🚀 Tariffs holding back the US stock market

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. stocks hovered near flat Tuesday as markets digested President Trump’s hardline stance on August 1 tariffs, which he now says will have “no change or extension.” The S&P 500 slipped 0.1%, the Dow fell 175 points, and the Nasdaq was flat. Investors appeared less alarmed than on Monday—when Trump announced steep tariffs on Japan and South Korea—believing the worst of the trade war may be priced in. Nvidia rose 0.6%, approaching a $4 trillion valuation, while Tesla rebounded 3%. Big banks lagged after HSBC took a cautious view, with JPMorgan and Bank of America each down 3%.

2. In a significant policy reversal, the IRS said in a new court filing that churches may now endorse political candidates during religious services without risking their tax-exempt status—undermining the longstanding Johnson Amendment. The move, part of a proposed settlement with two Texas churches and the National Religious Broadcasters group, reinterprets political endorsements delivered through “customary channels of communication” as protected expressions of faith, not political intervention. While a judge has yet to rule on the consent judgment, the filing aligns with President Trump’s longtime push to dismantle the Johnson Amendment’s restrictions on religious speech.

3. President Trump announced a 50% tariff on copper imports Tuesday, escalating his aggressive trade agenda and hinting that more steep sector-specific tariffs are imminent. Speaking during a Cabinet meeting, Trump also previewed a potential 200% tariff on pharmaceutical imports, with companies given up to 18 months to shift production to the U.S. The copper move follows a string of tariffs targeting allies and BRICS-aligned nations, further rattling global markets and signaling a broader strategy to onshore critical industries ahead of the November election.

   Headlines

   1. Former UK Prime Minister Rishi Sunak is returning to Goldman Sachs in a new role as senior advisor.

   2. Musk claims the Indian government asked him to ban 2000 X accounts, including that of Reuters.

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