US stocks slip on fresh tariff talk
US stocks opened well in the red amid fresh tariffs floated by President Donald Trump and a disorderly surge in Asian currencies, particularly Taiwan’s, but spent most of the day clawing back those losses before faltering into the close.
The S&P 500’s nine-session winning streak was snapped with a 0.6% decline. The Nasdaq 100 gave back 0.7% and the Russell 2000 brought up the rear with a 0.8% drop.
Every S&P 500 sector ETF outside of communication services and industrials closed in the red, punctuated by a big drop in energy stocks as OPEC+ agreed to boost production again next month.
Shares of Netflix, Paramount, and other media giants slid after Trump claimed he’d slap a 100% tariff on foreign-made films to try to reverse Hollywood’s slowdown.
Meanwhile, Berkshire Hathaway shares slipped 5% after longtime CEO Warren Buffett said he’d be turning the keys over to his successor, Greg Abel, at the start of 2026.
Skechers stock jumped as much as 25% after the ’90s sneaker icon announced a $9.4 billion go-private deal with private equity firm 3G Capital.
Hims & Hers popped after the company appointed Nader Kabbani, a longtime Amazon exec, as its next chief operating officer, a major leadership shift.
Tyson Foods shares slid nearly 8%, one of the worst performers in the S&P 500, after the company posted mixed Q2 results and beef sales fell for the sixth-straight quarter.
Marathon Digital shares fell after the company reported a dip in month-over-month bitcoin production, sending its stock down nearly 9% ahead of its upcoming earnings report.
Gains on the day were led in part by Delta Airlines, Charter Communications, and Newmont.
