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yesterday

Global Markets Steady Despite Trump Tariff Threat as Nvidia Rallies

Markets have shrugged off President Trump’s 30% tariffs on EU and Mexico, shifting focus to Wednesday’s U.S. inflation report before major bank earnings begin.

A man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File Photo
FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo
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Overview

  • President Trump announced 30% tariffs on imports from the European Union and Mexico effective August 1 via letters on Truth Social, citing trade imbalances and drug concerns.
  • The FTSE 100 closed at 8,998.06—within striking distance of its all-time high—while France’s CAC 40 and Germany’s DAX 40 underperformed.
  • S&P 500 futures rose 0.4% and Nasdaq 100 futures climbed 0.6% in early U.S. trading as investors monitored tariff developments and corporate updates.
  • NVIDIA shares jumped over 5% premarket after the company said the U.S. government will grant export licenses for its H20 AI chips to China.
  • Attention now turns to Wednesday’s June consumer price index—forecast to show a 0.3% monthly rise and 2.7% annual increase—and Q2 results from JPMorgan Chase, Wells Fargo and Citigroup.