As of today, the S&P 500 Index is down 0.06% while the Nasdaq 100 Index has decreased by 1.17%. A significant factor in this downturn is a more than 3% drop in the iShares Semiconductor ETF, driven by concerns over the sustainability of AI demand despite Intel’s optimistic Q3 sales forecast of $15.8-16.8 billion, surpassing analyst expectations of $15.1 billion.
President Trump announced new tariffs ranging from 10% to 12.5% on 60 countries, aimed at addressing forced labor issues in supply chains. This replaces the previously expiring 10% global import tax and could lead to additional tariffs due to ongoing Section 301 investigations. The tariffs exclude essentials like fuel and food and come as the market also reacts to falling crude oil prices, which have dipped over 2% today, reversing some gains from a prior rally.
US June new home sales rose by 1.6% month-over-month to 628,000, exceeding expectations of 607,000, while building permits fell by 2.6% to 1.374 million. Overall, the market is currently pricing in a 35% chance of a 25 basis point rate hike at the next FOMC meeting on July 28-29.
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