Wall Street slips following Trump’s latest move on tariffs
NEW YORK AP U S stock indexes are edging mostly lower following President Donald Trump s latest updates to his tariffs but Wall Street is hanging near its record amid speculation about whether the president may ultimately back down The S P was lower early Monday The Dow Jones Industrial Average was down points or and the Nasdaq composite was up Overseas markets were mixed after Trump reported over the weekend that he plans tariffs on goods from Mexico and the European Union beginning Aug The latest reading on inflation in the U S arrives Tuesday as do earnings reports from several major U S banks THIS IS A DEVELOPING NEWS UPDATE AP s earlier story follows below Wall Street is pointing lower before the opening bell with new tariffs reported for Europe and Mexico and as the unofficial start of earnings season get under way this week Futures for the S P Dow Jones Industrial Average and Nasdaq each retreated by about early Monday An announcement over the weekend by U S President Donald Trump that he plans tariffs on goods from Mexico and the European Union had a modest immediate impact as analysts revealed they expected progress toward arrangement deals before next month s deadline The EU is America s biggest business partner and the world s largest trading bloc The U S decision will have repercussions for governments companies and consumers on both sides of the Atlantic The tariffs could make everything from French cheese to German electronics more expensive in the U S while destabilizing economies from Portugal to Norway Markets in Europe are responding negatively with Germany s DAX slumping and and Paris s CAC shedding The FTSE in Britain which is not an EU member and has already negotiated a deal deal with the U S gained The Trump administration had initially set Wednesday as a deadline for countries to make deals with the U S or face heavy increases in tariffs But with just two business deals publicized since April the window for negotiations has been been extended to Aug In a matter of hours selected of the domain s focus will turn toward banks JPMorgan Chase Wells Fargo and Citigroup are among the big U S banks due to review their results on Tuesday Shares of Kenvue jumped nearly ahead of the opening bell Monday after the former division of Johnson Johnson revealed CEO Thibaut Mongon is stepping down Kenvue the maker of Listerine and Band-Aid brands continues with a strategic review of the company after splitting its consumer strength division from the pharmaceutical and physiological device divisions in Bitcoin climbed to another all-time high rising as much early Monday before settling back around according to CoinDesk Bitcoin s price has jumped amid bullish momentum across exposure assets and coincides with Congress Crypto Week that starts Monday Lawmakers will debate a series of bills that could define the regulatory framework for the industry Chinese shares advanced after the authorities announced that exports rose last month as a truce in a tariffs war prompted a surge in orders ahead of the Aug deadline for reaching a new commerce deal with Washington Elsewhere Hong Kong s Hang Seng gained to while the Shanghai Composite index also was up at Tokyo s Nikkei index slipped to while the Kospi in South Korea jumped to In Australia the S P ASX edged lower to Taiwan s benchmark lost In vigor markets U S benchmark crude oil gained to per barrel approaching the level for the first time since a two-day rout in late June Brent crude the international standard was up at per barrel The dollar ticked up to Japanese yen from yen The euro fell modestly to from Source
