Musk to launch new political party, Trump threatens BRICS tariff: Morning Buzz

The major averages were broadly lower near noon as investors brace for potential new tariffs and fresh political friction. Sentiment remains fragile after President Trump signaled over the weekend that additional duties could target BRICS-aligned nations and with formal tariff letters expected as soon as July 9, traders look reluctant to add risk. Meanwhile, Treasury Secretary Scott Bessent told CNBC Monday that there would be a number of trade announcements over the next 48 hours, though he declined to specify which other nations would be involved.

Looking to commodities, gold prices have edged lower but still remain above $3,300. Oil prices are marginally higher, inching closer to the $70 level.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. Also, subscribe to the daily Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why. 

1. STOCK NEWS:

• Tesla (TSLA) shares were sinking after CEO Elon Musk announced the launch of a new political party called the “America Party”
• Meanwhile, President Trump warned of a 10% tariff for “Anti-American” BRICS policies
• CoreWeave (CRWV) agreed to acquire Core Scientific (CORZ) in an all-stock transaction
• WNS Holdings (WNS) agreed to be acquired by Capgemini for $76.50 per share
• Sweetgreen (SG) fell after Bloomberg data showed a Q2 sales drop 

2. WALL STREET CALLS:

• William Blair downgraded Tesla (TSLA) on headwinds from Big Beautiful Bill
• Netflix (NFLX) downgraded at Seaport Research, here’s why
• Wall Street rolled out coverage of Voyager Technologies (VOYG) with mostly bullish views
• Coverage of Chime (CHYM) was also started with mainly bullish opinions among Wall Street analysts
• Autodesk (ADSK) upgraded to Buy at DA Davidson

3. AROUND THE WEB:

• Google (GOOGL) told publishers it is hiring new staff to market its ad tech to big advertisers and ad agencies, signaling a renewed focus on publisher ad tech, The Information reports
• Clorox (CLX) is using generative AI for ad creation, brainstorming new products, and analyzing consumer reviews as part of a five-year, $580M digital overhaul, WSJ says
• Nissan (NSANY) is in talks to allow Foxconn (HNHPF) to use one of its domestic factories to build electric vehicles, a deal that could save the plant from closure, Reuters reports
• Apple (AAPL) has taken a challenge against EU regulators after they were fined $587M for breaching rules from the Digital Markets Act, DMA, Reuters says
• While the rest of the beer industry is experiencing a difficult year, AB InBev’s (BUD) Michelob Ultra is growing by pitching its low-calorie, low-carb brews to health-conscious consumers, WSJ says

4. MOVERS:

• Cogent Biosciences (COGT) gains after announcing statistical significance across endpoints from its SUMMIT trial
• Northern Dynasty (NAK) increases in New York after providing an update on its negotiations with EPA
• KalVista (KALV) higher after announcing the FDA approval for EKTERLY
• Apogee Therapeutics (APGE) falls after reporting results from its APEX Part A trial
• Quanatum-Si (QSI) lower after announcing a $50M stock offering

5. EARNINGS/GUIDANCE:

• Molina Healthcare (MOH) provided guidance for Q2 and FY25
• Enovix (ENVX) reported preliminary results for Q2
• Worksport (WKSP) said it is “on track” to eclipse $20M in revenue in FY25
• Delta Air Lines (DAL) to report Q2 results on July 10
• Congara Brands (CAG) to report Q4 results on July 10

INDEXES:

Near midday, the Dow was down 0.86%, or 386.78, to 44,441.75, the Nasdaq was down 0.73%, or 149.92, to 20,451.19, and the S&P 500 was down 0.70%, or 44.11, to 6,235.24.