Stocks closed lower on Wall Street, pulling the S&P 500 and the Nasdaq composite below the records they set a day earlier. The S&P 500 fell 0.3% Friday. The Dow Jones Industrial Average gave back 0.6%. The Nasdaq composite slipped 0.2%. Levi Strauss jumped 11% after the jeans maker easily beat Wall Streetֱs sales and profit targets and raised its full-year forecast, despite expecting higher costs from tariffs. European markets closed broadly lower, and Asian markets closed mixed. Treasury yields rose in the bond market. The yield on the 10-year Treasury note climbed to 4.42%.
Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S. President Donald Trump saying he'll raise taxes on many imported goods from Canada to 35%. Trump's move deepens a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance. Trump's letter Thursday to Carney is an aggressive increase to the top 25% tariff rates the Republican president first imposed in March after months of threats. Carney says through the current trade negotiations with the U.S., Canada has defended its workers and business. Stock market futures are down Friday, a sign Trumpֱs tariff letters may be concerning investors.
Brazilian President Luiz Inácio Lula da Silva says he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50%. Lulaֱs comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the U.S. and China. Trump has vowed to respond forcefully if countries seek to punish the U.S. The letter that Trump sent to Brazil on Wednesday railing against the ֱwitch huntֱ trial against former President Jair Bolsonaro opened up a new front in his trade wars.
Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect. The S&P 500 lost 0.8% Monday. The Dow Jones Industrial Average gave back 0.9%, and the Nasdaq composite fell 0.9%. Tesla tumbled as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week.
The U.S. job market delivered another upside surprise last month, churning out a better-than-expected 147,000 jobs. The unemployment rate ticked down unexpectedly, too. But the headline numbers masked some weaknesses as the U.S. economy contends with fallout from President Donald Trumpֱs economic policies, especially his sweeping import taxes and the erratic way he rolls them out. Here are five key takeaways from the jobs report the Labor Department released on Thursday.
U.S. stocks closed at an all-time high, another milestone in a remarkable recovery from a springtime plunge caused by fears that the Trump administrationֱs trade policies could harm the economy. The S&P 500 rose 0.5% and finished above its previous record set in February. The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%. President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied. Nike was the biggest gainer in the S&P 500 with a gain of more than 15%.
President Donald Trump says heֱs suspending trade talks with Canada over its plans to continue with its tax on technology firms. Trump said Friday that Canada had informed the U.S. it was sticking to its plan to impose the tax set to take effect Monday. The Republican president calls it an "egregious Tax." Canadaֱs digital services tax applies to businesses that engage with online users in Canada. The digital services tax will hit companies including Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. Canadian Prime Minister Mark Carney says his country will ֱcontinue to conduct these complex negotiations in the best interests of Canadians."
EU leaders seek a big boost in Ukraine military support but make little progress on Russia sanctions
European Union leaders are calling for greater efforts to help meet Ukraineֱs pressing military needs. The leaders expressed support for Kyiv's quest to join their ranks, but they made little headway with new Russia sanctions. In a summit statement Thursday they said it was important to deliver more ֱair defense and anti-drone systems, and large-caliber ammunition, to help Ukraine." They underlined the need to help support Ukraineֱs defense industry. Ukrainian President Volodymyr Zelenskyy took part in the meeting via videolink. The leaders also deplored the ֱdire humanitarian situation in Gaza." They said foreign ministers would debate the future of EU-Israel ties on July 15.
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