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Jenny Benjamin's avatar

Brown people have been here Tens of Thousands of years before white people even arrived. This is wrong.

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NiaSky's avatar

Yup. It's all in project25. You left out no more election too.

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Roberto Lopez's avatar

Programmed Scarcity?

Wall Street falls as Trump pressures trade partners with new tariffs

90-day negotiation period expires this week, increasing uncertainty in global markets

Tesla led declines after Musk formed a third political party in protest against Trump

Richard Drew

The Associated Press

Updated 12 hours ago

Stocks on Wall Street closed broadly lower on Monday as the White House intensified pressure on key trade partners to strike deals before punitive U.S. tariffs take effect. The S&P 500 fell 0.8% for its largest loss since mid-June. The benchmark index remains close to its all-time high set last week. The Dow Jones Industrial Average retreated 0.9%. The Nasdaq composite also finished 0.9% lower, not far from its own record high. Losses were widespread. Declining stocks outnumbered advancing ones by a nearly 4-to-1 margin on the New York Stock Exchange.

Tesla Leads Declines Amidst Musk-Trump Dispute

Tesla plummeted 6.8% for the biggest drop among S&P 500 stocks as the dispute between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a major donor and ally of Trump, said he would form a third political party in protest of the Republican spending bill that passed last week. Sales accelerated after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25% starting August 1, citing persistent trade imbalances with the two crucial U.S. allies in Asia.

"If for any reason you decide to increase your tariffs, then whatever number you choose to increase them by will be added to the 25% we charge," Trump wrote in letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

Trump also announced new tariff rates on Malaysia, Kazakhstan, South Africa, Laos, and Myanmar.

Markets React to Trade Threats

Just before steep U.S. tariffs on imported goods from nearly every country in the world were set to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to sign new trade agreements. That 90-day negotiation period was scheduled to expire by Wednesday. On Sunday, Trump said he would impose an additional 10% in tariffs against the BRICS bloc of developing nations, which had condemned the tariff hikes at their summit in Brazil. In addition to Brazil, BRICS countries also include Russia, India, China, and South Africa.

This latest phase in the trade war intensifies the threat of potentially more severe tariffs that has been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks. "Just bringing that substantial topic back into focus, after a strong week last week, has given the market a bit of a pause," said Bill Northey, senior investment director at U.S. Bank Asset Management.

Economic Outlook Uncertain

The short-term outlook will likely depend on several key factors such as the extent to which trade partners are included in Trump's letters, the tariff rate, and the effective date of such tariffs, according to Nomura analysts.

Last week, the Trump administration announced it reached an agreement with Vietnam that would allow U.S. goods to enter the country tariff-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decrease from the 46% tax on Vietnamese imports he proposed in April. "The kind of deal signed with Vietnam may be a model for similar countries in the region with economies heavily reliant on large trade deficits with the U.S.," said Jason Pride, head of investment strategy and research at Glenmede. Monday's market sell-off came on the first U.S. trading day after a holiday-shortened week.

Financial and Technology Sectors Affected

Nearly all sectors in the S&P 500 index closed in the red, with technology, financial, and consumer-related stocks among the biggest drags on the market. Apple fell 1.7%, JPMorgan Chase dropped 1.4%, and Home Depot slipped 1.1%. Molina Healthcare fell 2.9% after the insurer lowered its earnings guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a surge in costs that forced it to cut its forecast, sending its shares down in April. In deal news, software company CoreWeave agreed to acquire cryptocurrency mining firm Core Scientific in an all-stock transaction valued at approximately $9 billion. Core Scientific shares plunged 17.6%, while CoreWeave fell 3.3%.

Bond yields mostly rose. The 10-year Treasury yield climbed to 4.39% from 4.34% last Thursday.

Fed Monitors Tariff Impact on Inflation

The pessimistic start to the week follows a strong run for stocks, which were pushed further to record highs last week after a better-than-expected U.S. jobs report. In total, the S&P 500 fell 49.37 points to 6,229.98. The Dow lost 422.17 points to 44,406.36, and the Nasdaq slipped 188.59 points to 20,412.52. Stock indexes in Europe finished mostly higher. Asian markets closed mostly lower. Oil prices fluctuated after OPEC+ agreed on Saturday to increase production in August by 548,000 barrels per day.

U.S. benchmark crude closed 1.4% higher at $67.93 per barrel, while Brent crude, the international standard, rose 1.9% to close at $69.58 per barrel. This week will be relatively light on economic data. On Wednesday, the Federal Reserve will release the minutes from last month's policy committee meeting. Fed Chair Jerome Powell has been insisting that the central bank wants to wait and see how Trump's tariffs affect the economy and inflation before making its next move on interest rates. While lower rates give a boost to the economy by making it easier to borrow money, they can also add more fuel to inflation. That could be dangerous if the Trump administration's tariffs send inflation higher.

