Stock market today: Wall Street drifts as stock markets worldwide take Trump's new tariffs in stride
Share this @internewscast.com

Stocks are drifting in mixed trading on Wall Street Thursday after President Donald Trump’s latest tariffs took effect on dozens of countries.

The S&P 500 dipped by 0.1% after initially climbing towards its record high set just last month. Meanwhile, the Dow Jones Industrial Average dropped 330 points, or 0.7%, as of 11:45 a.m. Eastern time, and the Nasdaq Composite saw a 0.4% increase.

Concerns remain elevated regarding the impact of Trump’s tariffs on the economy, especially following last week’s disappointing job market report. However, expectations for potential interest rate cuts by the Federal Reserve, combined with a series of stronger-than-anticipated earnings reports from major U.S. companies, are currently helping to balance these worries. Lower interest rates can stimulate the economy and raise investment values, but there is a risk they may also lead to increased inflation.

Traders work on the floor of the New York Stock Exchange, Friday, Aug. 1, 2025, in New York.

Traders work on the floor of the New York Stock Exchange, Friday, Aug. 1, 2025, in New York.

AP Photo/Yuki Iwamura

The Bank of England cut its main interest rate on Thursday in hopes of bolstering the sluggish U.K. economy.

The tariffs implemented by the U.S. on Thursday morning were anticipated and are less severe than initially threatened by Trump. Some nations are still in talks to reduce the tax rates on their exports, with continued uncertainty seemingly the only constant in the financial markets. At the same time, critics argue the U.S. stock market has surged too rapidly since its low in April, resulting in potentially overvalued prices.

The latest reports on the U.S. economy came in mixed, meanwhile, which left Treasury yields relatively stable in the bond market.

One report indicated a slight rise in the number of Americans applying for unemployment benefits last week, a potential signal of increasing layoffs, although the figures remain within recent norms.

“There is nothing to see here!” according to Carl Weinberg, chief economist at High Frequency Economics. “These are not nearly recession readings.”

Another report highlighted that U.S. worker productivity in the spring exceeded economists’ forecasts, which could foster economic growth without exacerbating inflation pressures. This is particularly significant as Trump’s tariffs appear likely to raise costs on a variety of goods purchased by American households and businesses.

On Wall Street, Apple’s influence contributed to the market’s gains amid expectations that its substantial size will enable it to navigate the economic landscape shaped by Trump’s policies. Apple shares rose 3% following CEO Tim Cook’s visit to the White House on Wednesday, where he announced a $100 billion increase in the company’s U.S. manufacturing investment over the upcoming four years.

Trump also announced a 100% tariff on imported computer chips, but he added “if you’re building in the United States of America, there’s no charge.”

“Large, cash-rich companies that can afford to build in America will be the ones to benefit the most,” said Brian Jacobsen, chief economist at Annex Wealth Management. “It’s survival of the biggest.”

DoorDash climbed 4.8% after the delivery app topped Wall Street’s profit expectations for the latest quarter. It attracted new customers and saw the total number of orders increase.

Duolingo, the language-learning app, soared 28.9% after it crushed Wall Street’s expectations. The company said its subscription revenue grew 46% over the same period last year.

They helped offset a drop for Eli Lilly, which fell 14.7% even though the drugmaker reported a stronger profit for the latest quarter than analysts expected. Analysts said some investors were disappointed with results that Lilly provided for a late-stage study of its potential pill version of the popular weight-loss drug Zepbound.

Intel sank 3% after Trump called for its CEO to resign, while accusing him of being “highly CONFLICTED,” though he gave no evidence.

Crocs tumbled 25.2% even though the footwear company reported a stronger profit for the latest quarter than analysts expected. It said it expects revenue to fall between 9% and 11% in the current quarter from a year earlier, while tariffs are dragging on its profitability. The company cited “continued uncertainty from evolving global trade policy and related pressures around the consumer.”

In stock markets abroad, indexes rose across much of Europe and Asia.

