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Trump declares 50% tariff on copper, Brazil: Morning Buzz

The major averages were mixed near noon, with the Dow and S&P 500 buoyed by strong tech earnings and positive signals from the Fed’s June meeting. President Trump’s decision to impose 50% tariffs on copper and Brazilian imports, which take effect August 1, also weighs on the indices. 

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Markets are treading water amidst headline risk from tariffs, but the combination of tech megacap strength, airlines’ upbeat earnings, and robust commodity flows is keeping sentiment positive. Focus now turns to economic data and Fed communication.

Looking to commodities, gold prices are fractionally higher again, edging a little closer to the $3,400 threshold. Meanwhile, oil prices have fallen sharply following multiple days of gains.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 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:

  • President Trump declared a 50% tariff on copper, effective August 1
  • Meanwhile, Trump also announced fresh tariffs on a number of countries on Wednesday, including a 50% tariff on all products sent to the U.S. from Brazil, citing a “witch hunt” against the country’s former president Jair Bolsonaro
  • Delta Air Lines (DAL) reported upbeat Q2 results, restored its FY25 guidance, and announced a 25% increase to its quarterly dividend
  • MP Materials (MP) entered into a public-private partnership with the Pentagon to dramatically accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency
  • ASE Technology (ASX) reported an 11.2% year-over-year increase in Q2 revenue

2. WALL STREET CALLS:

3. AROUND THE WEB:

  • Ford Motor (F) recently said a $3B plant it is building in Marshall, Michigan to produce EV batteries will still qualify for federal tax credits due to last-minute tweaks in the big budget and policy bill recently passed by Congress, NYT says
  • Tesla (TSLA) plans to expand its robotaxi service to the San Francisco Bay Area within “a month or two,” depending on regulatory approvals, Reuters reports
  • Amazon (AMZN) is debating on making another multibillion-dollar investment in Anthropic, FT says
  • Meta (META) offered Ruoming Pang a more than $200M pay package over a several-year period in line with Meta’s other major AI hires, and Apple (AAPL) didn’t try to match the offer, Bloomberg says
  • Autodesk (ADSK) is working with advisers to evaluate a cash-and-stock buyout of PTC (PTC), Bloomberg says

4. MOVERS:

5. EARNINGS/GUIDANCE:

INDEXES:

Near midday, the Dow was up 234.73, or 0.53%, to 44,693.03, the Nasdaq was down 5.28, or 0.026%, to 20,606.06, and the S&P 500 was up 14.42, or 0.23%, to 6,277.68.

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