Kirk Tanner to succeed Ms Michele Buck as CEO. Tanner moves to the chocolate giant from the Wendy's Company, which dipped 0.1 per cent. Buck had previously announced plans to retire. AFP
Straits Times
an hour ago
- Straits Times
Mexico outlines measures to expand state control of the skies
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: The Felipe Carrillo Puerto International Airport is pictured on the day of its inauguration, in Tulum, Mexico, December 1, 2023. REUTERS/Quetzalli Nicte-Ha/File Photo MEXICO CITY - Mexican officials on Tuesday outlined goals for even greater state and military control over the nation's aviation network, including increased subsidies and investments to boost long-neglected regional airports. President Claudia Sheinbaum has doubled down on the strategy of her predecessor and mentor, Andres Manuel Lopez Obrador, who handed over control of many public airports to the military and revived bankrupt airline Mexicana. David Sandoval, deputy director of military-run airport operator Grupo Mundo Maya, said both federal and state governments are rolling out incentives on services ranging from landing and parking fees to checked baggage. He cited the recently opened Tulum international airport as a "cherry on top" success. The airport is already drawing traffic from the nearby vacation hub Cancun, operated by ASUR, analysts have said. Military-run airports also face lower usage tariffs than their peers. The military has been tasked with boosting traffic at older, unprofitable regional airports. Eric Mario Barrera, technical corporate director of military-run Mexico City Airport Group, said they are battling to overhaul infrastructure while seeking airline interest. He noted airports like Guaymas in Sonora have been "a little bit of a headache" due to low traffic and neglected facilities. Lopez Obrador launched a massive expansion of Guaymas' port before leaving office, aiming to turn the town into an export hub. Raul Revuelta, CEO of airport operator GAP, said many regional airports fail to break even without subsidies, needing about a million passengers annually to profit. While officials insisted profit was a priority, they also cited a social mandate to serve locations private operators and airlines failed to reach. Sheinbaum last week, at a ceremony to receive Mexicana's first jet in an order of 20 from planemaker Embraer, said the airline was "by and for the people" and would "fly wherever you are." When relaunched in 2023, Mexicana was estimated to operate in the red for nearly a decade, government forecasts showed. The administration is also weighing more public-private partnerships, following signs of success from a joint venture with Mota Engil at airports in beach towns Tepic and Puerto Escondido, said Carlos Merino, head of state-run Airports and Auxiliary Services. REUTERS
Straits Times
an hour ago
- Straits Times
South Sudan says US deportees are in government's care
NAIROBI - South Sudan said on Tuesday that eight migrants deported to the African nation by the Trump administration were currently in the care of the authorities in Juba after they lost a legal battle to halt their transfer to the politically unstable country. The men, who had been in U.S. custody for more than a month at a military base in Djibouti, were deported on Friday and arrived in South Sudan's capital on Saturday, the U.S. government and two officials at Juba airport said. The men are undergoing screening in accordance with South Sudanese laws and applicable international norms, the Ministry of Foreign Affairs said in a statement, adding that the Juba government had responded to the U.S. request to take in the migrants "as a gesture of goodwill." The fate of the migrants had become a flashpoint in the fight over the legality of President Donald Trump's campaign to deter immigration through high-profile deportations to "third countries" where migrants say they face safety concerns. The eight men, who, according to their lawyers, are from Cuba, Laos, Mexico, Myanmar, Sudan, and Vietnam, had argued their deportations to South Sudan would violate the U.S. Constitution, which prohibits cruel and unusual punishment. REUTERS
