Investors exhibited caution as markets declined, influenced by President Trump's firm August 1 tariff deadline. The S&P 500 dropped 0.07%, largely due to declines in blue-chip stocks like Amazon and Microsoft. Trump's announcement of a 50% copper tariff and lack of clarity around trade deals heightened market anxiety. Despite previous market recovery after initial tariff threats, uncertainty surrounding future tariffs and negotiations remained pervasive. The White House hinted at a busy week for economic policy, adding to investors' apprehension regarding trade partnerships and potential impacts on the markets.
Stocks continued their downward dip from Monday, with the S&P 500 falling 0.07%, driven by modest drops in blue-chip companies like Amazon and Microsoft.
Trump's second term in office has been an economic rollercoaster, with stocks falling dramatically after his Liberation Day tariff announcement in April before recovering after he backed off from the steep demands.
Trump posted on Truth Social that Aug. 1 would be the final opportunity for U.S. trade partners to come to the table, after previously stating the deadline was not "100% firm."
On Tuesday, Trump announced a new 50% tariff on copper, though he did not set a date that it would go into effect.
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