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The S&P 500 Index ($SPX) fell by 1.01% today, marking a 1.5-week low, while the Nasdaq 100 Index ($IUXX) dropped 1.75%, reaching a 2-week low. September E-mini S&P futures (ESU25) and Nasdaq futures (NQU25) also saw declines of 1.06% and 1.80%, respectively. This market downturn is largely attributed to the poor performance of major tech stocks, including a more than 7% drop in Target after a negative sales forecast.
Amid ongoing negotiations regarding peace in Ukraine, President Trump is advocating for a summit between Presidents Putin and Zelenskiy. This week, the focus remains on potential tariff news and economic indicators, with expectations for initial unemployment claims to rise to 225,000 and the Philadelphia Fed business outlook to decrease from 15.9 to 6.7.
In tariff news, President Trump expanded steel and aluminum tariffs to over 400 consumer goods and plans additional tariffs on semiconductors, potentially reaching rates as high as 300%. Initial estimates suggest that average U.S. tariffs may rise to 15.2% if implemented, up from 13.3% earlier this year.
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