Trump hiked copper imports to 50% Tuesday
Tariff buzz remains at the forefront of investors' minds, after yesterday President Donald Trump reiterated on Truth Social that there will be no extensions on the Aug. 1 deadline. Trump also imposed a 50% levy on copper imports and warned of an up to 200% tariff on pharmaceuticals within the next 18 months.
Options are also being weighed for a good candidate to replace current Federal Reserve Chair Jerome Powell, with White House economic advisor Kevin Hassett and former Fed Governor Kevin Warsh topping the list. Dow Jones Industrial Average (DJIA) futures are up 124 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are modestly higher.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White shares which contrarian signal to watch.
- 2 solar stocks sinking amid Trump tax update.
- Plus, potential sale for AES; Apple's C-suite change; and a pharma buyout.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.5 million call contracts and 878,177 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.56, while the 21-day moving average stayed at 59.
- Energy name AES Corp (NYSE:AES) is up 16.3% in electronic trading, after Bloomberg reported the company is looking into a potential sale. Outside interest has come amid a dismal drop in valuation, more than 37% in 12 months. The equity pulled back yesterday, but settled around support at the 100-day moving average.
- Tech giant Apple Inc (NASDAQ:AAPL) is flat before the bell, after the company announced Chief Operating Officer Jeff Williams will retire later this year and be replaced by Senior V.P. of Operations Sabih Khan. AAPL has struggled in 2025, down 16% and struggling to recover from its early April bear gap.
- Energy giant Verona Pharma PLC (NASDAQ:VRNA) is 20.8% higher ahead of the open, surging on news that sector peer Merck (MRK) will purchase the company for $10 billion. This comes one day after the shares slipped back below the $90 level, marking a seventh loss in nine sessions. VRNA added 410% over the past 12 months.
- Fed meeting minutes are on deck this week.
Banking, Defense Boost European Markets
Asian markets were mixed as investors monitor Stateside tariff updates. The South Korean Kospi finished 0.6% higher after the region’s defense stocks rallied following Trump’s comments that the country should be paying for its own military. Japan’s Nikkei also rose, adding 0.3%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 1.1% and 0.1%, respectively.
European markets are higher across the board, with help from banking and defense stocks. London’s FTSE 100 is up 0.2% at last check, while the French CAC 40 rises 1.2%, and the German DAX jumps 1.1%.