Trump will sign his sweeping tax and spending bill on July 4th
President Donald Trump signed his sweeping tax cuts and spending bill on July 4th.
U.S. stock futures extended the original July 9 deadline after oil prices slipped after oil producers and after an unexpectedly significant increase from President Donald Trump’s confirmation that tariffs would come into effect on August 1.
At 6:10am ET, futures linked to the Blue Chip Dow were 0.02%, while the Broad S&P 500 futures slipped at 0.28%, while the Tech-heavy Nasdaq futures fell by 0.44%.
Investors had expected Trump’s mutual tariffs to come into effect on July 9 of a country that has not yet secured a trade deal with the US, but over the weekend Treasury Secretary Scott Bescent and Commerce Secretary Howard Rutnick said the date was August 1.
“The policy of ‘strategic uncertainty’ has made it clear that the administration fears its own threat,” said Mike O’Rourke, chief market strategist at Jonestrading. “This setback strengthens the market’s expectations that the administration’s true policy is one of the ‘closet surrenders.’ ”
Separately, oil prices slipped after the Oil Exporting Countries (OPEC) and its allies agreed to an increase of 548,000 barrels a day in August. That’s greater than the 411,000 increase in production in May, June and July, and more than analysts had expected. Additionally, according to Bloomberg, the country will consider adding around 548,000 barrels in September at its next meeting on August 3rd.
Corporate News
- Tesla’s stock could be in the spotlight as tensions between CEO Elon Musk and Trump are once again heated. Musk said on social media he has started the “American Party” aimed at winning a small number of Senate seats and House districts that could serve as a “decisive vote” on “controversial law,” given Congress’ “thin razor legislative margin.” Trump has suggested on social media that Musk is responding to his angry behavior as he says that he “was completely off the rails” and eliminates the incentive for third parties to buy an electric vehicle.
- Amazon Prime Day is scheduled to start on July 8th.
Cryptocurrency
Over the weekend, unknown individuals or entities moved $8 billion worth of crypto after holding digital asses for 14 years, and initially bought it for less than $210,000, Nedia reports. The 80,000 Bitcoin Reporteldy move came from eight dormant wallets.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