Is there anything

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Roberto Lopez's avatar

Programmed Scarcity?

Wall Street falls as Trump pressures trade partners with new tariffs

90-day negotiation period expires this week, increasing uncertainty in global markets

Tesla led declines after Musk formed a third political party in protest against Trump

Richard Drew

The Associated Press

Updated 12 hours ago

Stocks on Wall Street closed broadly lower on Monday as the White House intensified pressure on key trade partners to strike deals before punitive U.S. tariffs take effect. The S&P 500 fell 0.8% for its largest loss since mid-June. The benchmark index remains close to its all-time high set last week. The Dow Jones Industrial Average retreated 0.9%. The Nasdaq composite also finished 0.9% lower, not far from its own record high. Losses were widespread. Declining stocks outnumbered advancing ones by a nearly 4-to-1 margin on the New York Stock Exchange.

Tesla Leads Declines Amidst Musk-Trump Dispute

Tesla plummeted 6.8% for the biggest drop among S&P 500 stocks as the dispute between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a major donor and ally of Trump, said he would form a third political party in protest of the Republican spending bill that passed last week. Sales accelerated after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25% starting August 1, citing persistent trade imbalances with the two crucial U.S. allies in Asia.

"If for any reason you decide to increase your tariffs, then whatever number you choose to increase them by will be added to the 25% we charge," Trump wrote in letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

Trump also announced new tariff rates on Malaysia, Kazakhstan, South Africa, Laos, and Myanmar.

Markets React to Trade Threats

Just before steep U.S. tariffs on imported goods from nearly every country in the world were set to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to sign new trade agreements. That 90-day negotiation period was scheduled to expire by Wednesday. On Sunday, Trump said he would impose an additional 10% in tariffs against the BRICS bloc of developing nations, which had condemned the tariff hikes at their summit in Brazil. In addition to Brazil, BRICS countries also include Russia, India, China, and South Africa.

This latest phase in the trade war intensifies the threat of potentially more severe tariffs that has been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks. "Just bringing that substantial topic back into focus, after a strong week last week, has given the market a bit of a pause," said Bill Northey, senior investment director at U.S. Bank Asset Management.

Economic Outlook Uncertain

The short-term outlook will likely depend on several key factors such as the extent to which trade partners are included in Trump's letters, the tariff rate, and the effective date of such tariffs, according to Nomura analysts.

Last week, the Trump administration announced it reached an agreement with Vietnam that would allow U.S. goods to enter the country tariff-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decrease from the 46% tax on Vietnamese imports he proposed in April. "The kind of deal signed with Vietnam may be a model for similar countries in the region with economies heavily reliant on large trade deficits with the U.S.," said Jason Pride, head of investment strategy and research at Glenmede. Monday's market sell-off came on the first U.S. trading day after a holiday-shortened week.

Financial and Technology Sectors Affected

Nearly all sectors in the S&P 500 index closed in the red, with technology, financial, and consumer-related stocks among the biggest drags on the market. Apple fell 1.7%, JPMorgan Chase dropped 1.4%, and Home Depot slipped 1.1%. Molina Healthcare fell 2.9% after the insurer lowered its earnings guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a surge in costs that forced it to cut its forecast, sending its shares down in April. In deal news, software company CoreWeave agreed to acquire cryptocurrency mining firm Core Scientific in an all-stock transaction valued at approximately $9 billion. Core Scientific shares plunged 17.6%, while CoreWeave fell 3.3%.

Bond yields mostly rose. The 10-year Treasury yield climbed to 4.39% from 4.34% last Thursday.

Fed Monitors Tariff Impact on Inflation

The pessimistic start to the week follows a strong run for stocks, which were pushed further to record highs last week after a better-than-expected U.S. jobs report. In total, the S&P 500 fell 49.37 points to 6,229.98. The Dow lost 422.17 points to 44,406.36, and the Nasdaq slipped 188.59 points to 20,412.52. Stock indexes in Europe finished mostly higher. Asian markets closed mostly lower. Oil prices fluctuated after OPEC+ agreed on Saturday to increase production in August by 548,000 barrels per day.

U.S. benchmark crude closed 1.4% higher at $67.93 per barrel, while Brent crude, the international standard, rose 1.9% to close at $69.58 per barrel. This week will be relatively light on economic data. On Wednesday, the Federal Reserve will release the minutes from last month's policy committee meeting. Fed Chair Jerome Powell has been insisting that the central bank wants to wait and see how Trump's tariffs affect the economy and inflation before making its next move on interest rates. While lower rates give a boost to the economy by making it easier to borrow money, they can also add more fuel to inflation. That could be dangerous if the Trump administration's tariffs send inflation higher.

Is

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iwoJima's avatar

@Jim Acosta @Katie Phang

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