Wall Street points lower after Trump’s weekend tariff announcement; bank earnings this week
By ELAINE KURTENBACH and MATT OTT Associated Press Business Writers Wall Street is pointing lower before the opening bell with new tariffs broadcasted for Europe and Mexico and as the unofficial start of earnings season get under way this week Futures for the S P Dow Jones Industrial Average and Nasdaq each retreated by about early Monday An announcement over the weekend by U S President Donald Trump that he plans tariffs on goods from Mexico and the European Union had a modest immediate impact as analysts noted they expected progress toward exchange deals before next month s deadline The EU is America s biggest business partner and the world s largest trading bloc The U S decision will have repercussions for governments companies and consumers on both sides of the Atlantic Related Articles Suspect kills women in Kentucky church after shooting state trooper police say US manufacturers are stuck in a rut despite subsidies from Biden and protection from Trump Nowadays in History July the storming of the Bastille Drones are key to winning wars now The U S makes hardly any Trump is gutting weather science and reducing accident response The tariffs could make everything from French cheese to German electronics more expensive in the U S while destabilizing economies from Portugal to Norway Markets in Europe are responding negatively with Germany s DAX slumping and and Paris s CAC shedding The FTSE in Britain which is not an EU member and has already negotiated a deal deal with the U S gained The Trump administration had initially set Wednesday as a deadline for countries to make deals with the U S or face heavy increases in tariffs But with just two pact deals reported since April the window for negotiations has been been extended to Aug In a matter of hours specific of the territory s focus will turn toward banks JPMorgan Chase Wells Fargo and Citigroup are among the big U S banks due to overview their results on Tuesday Shares of Kenvue jumped nearly ahead of the opening bell Monday after the former division of Johnson Johnson reported CEO Thibaut Mongon is stepping down Kenvue the maker of Listerine and Band-Aid brands continues with a strategic review of the company after splitting its consumer physical condition division from the pharmaceutical and physiological device divisions in Bitcoin climbed to another all-time high rising as much early Monday before settling back around according to CoinDesk Bitcoin s price has jumped amid bullish momentum across danger assets and coincides with Congress Crypto Week that starts Monday Lawmakers will debate a series of bills that could define the regulatory framework for the industry Chinese shares advanced after the authorities stated that exports rose last month as a truce in a tariffs war prompted a surge in orders ahead of the Aug deadline for reaching a new business deal with Washington Elsewhere Hong Kong s Hang Seng gained to while the Shanghai Composite index also was up at Tokyo s Nikkei index slipped to while the Kospi in South Korea jumped to In Australia the S P ASX edged lower to Taiwan s benchmark lost In vigor markets U S benchmark crude oil gained to per barrel approaching the level for the first time since a two-day rout in late June Brent crude the international standard was up at per barrel The dollar ticked up to Japanese yen from yen The euro fell modestly to from
