US stocks slip under weight of more potential tariffs
The S&P 500 ended the week on a soft note, weighed down by the threat of a widespread tariff hike. Remember, President Trump always raises tariffs (or TART, if you like).
The benchmark US stock index gave back 0.3%, the Nasdaq 100 fell 0.2%, and the Russell 2000 slumped 1.3%.
Crypto’s hot run continued, however, with bitcoin setting more records while ethereum eclipsed $3,000 for the first time since February.
Energy was the best-performing S&P 500 sector ETF, while 9 of 11 were negative with materials, healthcare, and financials faring the worst. Halliburton was atop the S&P 500 leaderboard, with PayPal at the bottom.
Levi’s rose double digits as its second-quarter earnings beat expectations and management boosted full-year earnings guidance.
Nio caught a big bid thanks to enthusiasm over the launch of its new Onvo SUV and a pickup in options activity.
And AMC soared as Wedbush Securities called the retail favorite a “buy” and raised its price target.
Ford dropped amid an inauspicious record: it already has the most safety recalls in a year for any automaker, and it’s still just July.
