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Oh, so close!
After President Trump announced late Thursday that he is increasing tariffs on some Canadian imports to 35%, Mexico (the other member of the tripartite US-Mexico-Canada Free Trade Agreement) probably felt like it had dodged a bullet — but not so fast. Over the weekend, the President announced that Mexico will in fact pay higher tariffs, and so will the European Union: 30% each, starting August 1, unless they make quick progress on trade agreements the U.S. is proposing.
At the same time, multiple news outlets report that here at home, the President is making moves to give Federal Reserve Chairman Jerome Powell the boot, citing cost overruns in a renovation project for the Fed’s Washington, D.C., headquarters as grounds for firing “with cause.”
The stock market proverbially abhors uncertainty, and between topsy-turvy tariffs and a potential shake-up at the head of the Fed, we’ve got more uncertainty here than you can shake a proverbial stick at. Little surprise, then, that the Vanguard S&P 500 ETF (NYSEMKT: VOO) is once again moving lower: down 0.3% premarket.
Earnings
S&P 500 component company Fastenal (Nasdaq: FAST) “beat by a penny” on Q2 earnings this morning, reporting $0.29 per share. Sales for the quarter also edged past estimates at $2.08 billion, an encouraging sign for investors.
Analyst Calls
In further good news, Seaport Global Securities analyst Jeff Cantwell upgraded shares of two large financial companies and S&P 500 component companies: PayPal (Nasdaq: PYPL) and MasterCard (NYSE: MA). PayPal goes to neutral with an improved forecast for 2025 and 2026 earnings. MasterCard gets upgraded to buy with a $616 price target.
Cantwell notes both MasterCard and rival Visa (NYSE: V) pulled back in June, and both stocks now deserve a look from investors. The analyst sees the credit card companies partnering with cryptocurrency providers, and predicts this will help drive growth into 2026.
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The post Stock Market Live July 14: S&P 500 (VOO) Tumbles as Trump Targets Mexico and Europe for More Tariffs appeared first on 24/7 Wall St..
