{"id":52876,"date":"2025-08-07T20:45:08","date_gmt":"2025-08-07T20:45:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/52876\/"},"modified":"2025-08-07T20:45:08","modified_gmt":"2025-08-07T20:45:08","slug":"wall-street-drifts-as-stock-markets-worldwide-take-trumps-new-tariffs-in-stride","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/52876\/","title":{"rendered":"Wall Street drifts as stock markets worldwide take Trump’s new tariffs in stride"},"content":{"rendered":"\n

NEW YORK (AP) \u2014 U.S. stocks drifted to a mixed finish on Thursday as President Donald Trump\u2019s tariffs taking effect <\/a> on dozens of countries had only a muted effect on markets worldwide.<\/p>\n

The S&P 500 slipped 0.1% after briefly climbing to the cusp of its all-time high during the morning. The Dow Jones Industrial Average dropped 224 points, or 0.5%, and the Nasdaq composite rose 0.3% to a record.<\/p>\n

Worries are high that Trump\u2019s tariffs are damaging the economy<\/a>, particularly after last week\u2019s worse-than-expected report on the job market<\/a>. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at least for now.<\/p>\n

Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push inflation higher. The Bank of England <\/a> cut its main interest rate on Thursday in hopes of bolstering the sluggish U.K. economy.<\/p>\n

The U.S. tariffs that took effect Thursday morning were already well known, as well as lower than what Trump had initially threatened. Some countries are still trying to negotiate down the tax rates on their exports, and continued uncertainty seems to be the only certainty on Wall Street. All the while, the U.S. stock market faces criticism that it\u2019s climbed too far, too fast since hitting a bottom in April, with prices looking too expensive.<\/p>\n

On Wall Street, worries about tariffs helped drag down the stock of Crocs.<\/p>\n

The footwear maker tumbled 29.2% even though it reported a stronger profit for the latest quarter than analysts expected. It said it expects revenue to drop as much as 11% in the current quarter from a year earlier, while tariffs are dragging on its profitability. The company cited \u201ccontinued uncertainty from evolving global trade policy and related pressures around the consumer.\u201d<\/p>\n

Eli Lilly dropped 14.1% even though the drugmaker likewise 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.<\/p>\n

Intel sank 3.1% after Trump called for its CEO to resign<\/a>, while accusing him of being \u201chighly CONFLICTED,\u201d though he gave no evidence.<\/p>\n

Apple helped keep the market\u2019s losses in check, as it rose on hopes that its massive size can help it navigate Trump\u2019s economy. Its stock climbed 3.2% after CEO Tim Cook joined Trump at the White House on Wednesday to say it\u2019s increasing its investment in U.S. manufacturing by an additional $100 billion over the next four years.<\/p>\n

Story Continues <\/p>\n

Trump also announced a 100% tariff on imported computer chips<\/a>, but he added \u201cif you\u2019re building in the United States of America, there\u2019s no charge.\u201d<\/p>\n

\u201cLarge, cash-rich companies that can afford to build in America will be the ones to benefit the most,\u201d said Brian Jacobsen, chief economist at Annex Wealth Management. \u201cIt\u2019s survival of the biggest.\u201d<\/p>\n

DoorDash added 5% after the delivery app topped Wall Street\u2019s profit expectations for the latest quarter. It attracted new customers and saw the total number of orders increase.<\/p>\n

Duolingo, the language-learning app, jumped 13.7% after it crushed Wall Street\u2019s expectations. The company said its subscription revenue grew 46% over the same period last year.<\/p>\n

All told the S&P 500 edged down by 5.06 points to 6,340.00. The Dow Jones Industrial Average dipped 224.48 to 43,968.64, and the Nasdaq composite rose 73.27 to 21,242.70.<\/p>\n

In stock markets abroad, indexes rose across much of Europe and Asia.<\/p>\n

Stocks climbed 0.2% in Shanghai and 0.7% in Hong Kong after China reported that its exports picked up in July<\/a>, helped by a flurry of shipments as businesses took advantage of a pause in Trump\u2019s tariff war with Beijing.<\/p>\n

Japan\u2019s Nikkei 225 rose 0.6%. Toyota Motor\u2019s stock fell after it cut its full-year earnings forecasts <\/a> largely because of Trump\u2019s tariffs, but Sony rose after the entertainment and electronics company indicated it\u2019s taking less damage from the tariffs than it had expected.<\/p>\n

In the bond market, the yield on the 10-year Treasury rose to 4.23% from 4.22% late Wednesday after the latest reports on the U.S. economy came in mixed.<\/p>\n

One said that slightly more U.S. workers applied for unemployment <\/a> benefits last week. That could be an indication of rising layoffs, but the number remains within its recent range.<\/p>\n

\u201cThere is nothing to see here!\u201d according to Carl Weinberg, chief economist at High Frequency Economics. \u201cThese are not nearly recession readings.\u201d<\/p>\n

A separate report said that productivity for U.S. workers improved by more during the spring than economists expected. That could help the U.S. economy grow without adding more pressure on inflation. And that\u2019s particularly important when Trump\u2019s tariffs look set to increase prices for all kinds of things that U.S. households and businesses buy.<\/p>\n

___<\/p>\n

AP Business Writers Teresa Cerojano and Matt Ott contributed.<\/p>\n

Stan Choe, The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 U.S. stocks drifted to a mixed finish on Thursday as President Donald Trump\u2019s tariffs…\n","protected":false},"author":2,"featured_media":52877,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,1376,2511,121,4992,6495],"class_list":{"0":"post-52876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-donald-trump","12":"tag-stock","13":"tag-stock-market","14":"tag-tariffs","15":"tag-wall-street"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/52876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=52876"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/52876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/52877"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=52876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=52876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=52876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}