Figma IPO Soars, Microsoft Hits $4 Trillion Valuation Amidst AI Boom, and New Tariff Levels Loom

Market Performance and IPO Buzz

• 📉 The Dow Jones Industrial Average lost 330 points, the S&P 500 fell 23 points, and the Nasdaq saw a minor dip, despite positive tech news.
• 🚀 Figma's IPO was a major success, opening at $85 and closing at $115.15, significantly above its $33 offering price, marking it as one of the year's most anticipated U.S. IPOs.

Tech Giants and AI Investments

• 💰 Microsoft soared 4% to become the second company to reach a $4 trillion market valuation, largely attributed to its successful AI strategy and early investments.
• 📈 NVIDIA was the first company to hit the $4 trillion milestone, with analysts predicting both Microsoft and NVIDIA could reach $5 trillion by 2026.
• 🌟 Meta also saw a significant rise, up 11%, as it plans to increase spending on new data centers and AI research.
• 📦 Amazon's shares fell 2.6% in post-market trading, even though its second-quarter net sales beat analyst estimates, rising 13% year-over-year.

Trade Policy and Tariffs

• 📝 President Trump is set to sign an executive order on tariffs before an August 1st deadline, following extended trade negotiations with Mexico.
• 🚗 Mexico will continue current deals, paying 25% tariffs on fentanyl and cars, and 50% on steel, aluminum, and copper.
• 🤝 Treasury Secretary Scott Bessant is meeting with South Korea's finance minister to finalize details on a new agreement, including a potential 15% lower tariff rate for autos and significant investment commitments.

Pharmaceutical Pricing and Labor Negotiations

• 💊 President Trump has demanded that 17 of the world's largest drugmakers slash U.S. prices to match those in other countries within 60 days.
• ✈️ Boeing has resumed contract talks with union leaders representing over 3,000 factory workers in the St. Louis area after their initial offer was rejected.

Severe Weather Warnings

• ⛈️ Governors in New York and New Jersey have declared a state of emergency as severe thunderstorms and significant flooding are forecast along the East Coast, with potential for up to eight inches of rain in some areas.