Trump threatens new tariffs on drugs, kitchen cabinets, trucks: Morning Buzz

The major averages were mixed near noon, with the Dow and S&P 500 edging higher following recent declines after the latest inflation data, though sentiment is also being clouded by fresh tariff announcements from President Trump, including promises for steep levies on pharmaceuticals and heavy truck parts.

The Commerce Department reported that August’s personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, rose 0.2% from the prior month and 2.9% from a year earlier when excluding food and energy.

Looking to commodities, gold prices surged past the $3,800 threshold, inching closer to record highs once again. Oil prices were also sharply on the rise following an up-and-down month for the commodity.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• President Trump said he will META;RDDT;SNAP;BMY;LLY;GSK;JNJ;MRK;NVS;PFE;RHHBY;SNY;HD;LOW;BYON;BBWI;W;WSM;RH;LZB;PCAR;DTRUY;MBGYY;VWAGY;VLVLY;F;GM;HMC;LCID;NSANY;STLA;TM;AMD;MCHP;MU;NVDA;QCOM;TXN;GFS;AVGO;TSM-Trump-Trade-President-threatens-new-tariffs-on-drugs-home-goods-heavy-trucks&utm_source=https://thefly.com/news.php%3fsymbol=HD&utm_medium=referral&utm_campaign=referral_traffic” target=”_blank”> 50% tariff on kitchen cabinets, bathroom vanities, and associated products starting October 1
• Additionally, the president announced a 25% tariff on all heavy trucks made in “other parts of the world”
• Costco (COST) reported upbeat Q4 earnings and revenue, with the company saying inflation remains in the low to mid-single digit range
• Meta Platforms (META) has launched a “Vibes” AI video feed

2. WALL STREET CALLS:

• Apellis (APLS) downgraded to Sell at Goldman Sachs, which sees potential risks to the near-term outlook
• Citi upgraded Riot Platforms (RIOT) to Buy from Neutral, (KVUE) upgraded to Buy from Neutral at Rothschild & Co Redburn
• Evercore ISI downgraded CarMax (KMX) to In Line from Outperform, saying Q2 results show pressure on market share and credit is intensifying
• KeyBanc downgraded Warner Bros. Discovery (WBD) to Sector Weight from Overweight without a price target

3. AROUND THE WEB:

• NBCUniversal (CMCSA) has cautioned YouTube TV (GOOGL) subscribers that its programming could soon go dark on the platform amid a spat over carriage fees and terms, Deadline says
• Offshore wind developer Orsted is in negotiations to sell a 50% stake of the GBP 8.5B Hornsea 3 wind farm to Apollo (APO) as it seeks to bolster its balance sheet following a run of setbacks, FT reports
• Employees at the world’s largest Apple (AAPL) iPhone factory, run by Foxconn (HNHPF), in Zhengzhou continue to face unstable conditions, working many hours of overtime, dealing with wage delays and suffering discrimination against ethnic minorities, FT says
• Uber (UBER) sees its non-restaurant deliveries reaching an annual run rate of $12.5B in gross bookings by the end of 2025, which is up 25% from the $10B run rate the company offered in May, Bloomberg reports
• Starbucks (SBUX) CTO Deb Hall Lefevre has resigned from her position, with a permanent replacement not yet named, Reuters says

4. MOVERS:

• Crinetics (CRNX) higher after the FDA approved PALSONIFY
• Perpetua Resources (PPTA) gains after providing an update on its efforts to secure the American antimony supply chain
• Mirion (MIR) increases after JPMorgan initiated coverage of the stock with an Overweight rating
• Braskem (BAK) lower in New York after retaining advisors to explore financial alternatives
• IREN (IREN) falls in New York after JPMorgan downgraded the stock to Underweight

5. EARNINGS/GUIDANCE:

• Staar Surgical (STAA) provided guidance for FY26
• Concentrix (CNXC) reported Q3 results and cut its guidance for FY25
• LightPath (LPTH) reported Q4 results, with EPS missing consensus
• Legacy Education (LGCY) reported Q4 results, with CEO LeeAnn Rohmann commenting, “Legacy Education is well-positioned to continue its growth trajectory in 2026”
• BGC Group (BGC) backed its guidance for Q3

INDEXES:

Near midday, the Dow was up 0.41%, or 188.27, to 46,135.59, the Nasdaq was down 0.12%, or 27.89, to 22,356.81, and the S&P 500 was up 0.19%, or 12.57, to 6,617.29.