Dow Jones Index (^DJI) drops after Trump gives tariff updates

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The Dow Jones Industrial Index (^DJI) fell on Tuesday after US President Trump submitted an update on tariff talks with several countries. The US President has declared that he will not extend the August 1 deadline to reach a deal with the US, worrying investors in the US market. The S&P 500 (^GSPC) hovered near the flatline, but the Dow was under 0.4%. Luckily, the 30 Stock Index is still finding support at the 44,000 level.

Two banks in particular overwhelmed the Dow Jones Index on Tuesday. JPMorgan Chase (JPM) has sunk more than 3% after HSBC downgraded a large bank and cut it from a hold rating. Stocks reached an all-time high on Thursday. Goldman Sachs (GS) also weakened as sessions wore on, increasing losses by nearly 2%. Bank stocks are extended from a handle by point of 620.79.

Some of the market responded sharply to headlines. Copper futures (hg = f) jumped over 10% after Trump pledged to impose a 50% tariff on certain imports. Meanwhile, major drug stocks, including PFE (PFE), AMGEN (AMGN) and ABBVIE (ABBV), have cut their previous profits after Trump said he plans to launch a new drug tariff program “quickly.”

Elsewhere, Wall Street is hoping for a quiet week in terms of economic release and revenue. Minutes from the Federal Reserve June meeting are scheduled for Wednesday. These notes will help you move the nudge forward to the market.

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