The S&P 500 Index rose by 0.18%, while the Dow Jones Industrial Average increased by 0.58%. In contrast, the Nasdaq 100 Index declined by 0.20%. This mixed performance coincides with President Trump’s announcement on Wednesday regarding a new set of tariff demands, which includes a 50% tariff on Brazil and a similar rate on copper imports starting August 1.
In employment news, US weekly initial unemployment claims fell by 5,000 to 227,000, an 8-week low, indicating a stronger labor market than the anticipated increase to 235,000. However, continuing claims rose by 10,000 to 1.965 million, the highest in 3.5 years. The upcoming earnings season is projected to see a 2.8% increase in Q2 earnings for S&P 500 companies, marking the smallest growth in two years, with only six sectors expected to show gains.
In market movements, Delta Air Lines shares surged 9% after reinstating its full-year guidance, while MP Materials saw a 47% increase following a defense deal. Conversely, Helen of Troy shares dropped over 28% due to weaker-than-expected sales. The Federal Reserve is currently discounting a 7% chance of a 25 basis point rate cut at the upcoming meeting.
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