On Monday, Wall Street stocks closed with modest gains as investors largely shrugged off U.S. President Donald Trump’s latest tariff threats, focusing instead on an eventful week ahead with key economic reports and the start of earnings season.
Trump escalated trade tensions over the weekend by announcing plans to impose a 30% tariff on most imports from the European Union and Mexico starting 1 August, setting a deadline for last-minute trade deals. The EU has extended its pause on retaliatory measures until early August, hoping for a negotiated settlement, while talks between the US, EU, Canada, and Mexico continue.
The Dow Jones Industrial Average rose 0.20% to 44,459, the S&P 500 gained 0.14% to 6,268, and the Nasdaq Composite advanced 0.27% to 20,640. Trading volume was below the 20-day average.
Despite ongoing tariff threats, markets have remained buoyant, with the Nasdaq hitting its seventh record high since late June.
Investment strategist Jason Pride noted that the economy’s growth outlook is improving as the effects of tariffs are largely offset by recent economic legislation.
This week will bring important updates on the U.S. economy, including second-quarter earnings reports starting Tuesday, and consumer price data expected to show inflation picking up in June.
Oil prices fell 2.2% following Trump’s threat of tariffs on Russian imports, dragging the energy sector down by 1.2%, the largest decline among S&P sectors.
Meanwhile, the communication services sector rose 0.7%, helped by gains in Netflix and Warner Bros. Discovery ahead of their earnings releases.
Cryptocurrency-related stocks also advanced after Bitcoin surpassed $120,000 for the first time.
Laboratory equipment maker Waters Corp dropped 13.8% after announcing a $17.5 billion merger with Becton, Dickinson and Company’s Biosciences division, marking the largest loss of the day.
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Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on Dammam airport, while Iran's IRGC Navy claimed strikes on seven vessels and warned the U.S. of a wider response.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin aide Yuri Ushakov said after President Vladimir Putin met U.S. special envoy Steve Witkoff in St Petersburg.
Super typhoon Champi is set to batter Japan’s Okinawa Prefecture from Friday (23 October), bringing violent winds, torrential rain and waves up to 11 metres high, as airlines cancel flights and organisers scrap a major festival.
Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Armenian authorities have detained 10 more people in a vote-buying investigation involving the opposition Strong Armenia party, just two days before local elections in the northern town of Stepanavan.
Azerbaijani President Ilham Aliyev met India’s Minister of External Affairs in Baku for talks on strengthening bilateral relations, with a focus on trade, investment, energy and technology.
Israeli military bulldozers have begun demolishing buildings in the West Bank city of Hebron on Friday, 23 October, following armed clashes with Palestinians that left two Israeli soldiers dead, according to the Israeli military.
Greece’s parliament has passed a bill banning under-15s from using social media from 1 January 2027, as the country steps up efforts to protect children online. The new law will require platforms to enforce age restrictions.
France's Interior Minister Laurent Nunez said on Friday that 70,000 security forces would be mobilised throughout the country to keep order on Saturday, adding there have been calls for looting and violence from the ultra-left.
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