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U.S. stocks extended their losing streak for a third consecutive day amid rising bond yields and anticipation of key inflation data. The S&P 500 and Nasdaq retreated, weighed down by tariff news and tech sector headwinds, while investor focus shifts to Fed policy signals and trade tensions impacting global markets.
The U.S. administration announces a sweeping new wave of tariffs targeting pharmaceuticals, heavy trucks, and household furnishings, stirring market jitters and prompting trade concerns in Asia-Pacific. Multiple reports detail tariff percentages, implementation timing, and political motives behind the protectionist measures.
100% – Tariff imposed by US on pharmaceutical imports starting October 1, 2025.
Legal and political turmoil surrounds former FBI Director James Comey, who faces criminal indictment for making false statements and obstruction of justice. The developments are intertwined with the Department of Justice’s aggressive pursuit, Comey’s responses, and public reactions.
Streaming service carriage disputes heat up with NBCUniversal and YouTube TV on the brink of a blackout, threatening the availability of popular programs and unsettling subscribers. Negotiations over distribution agreements intensify.
Costco Beats Q4 Revenue and Profit Estimates as Consumer Demand Rises
Costco surpassed fourth-quarter earnings and revenue expectations, buoyed by strong consumer appetite for bulk purchases and essential goods amid economic uncertainty.
More on theglobeandmail.com
Amazon faces a historic $2.5 billion settlement with the Federal Trade Commission over deceptive Prime membership practices. The settlement involves refunds to millions and prompts stock reaction and consumer scrutiny.
Starbucks announces a major restructuring plan involving hundreds of store closures and 900 layoffs in North America. The company aims to reverse declining sales and reposition its business amid changing retail dynamics.
CarMax Shares Crash Most Since Dot-Com Bust on Tariff and Profit Miss
CarMax shares plunged as much as 25%, marking their worst day since the dot-com crash, after the company reported disappointing profits and flagged risks from escalating tariffs impacting the auto sector.
More on zerohedge.com
Federal Reserve Governor Lisa Cook is at the center of a high-profile legal battle as the Trump administration seeks her removal. Former Fed chairs and top economic leaders warn against this move, emphasizing the risk to Fed independence and market stability.
OpenAI and CoreWeave expand their partnership massively, with CoreWeave increasing its agreement to $22.4 billion to support OpenAI’s data centers. This deal illustrates the accelerating AI infrastructure investment boom.
The Trump administration announced new tariffs: 100% on drugs, 25% on heavy trucks, 30%-50% on furniture; and imposed a $100,000 fee on H-1B visas, impacting tech startups and immigration policy.
Meta and Google reportedly engage in talks over Meta’s potential use of Google’s Gemini AI models to enhance its advertising business, signaling a strategic collaboration in the AI ad targeting space amid ongoing tech competition.
US economic data reveals robust growth in the second quarter at a surprising 3.8%, revising previous estimates upwards and highlighting strong consumer spending which fuels optimism amid inflation concerns.
Removing Lisa Cook from the Federal Reserve risks ‘chaos and disruption’ in markets.
— Lisa Cook, Federal Reserve Governor
Cryptocurrency markets experience significant declines with Bitcoin, Ethereum, and others falling sharply amid reduced expectations for Federal Reserve rate cuts. Large liquidations worsen the selloff, reflecting market volatility.
Microsoft terminates specific cloud services for the Israeli military after investigations reveal use for mass surveillance on Palestinians, marking a significant move amid human rights concerns and tech ethics debates.
HSBC and IBM achieve a pioneering breakthrough applying quantum computing to bond trading, promising a 34% performance improvement in market predictions, demonstrating potential for quantum tech in financial services.
Various U.S. government agencies prepare for potential mass layoffs amid rising fears of a pending government shutdown, with the White House threatening job cuts as political negotiations remain deadlocked.
Oracle raises $18 billion in debt to finance a massive AI infrastructure expansion, taking an unconventional approach with long-term bonds to fuel its data center investments amid growing competition in the cloud and AI space.
JD Vance and other Trump allies respond fiercely to Democratic criticism following a deadly shooting at a Dallas ICE facility, framing the event amid intense political rhetoric and social division.
TikTok’s U.S. operations deal advances as President Trump signs executive orders facilitating sale to American investors, valuing the business at roughly $14 billion, aiming to resolve national security concerns and prevent a ban.
Intel is reportedly in talks with Apple about a strategic investment to aid Intel’s turnaround efforts amidst industry challenges, seeking to strengthen ties and potentially secure funding for semiconductor innovation.
Major U.S. equity indexes extend losses for a third consecutive day, dragged down by rising bond yields and cautious economic outlooks ahead of key inflation data releases, signaling market uncertainty and volatility.
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