
The S&P 500 fell Tuesday as markets reacted to weak economic data and Trump’s tariff comments, raising U.S. economic concerns. Markets declined with S&P 500 down 0.7% to 6,299, Nasdaq 100 dropping 1.1% to 22,988, and Dow Jones losing 0.2% to 44,111.
Tuesday’s decline followed July’s flat ISM Services index, intensifying stagflation worries amid recent weak employment figures. With services representing 70% of the U.S. economy, this slowdown signals potential trouble. Trump’s announcement of upcoming semiconductor and pharmaceutical tariffs further pressured stocks.
Palantir stood out with shares climbing 7.9% after reporting quarterly revenue exceeding $1 billion for the first time.
President Donald Trump announced plans to unveil new tariffs on semiconductors next week, citing the need for domestic production.
On the crypto front, the U.S. Commodity Futures Trading Commission (CFTC) announced Monday an initiative to permit spot crypto asset trading on CFTC-registered futures exchanges.
The CFTC will enable federal-level digital asset trading in coordination with the SEC’s Project Crypto initiative. This brings crypto closer to traditional market standards, potentially driving institutional adoption globally.
President Donald Trump said he narrowed potential Federal Reserve chair candidates to four, excluding Treasury Secretary Scott Bessent. Likely candidates include Kevin Warsh, Kevin Hassett, and Christopher Waller.
President Donald Trump said yesterday that pharmaceutical import tariffs could reach 250%, his highest threat yet.
Gold prices rose yesterday 0.18% as the US dollar continues to weaken. Following the disappointing job numbers on Friday, demand for the safe haven increased as expectations of a rate cut in September are now higher. Gold reached $3,380 in yesterday’s trading. Silver prices also went up for the third day in a row, closing at $37.87 by the end of day.
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