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The markets are off to a slow start after the Nasdaq Composite and S&P 500 clinched new highs last week. Treasury Secretary Scott Bessent has vowed that there are further trade agreements in the pipeline, giving markets reason to be cautiously optimistic. But President Trump has escalated fears by threatening to impose an additional 10% tariffs on trade partners that support what he considers “anti-American” BRIC policies. Most sectors of the economy are under pressure this morning, including a 1.4% decline in consumer discretionary stocks.
On the economic front, White House economic adviser Kevin Hassett says the chance of a recession is zero. Meanwhile, President Trump signed his Big Beautiful spending bill into law on July 4, advancing his administration’s ambitious agenda, but the markets have had a great deal to process over the long weekend.
Tesla (Nasdaq: TSLA) stock is taking it on the chin, down 7.4%, after CEO Elon Musk reasserted himself in U.S. politics, this time by creating a new political party called the American Party. Investors are increasingly distancing themselves from Musk as the tech mogul becomes more spread thin and his attention is diverted from his companies.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 94.18 (-0.21%)
Nasdaq Composite: Down 133.68 (-0.63%)
S&P 500: Down 25.16 (-0.41%)
Market Movers
Data mining phenomenon Palantir Technologies (Nasdaq: PLTR) stock is posting modest gains today and remains in the headline spotlight.
SpaceX competitor Rocket Lab (Nasdaq: RKLB) is extending its gains today, seemingly benefiting from the scrutiny around Musk of late.
BigBear.AI Holdings (NYSE: BBAI) is under pressure, falling 3.3% today amid some profit taking. This stock is up a whopping 67.3% year-to-date.
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