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US stocks fell on Monday as President Trump made a fresh tariff threat and confirmed that country-specific duties will kick in on Aug. 1, ramping up trade uncertainty as the end to his tariff pause looms.
The Dow Jones Industrial Average (^DJI) slipped 0.7%, while the S&P 500 (^GSPC) also backed off 0.6%. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.7% as Tesla (TSLA) stock sank amid worries about CEO Elon Musk’s plan to launch a political party.
Stocks are pulling back after a strong jobs report helped boost the S&P 500 and Nasdaq Composite to all-time closing highs on Thursday, before the early trading shutdown for the long Independence Day weekend.
With equities at record levels, investors are wary that any sharp turn in trade negotiations could trigger volatility.
Trump said late Sunday that any country aligning itself with the “Anti-American policies of BRICS” will face an additional 10% tariff. “There will be no exceptions to this policy,” he said in a post to social media. The warning came after BRICS — a group of countries including key US trading partners China and India — criticized Trump’s tariff policy at its summit at the weekend.
It ramped up already-high trade tensions as nations race to clinch tariff deals ahead of Trump’s self-imposed deadline of July 9, when his “pause” on steep April tariffs would go back into effect. Global markets have been bracing for that potential shock, with the US only having reached deals with the UK and Vietnam, as well as a framework toward an agreement with China.
On Sunday, Treasury Secretary Scott Bessent and Trump confirmed that while letters will be sent out this week informing countries of their tariff rates, those duties would not go into effect until Aug. 1.
Read more: The latest on Trump’s tariffs.
Bessent hinted at several possible deals in the coming days, suggesting the focus this week is clarity with 18 major trading partners before setting duties for the 100-plus other countries that the administration has in its sights for trade taxation.
Earnings are coming back into the conversation this week, with Thursday’s report from Delta (DAL) serving as the unofficial kickoff to the second quarter season.
LIVE 11 updates
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Tesla stock drops 7% as Musk feuds with Trump, EV tax credits go away
Tesla (TSLA) stock slid on Monday, falling 7% as CEO Elon Musk and President Trump’s feud erupted again and as investors grew concerned over the loss of electric vehicle tax credits from Trump’s budget bill.
Reuters reported that short sellers of the stock were set to make $1.4 billion after the stock slump, according to data analytics firm Ortex.
Over the weekend, Musk wrote on X that he was forming a new political party, the America Party. Trump responded on social media by saying the Tesla CEO had gone “completely ‘off the rails.'”
Yahoo Finance’s Pras Subramanian reports:
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Citi lifts Nvidia’s price target on booming sovereign AI demand
Citi lifted its price target for Nvidia stock (NVDA) on Monday, citing the expanding AI market, though shares of the AI chipmaker fell 0.5% in early trading.
Yahoo Finance’s Francisco Velasquez reports:
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Stocks fall amid trade uncertainty as Trump appears to extend tariff deadline
Stocks opened lower amid renewed trade uncertainty after President Trump extended a tariff pause but issued new threats toward countries aligning with “Anti-American policies.”
The Dow Jones Industrial Average (^DJI) fell below the flat line. The S&P 500 (^GSPC) retreated 0.3% from its record high. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.5%, and Tesla (TSLA) shares sank as CEO Elon Musk announced a new political party.
Comments from Trump sparked trade uncertainty over the weekend when he appeared to extend a July 9 tariff pause deadline to Aug. 1. He also said late Sunday that any country aligning itself with the “Anti-American policies of BRICS” will face an additional 10% tariff.
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CoreWeave to buy crypto miner Core Scientific for $9 billion
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Amazon stock edges higher ahead of Prime Day kickoff
Amazon stock (AMZN) edged 0.3% higher in premarket trading on Monday ahead of the kickoff of its Prime Day sales event.
Online spending is expected to surge to $23.8 billion across US retailers during Amazon’s four-day event, according to an Adobe Analytics forecast.
Amazon extended the sales period to four days from two days. Reuters reported that sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year. Online sales hit $14.2 billion during the two-day Amazon shopping event last year.
“This is equivalent to two Black Fridays,” Adobe noted in the report.
Walmart (WMT) and Target (TGT), which are holding competing sales events, saw their shares drop marginally premarket.
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US consumers plan to cut back this summer: Yahoo Finance/Marist Poll
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Good morning. Here’s what’s happening today.
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Trending tickers: Wolfspeed and Tesla
Here are some top stocks trending on Yahoo Finance in premarket trading:
Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing.
Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk’s plans to launch a new US political party were announced.
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Metals fall as Trump stirs trade uncertainty with BRICS threat
Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS “anti-American” policies.
Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!
Trump’s threat caused metals fall on Monday.
Bloomberg News reports
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The Tesla pounding
Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend.
The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control?
However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That’s further bad news for Tesla, argues William Blair analyst Jed Dorsheimer.
“The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations,” Dorsheimer wrote. “While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models.”
Tesla is our “stock of the day” on Yahoo Finance’s Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis!
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Oil prices fall with OPEC+ increase causing fears of oversupply
Bloomberg reports:
Read more here.
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