Trump, Stocks and August 1 tariff
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Investors have had their fair share of things to digest this week. Trump the tariff man has returned in force. The president slapped a 50% tariff on copper imports, powering shares of metals play Freeport-McMoRan (FCX) up almost 5% on the week.
Scavino and two other top officials sold Trump Media stock with a combined value of up to $10 million before tariffs news
The S&P 500 and Nasdaq composite closed at record highs on Thursday, and ended the week just below those levels.
Dan Scavino sold off at least $1 million in Truth Social stock on April 1, while Sergio Gor sold at least $15,000 a few days earlier.
Levi’s increased its full-year earnings projections despite higher tariff rates, sending the stock higher in after-hours trading.
Wall Street thought it had President Donald Trump all figured out on his trade war, but the past week has raised concerns that investors may be wrong. Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off,
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Barchart on MSNDollar Gains on Tariff EscalationThe dollar index (DXY00) on Friday rose by +0.21%, and edged to a new 2.5-week high. The dollar moved higher due to a slump in stocks, which boosted some liquidity demand for the dollar. Also, President Trump's threats to boost tariffs on Canada and other US trading partners risk stoking inflation pressures that could keep the Fed from cutting
Shares of Conagra Brands slumped Thursday after the packaged-food company issued a weak fiscal-year outlook and reported fourth-quarter earnings that fell short of expectations.