- No extension will be given beyond August 1 for major trading partners to reach tariff agreements with the United States.
- JPMorgan Chase and Goldman Sachs shares declined, weighing down the Dow Jones index.
- Copper futures surged over 10% after Trump announced a 50% tariff on select imports.
- The market expects a calm week with few major economic releases; Federal Reserve June meeting minutes will be released Wednesday.
The Dow Jones Industrial Index closed lower on Tuesday after President Trump provided an update on tariff negotiations with several countries. Trump confirmed that he will not extend the deadline of August 1 for America’s top trading partners to reach trade deals, causing concern among market investors.
The Dow declined by just under 0.4% but continued to hold above the 44,000 mark. The S&P 500 hovered near unchanged levels during the session. According to the report, two major banks contributed most to the Dow’s drop. JPMorgan Chase fell more than 3% after HSBC downgraded the bank’s rating from “hold” to “reduce,” with the stock pulling back from its record high set the previous Thursday. Goldman Sachs also lost strength during the day and finished with a nearly 2% decline. The stock now trades well above its recent technical breakout point of 620.79.
Elsewhere in the markets, copper prices increased more than 10% following Trump’s pledge to place a 50% tariff on particular imports. This news caused some sectors to react sharply. At the same time, major pharmaceutical companies like Pfizer, Amgen, and AbbVie gave up earlier gains after Trump announced plans to introduce a new pharmaceutical tariff program “very soon.”
Wall Street participants anticipate a relatively slow week for new economic data or earnings reports. The minutes from the Federal Reserve’s June meeting are due out on Wednesday and could help influence market direction.
For additional context, see Asian Currencies To Fall & Weaken After Trump’s New Tariffs.
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