FX.co ★ US Stocks Remain Higher after New Tariffs

U.S. stocks shaved earlier gains but maintained a general upward trend as the markets continued to evaluate the potential effects of recent tariff measures on corporate earnings. The S&P 500 and Nasdaq saw increases of approximately 0.3%, while the Dow adjusted its rise to below 100 points. President Trump has expanded the list of countries subject to tariffs as of August 1st to include the Philippines, Iraq, and several others, though notably excluding the EU, India, and other significant trading partners. This move followed his previous indication of imposing a 50% tariff on copper and a 200% tariff on pharmaceuticals, the latter potentially accompanied by a grace period. On the monetary policy side, the Federal Open Market Committee (FOMC) minutes were anticipated imminently. In corporate news, the technology sector led with advances, including Nvidia, Broadcom, Alphabet, and Meta, each gaining about 2%. Conversely, Apple experienced a 1% decline after Peter Navarro, White House trade counselor, implied that the company might be the focus of future tariffs.