U.S. Indices finished Monday day in a sea of red (SPX -0.8%, NDX -0.8%, RUT -1.6%) amid the continued trade tensions with the US and its trading partners. As it stands, the trade uncertainty is to remain, with US President Trump to sign an EO to extend the July 9th trade deadline to August 1st. US Treasury Secretary Bessent said if no trade deal is reached with partners who have received letters, they will revert to April 2nd tariffs, effective August 1st. Currently, it is known that the US has sent trade letters to Japan, South Korea, Kazakhstan, Laos, South African, Malaysia, and Myanmar, with tariffs levels on said countries ranging from 25-40%, albeit the tariff levels on the countries announced are pretty much less than or equal to the tariffs announced on “Liberation Day”. Similar to Vietnam, the US is to impose tariffs on transhipped goods from said Asian countries while responding to any higher tariff retaliation measure with an additional tariff equal to what was announced today. Meanwhile, Trump threatened that countries that align with the anti-American policies of BRICS will be charged with an additional 10% tariff. Sectors closed mostly in the red, with losses led in Consumer Discretionary, Energy, and Materials, while Utilities solely outperformed in the green. Weighing on Discretionary was downside in Tesla (TSLA, -6.8%) after Musk maintained his stance against Trump, after launching the “America Party”. Following the trade announcements via Trump on Truth Social, immediate risk-off was seen across equities, with the Dollar and Treasuries gaining. The T-Note upside proved short-lived, with the downtrend in the curve remaining while Dollar strength held. In crude, prices rallied higher as the higher-than-expected Saudi OSPs increase outweighed the larger-than-expected OPEC+ hike over the weekend, and Reuters sources report that a likely similar output hike is seen in September. Elsewhere, Oil closed higher by 1.37% while Gold was flat following another volatile trading session.
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