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He’s doing it again. Last night, President Trump widened his trade war-against-the world.
After announcing 25%-plus tariffs on more than a dozen countries Tuesday, and 50% tariffs on copper and on imports from Brazil Wednesday, last night the President conducted his latest bombing run on the stock market. Tariffs on certain Canadian imports may rise to 35%, warned the President, while minimum “blanket” tariffs applied across the board and around the globe may rise from 10% to 15% or even 20%. And similarly around the world, tariffs on pharmaceutical imports to the U.S. could rise to 200%. (Although the President says this won’t happen for 12 to 18 months, investors have to start worrying about this already today).
The Vanguard S&P 500 ETF (NYSEMKT: VOO) suggests investors got the message, falling 0.5% premarket.
Earnings
Tariffs aren’t the only news investors must weigh today. And some of the news is even good. After close of trading Thursday, iconic jeans-maker Levi Strauss & Co. (NYSE: LEVI) reported $0.22 per share in Q2 profit, nearly twice was analysts had forecast.
Levi followed up the good earnings news with guidance suggesting the company will beat earnings for all of 2025 as well, promising full-year profits between $1.25 and $1.30 per share.
Just as iconic lubricants specialist WD-40 (NYSE: WDFC) said it earned $1.54 per share in its fiscal Q3, $0.12 better than forecast. Revenue came up a bit short at $156.9 million, however, and WD-40’s guidance for full-year profit between $5.30 and $5.60 misses (at the midpoint) analysts’ consensus forecast for $5.52 per share.
Analyst Calls
In analyst action, UBS downgraded lithium miner and S&P 500 component company Albemarle (NYSE: ALB) to sell with a $57 price, suggesting 23% downside risk in the stock. UBS warns “lithium markets will remain oversupplied through 2026,” and lithium prices, which most analysts have pegged between $17 and $18 per kilogram in 2026, could fall as low as $10 per kilogram or worse.
UBS also cut S&P 500 component Freeport-McMoRan (NYSE: FCX) stock, but only to neutral, warning of weakening demand for copper and — not least — President Trump’s threat to impose 50% tariffs on imported copper beginning August 1.
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The post Stock Market Live July 11: S&P 500 (VOO) Tumbles as Trump Fires Up the Trade War Again appeared first on 24/7 Wall St..