Stocks climbed 0.2% in Shanghai and 0.7% in Hong Kong after China reported that its exports picked up in July, helped by a flurry of shipments as businesses took advantage of a pause in Trump’s tariff war with Beijing.

Japan’s Nikkei 225 rose 0.6%. Toyota Motor’s stock fell after it cut its full-year earnings forecasts largely because of President Donald Trump’s tariffs, but Sony rose after the entertainment and electronics company indicated it’s taking less damage from the tariffs than it had expected.

In the bond market, the yield on the 10-year Treasury remained at 4.22%, where it was late Wednesday.

Copyright © 2025 by The Associated Press. All Rights Reserved.

Share this @internewscast.com
You May Also Like
Victim identified in deadly Dallas ICE facility attack

Identity of Victim Revealed in Fatal Incident at Dallas ICE Facility

Authorities in Dallas have identified one of the victims who died when…
Massive telecom bust in major city is ‘wake-up call’ as foreign adversaries threaten US security: experts

Telecom Collapse in Major City Highlights Security Threats from Foreign Adversaries, Experts Warn

The U.S. Secret Service has recently taken down an extensive telecommunications network…
Southport shooting: Woman identified by family as 1 victim of mass shooting at waterfront bar American Fish Company

Southport Incident: Family Identifies Woman Among Victims in Waterfront Bar Shooting at American Fish Company

SOUTHPORT, N.C. — A Southport, North Carolina, family confirmed the identity of…
Football, family, humor, heart: Hulu's 'Chad Powers' has Glen Powell in sports spotlight at premiere at Pasadena's Rose Bowl

Glen Powell Steals the Show at Pasadena’s Rose Bowl Premiere with Hulu’s ‘Chad Powers’: A Blend of Football, Family, and Humor

Football and humor become intertwined in the new series “Chad Powers.” On…
North Carolina restaurant ambush ‘highly premeditated,’ suspect tied to anti-LGBTQ conspiracies: docs

Documents reveal that an ambush at a North Carolina restaurant was thoroughly planned, with the suspect linked to anti-LGBTQ conspiracy theories.

A weekend shooting that left three people dead and five others injured…
Longtime customer shot at Jacksonville restaurant

Frequent Patron Injured in Shooting at Jacksonville Restaurant

A customer was shot during a weekend incident at Que Padre Mexican…
US government is phasing out paper checks. Here's what that means for you

The U.S. Government is Ending Paper Checks: What You Need to Know

WASHINGTON (AP) — The U.S. government starts phasing out paper checks for…
Chicago news today: Wrigleyville prepares for Cubs vs. San Diego Padres MLB playoff Wild Card games

Wrigleyville Braces for Cubs Showdown with San Diego Padres in MLB Wild Card Playoffs

CHICAGO (WLS) — The anticipation was palpable in Wrigleyville on Monday afternoon,…
Blogger arrested for sharing anti-Hamas meme online, claims cops didn't know about October 7th horrors

Blogger Detained for Posting Anti-Hamas Meme, Alleges Police Unaware of October 7th Events

A blogger has blasted British police after they arrested him for sharing…
Texas woman with history of 5 marriages faces murder trial in husband's insulin death

Texas Woman with Five Previous Marriages Goes to Trial Over Husband’s Insulin-Related Death

Jury selection has begun in the high-profile murder trial of Sarah Hartsfield, the…
Trump stakes Gaza peace hopes on 21-point plan as Israel, Houthis continue deadly fighting

Trump Introduces 20-Step Strategy for Gaza Peace, Proposing Amnesty for Certain Hamas Members

New York, NY – President Donald Trump released his new 20-point plan…
Who, Me?! Hard Left Billionaire Financier George Soros Professes Total Innocence Amid DOJ Accusations

George Soros Denies Involvement in DOJ Allegations as He Faces Scrutiny

Hungarian-born billionaire financier George Soros is often likened to a James Bond…