The United Nations says Trump’s increased tariffs will extend economic uncertainty
New tariff fees from 14 countries will do more in the future, extending the former start date for three weeks.
US stocks opened higher as investors made separate tariff operations more clear.
The Broad S&P 500 opened near 6,250 with an additional 24 points and 0.4%. The Dow Jones industrial average rose 191 points (0.4%) to open nearly 44,432 trades. The high-tech Nasdaq Composite jumped 0.6%, adding 112 points to 20,530.
Trump said he plans to extend the deadline for transactions to avoid mutual tariffs on August 1 from July 9, and impose a 50% tariff on copper imports. Copper prices skyrocketed to hit highs in tariff news.
Separately, the Federal Reserve will release minutes of its final policy meeting in the afternoon. Investors will look for clues on policymakers’ thinking about tariffs, inflation and economic impacts. Fed Chairman Jerome Powell and many other Fed members are leaning on waiting to see how high Trump’s tariffs will be and how they will affect inflation before deciding on the next rate move.
In other Fed news, the Wall Street Journal reported that director Kevin Hassett, the director of the National Economic Council, is a serious candidate to take over Powell as Fed chair, along with former Fed governor Kevin Wahsh.
For 10 years, US Treasury bills were about 2 basis points lower in the morning, nearly 4.397%.
Cryptocurrency
According to the Financial Times, Japanese company Metaplanet will use Bitcoin Stash to make an acquisition, including Japanese digital banks.
Metaplanet began purchasing Bitcoin in 2024 to hedge inflation. It currently holds 15,555 Bitcoins and aims to increase its holdings to over 210,000 Bitcoins by 2027.
Corporate News
- According to the WSJ, UnitedHealth’s Medicare claims practices are being investigated by the Department of Justice’s Criminal Health and Fuel Fuel Unit.
- WWP said clients were pulling back spending and the advertising company had lowered its annual profit outlook.
- Large banks, including top US names such as JPMorgan Chase, Bank of America and Goldman Sachs, are likely to have earned 10% of trading revenue as investors responded to market volatility caused by US tariff policies, according to estimates from analytics firm Crisil Coalition Greenwich.
