Market Rundown: Trump's New Tariffs, US Jobs Data, and Tech Earnings

Trump Reignites Global Trade War with New Tariffs

• 🎯 President Trump announced a new global tariff regime, imposing a 10% minimum tariff on dozens of trading partners.
• ⚠️ Countries with significant trade surpluses, such as India and Taiwan, faced higher rates, with Switzerland hit by a 39% tariff.
• 🇨🇦 Tariffs on Canadian goods were raised to 35%, while Mexico's current rates were extended for 90 days.

Key Economic Data and Federal Reserve Impact

• 📊 Markets are closely watching the July US payrolls data, with an expected rise of 110,000 jobs, a moderation from the previous month.
• 📉 A slowdown is anticipated after a surge in state and local education employment boosted June figures.
• 📈 An upside surprise in the jobs data could diminish hopes for a Federal Reserve rate cut in September.

Tech Earnings: Apple Soars, Amazon Falters

• 🍎 Apple reported its fastest quarterly revenue growth in over three years, driven by a surge in iPhone sales and the first sales growth in China in two years.
• 💡 CEO Tim Cook expressed optimism about Apple's AI progress and increased investment in the technology.
• 📉 Amazon posted underwhelming third-quarter projections, with heavy AI spending impacting profit expectations and investor sentiment.

Trump Pressures Pharmaceutical Companies on Drug Prices

• 💊 President Trump sent a letter to 17 major drug makers, demanding they lower prices for new medicines to match those paid by other countries.
• ⏳ Companies have 60 days to voluntarily comply, with threats of further action if they do not.