President Trump announced new Aug. 1 tariffs
Stocks sold off in their return from the holiday weekend, with Wall Street succumbing to renewed tariff tensions. The Dow shed 422 points, while the S&P 500 and Nasdaq also finished firmly lower, after President Trump shared screenshots on social media of letters to seven countries -- including Japan and South Korea -- detailing new tariffs effective on Aug. 1. White House Press Secretary Karoline Leavitt noted 14 letters would be sent out today, with more to come. Amid the trade fatigue, the Cboe Volatility Index (VIX) marked its highest close in over two weeks.
Continue reading for more on today's market, including:
- Buy the dip on this e-commerce stock.
- Tesla stock a fan favorite among options traders.
- Plus, two analyst revisions to unpack; and an artificial intelligence (AI) sector dive.
5 Things to Know Today
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The
U.S. dollar is firming up ahead of the tariff deadline. (
Reuters)
- Medical groups are pushing back against RFK Jr. and the HHS. (MarketWatch)
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- Casino stock testing key level after bear note.
- Be careful which AI stock you target.
There were no notable earnings reports today.
Oil Hangs Tough, Pivots Higher After OPEC+ Output Hike
Oil prices pivoted into the black today, brushing off the Organization of the Petroleum Exporting Countries (OPEC+) and allies output hike on Sunday. August-dated West Texas Intermediate (WTI) crude added 93 cents, or 1.4%, to settle at $67.93 a barrel.
Gold prices moved lower in response to the firmed dollar. August-dated gold futures shed 0.4% to settle at $3,328.10.