Commerce Secretary Howard Lutnick said tariffs will not go into effect until Aug. 1
Futures on the S&P 500 Index (SPX) are slipping into the red, after President Donald Trump said he will implement 10% tariffs on anyone who aligns with the "Anti-American" Brazil, Russia, India, China, and South Africa (BRICS) policies, after the bloc's leaders opposed tariffs over the weekend. Commerce Secretary Howard Lutnick also clarified that tariffs will go into effect on Aug. 1, instead of July 9.
The shares of Tesla (TSLA) are also plummeting, after CEO and former Trump aid Elon Musk declared he will start a new political party. Before the bell, the Nasdaq-100 Index (NDX) is sliding as well, while futures on the Dow Jones Industrial Average (DJIA) are flat, with all three indexes fresh off a holiday-shortened weekly wins.
Continue reading for more on today's market, including:
- How stocks fared in Q2.
- Oil stock for July options bears.
- Plus, Musk sets new political goal; streaming favorite downgraded; and a struggling oil stock.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.6 million call contracts and 755,286 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.48, while the 21-day moving average stayed at 59.
- Musk's Telsa Inc (NASDAQ:TSLA) is 6.3% lower in electronic trading, after the CEO and former Department of Government Efficiency (DOGE) leader criticized President Trump and said he would begin his own political organization, called the "America Party." TSLA had improved after Musk left his seat at DOGE but remains 21.9% lower in 2025.
- Streaming stock Netflix Inc (NASDAQ:NFLX) is down 0.4% before the bell, after a downgrade to "neutral" from "buy" at Seaport Research Partners, with the analyst citing valuation issues. Netflix stock has been on a tear up the charts since mid-2022 and now boasts a 90% year-over-year gain.
- Shell PLC (NYSE:SHEL) is 2.6% lower ahead of the open, after the company gave a warning that its gas earnings would be weaker than previously anticipated, noting crude pricing volatility. SHEL experienced a sharp pullback on June 25, which was captured by the 100-day moving average. The equity is 14.8% higher in 2025.
- Fed meeting minutes are on deck this week
Asian Stocks Mixed Amid Tariff Uncertainty
Asian bourses were a mixed bag to start the week, with investors cautious about President Trump’s tariff repositioning. Japan’s Nikkei gave back 0.6%, with real wages hitting a 50-month low. Small caps powered the South Korean Kospi to a 0.2% win, while China’s Shanghai Composite and Hong Kong’s Hang Seng finished flat and down 0.1%, respectively.
Over in Europe, markets are mostly moving higher. London’s FTSE 100 is flat at last check, while the French CAC 40 gains 0.3%, held in check by tech giant Capgemini. The German DAX is pacing the region with a 0.9% move higher.