NEW YORK – Wall Street stocks dipped on July 8, falling for a second straight session as US President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda.
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 roller-coaster 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 added.
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 Mr Kirk Tanner to succeed Ms Michele Buck as chief executive. Mr Tanner moves to the chocolate giant from the Wendy’s Company, which dipped 0.1 per cent. Ms Buck had previously announced plans to retire. AFP