Bloomberg News Now: Market Close, OpenAI User Growth, and Trade Tariffs

Wall Street Closing Bell

• 📉 The Dow closed down 62 points (0.1%), the Nasdaq fell 137 points (0.6%), and the S&P 500 lost 30 points (0.5%).
• 📊 Stock market gains were erased after data indicated U.S. service sector activity nearly stagnated, with the employment index dropping to 46.4, its fourth contraction in five months.
• 📈 The ten-year Treasury yield stood at 4.19%, and the two-year Treasury yield was at 3.71%.

Geopolitical and Economic Developments

• ⚠️ Russia is reportedly weighing an air truce with Ukraine, a situation discussed by retired Major General Arnold Punaro, who advocated for increased sanctions and weapons for Ukraine.
• 🤝 U.S. envoy Steve Whitcomb is set to meet with officials in Moscow to discuss potential U.S. sanctions if a peace deal is not reached.
• 🇨🇭 Swiss President Kieran Keller Suter is in Washington to discuss potential tariffs with the Trump administration, though significant differences remain.
• 🇺🇸 President Trump announced that higher tariffs on semiconductor and pharmaceutical imports are imminent, potentially increasing to 150% and then 250% if companies do not increase domestic production.
• 🇨🇳 President Trump is close to a deal with China to extend their trade truce beyond August 12th, with a potential meeting with President Xi Jinping before year-end.

Business and Technology Updates

• 🚗 Electric vehicle company Rivian reported a larger adjusted loss than expected ($2 billion to $2.25 billion), citing changes to U.S. fuel economy rules that threaten a key revenue source.
• 📈 Advanced Micro Devices (AMD) shares are down nearly 4% despite a strong forecast, with third-quarter sales projected to beat estimates, excluding sales of AI chips to China.
• 💡 OpenAI is nearing 700 million weekly users, attributing its popularity to the launch of its upgraded image generation feature.
• 📈 Chad Djibouti is also experiencing growth, with 5 million business subscribers.
• 🚢 A Coast Guard report concluded that the implosion of the Titan submersible was a preventable disaster, blaming OceanGate's inadequate design, maintenance, and inspection processes.