Trade Turbulence: Wall Street Wavers Amid Tariff Tensions
The S&P 500 dipped from record highs amid heightened trade tensions spurred by President Trump's new tariffs on Canada and Brazil. While Nvidia's stocks reached new heights, the broader market faced declines, particularly in healthcare and financial sectors. Investors remained cautious ahead of the second-quarter earnings reports.
The S&P 500 experienced a decline from its recent record highs on Friday, largely driven by tumultuous trade policies. President Donald Trump intensified his tariff offensive against Canada, announcing plans to implement a 35% tariff on imports, stirring uncertainty within U.S. trade policy corridors.
This move compounded anxiety already inflamed by a 50% tariff on Brazilian imports, with Europe awaiting potential similar actions. Amidst these developments, shares of Nvidia surged over 1%, reaching a historic high, thus bolstering the AI chipmaker's position in the market.
In contrast, Meta Platforms faced setbacks due to potential EU antitrust issues. As investors brace themselves for the upcoming earnings season, tariff impacts remain a focal point, affecting major sectors, including healthcare and financials, which observed notable declines.
(With inputs from agencies.)
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