Trump said Canada will suffer a 35% tariff
Futures on the S&P 500 Index (SPX) are pulling back after yesterday logging a record close alongside the Nasdaq Composite (IXIC). The Nasdaq-100 Index (NDX) and Dow Jones Industrial Average (DJIA) are also moving lower before the bell, with the latter off triple digits after President Donald Trump handed out a fresh 35% tariff to Canada, while simultaneously threatening further action if needed. Despite indexes yesterday sporting weekly wins, should this morning's losses hold, all three could mark losses for the first full week of July.
Continue reading for more on today's market, including:
- Energy stock flashing bull signal.
- Another fad in the defense sector.
- Plus, retailer's post-earnings pop; movie theater stock lands upgrade; and crypto boost boosts COIN.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 2.1 million call contracts and 1.1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.52, while the 21-day moving average stayed at 59.
- Shares of clothing brand Levi Strauss & Co (NYSE:LEVI) are up 8.5% in premarket trading, after the company announced a second-quarter earnings beat and hiked its full-year outlook. The jeans retailer also lifted its dividend. Should this morning's pop hold, it will put the equity at its highest mark since October. So far in 2025, LEVI has added 14%.
- AMC Entertainment Holdings Inc (NYSE:AMC) is enjoying an 8% gain before the bell, after an upgrade to "outperform" from "neutral" at Wedbush, with a price-target hike to $4 from $3. The firm cited the company's consistent movie release slate for 2025-2026 and postponed debt collection. AMC has struggled this year, off 24% since January.
- Cryptocurrency stock Coinbase Global Inc (NASDAQ:COIN) is 1% higher in early trading, riding the coattails of Bitcoin's (BTC) record high. COIN yesterday nabbed a four-year high of $389.16, but is now eyeing another fresh multi-year peak, should today's optimism continue. Over the past 12 months, COIN tacked on 77%.
- More economic data on deck this week.
European Markets Eyeing U.S. Tariff Letter
Asian markets were a mixed bag today, as investors unpacked President Trump’s latest tariff updates. Japan’s Nikkei and South Korea’s Kospi each shed 0.2%, while China’s Shanghai Composite settled near breakeven. Pacing the region was Hong Kong’s Hang Seng, which added 0.5%.
European markets are lower, with the European Union (EU) bracing for a potential tariff letter from the White House. The French CAC 40 and German DAX are down 1% each, while London’s FTSE 100 is 0.6% lower.