Trump's Tariff Moves Jolt Global Markets
Stock indexes rose slightly as investors assessed President Trump's tariff announcements. The Brazilian real partially recovered losses. Despite trade tensions, expectations of positive tech earnings buoyed the market. The S&P 500 companies awaited quarterly reports amidst reduced growth estimates due to trade uncertainty, though strong performance from tech firms like TSMC and Nvidia offered hope.
Global markets witnessed a modest uptick on Thursday as investors evaluated the latest trade policies announced by U.S. President Donald Trump. The Brazilian real recovered somewhat after a sharp fall due to a new 50% tariff on Brazilian goods proposed by Trump. This move further included a 50% tariff on copper, set to take effect on August 1.
Volatility hit the Brazilian real, reaching its highest levels since late April. In response to U.S. tariffs, Brazilian President Luiz Inácio Lula da Silva pledged retaliation and convened a meeting with ministers. Despite volatility, broader market reactions were milder compared to past episodes, as ongoing trade negotiations offered some reassurance to investors.
With earnings season approaching, market players remained cautious. Analysts at Granite Wealth Management suggested the tech sector could offset losses with strong earnings, providing a silver lining amidst trade concerns. Meanwhile, notable market indices like the Dow and NASDAQ reflected mixed results, underlining the market's cautious stance.
(With inputs from agencies.)
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