TLDR

MARKET RECAP → Stocks tumbled on Monday as investors digested the posting of new tariffs on imported goods by President Trump. Today was the worst day since mid-June for all three of the major averages.

TRUMP’S TARIFFS BLITZ→ Trump imposed 25% tariffs on Japan and South Korea (and up to 40% on others), effective August 1. Countries have until then to negotiate, but retaliation means even higher tariffs.

TESLA SLIDES ON MUSK’S POLITICS → Tesla (TSLA) slid 7% after Elon Musk unveiled plans for a new “America Party,” reigniting fears that his political ventures could harm the company’s brand and focus.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

POLL OF THE DAY

Politics

Trump’s Tariff Blitz

Trump Goes Full Form Letter: Japan and South Korea are getting 25% tariffs, via a posted letter. Trump’s trade team, skipping diplomacy, slapped formal tariff notices on both countries by uploading near-identical letters to Truth Social. The message? Pay up or face more. The tariffs kick in August 1, with more to come if they retaliate.

A Broader Tariff Blitz Begins: Six other countries were also hit with new tariffs, ranging up to 40%. Malaysia, Kazakhstan, South Africa, Laos, and Myanmar are among those on the list. Officials say this is just wave one, up to a dozen countries could get the same treatment.

Negotiation or Escalation: There’s still time to make a deal, but the bar is high. Countries that reduce trade barriers or build U.S. factories could get relief. But if they hit back, the U.S. will automatically pile on even more tariffs. Trump’s team extended the deadline from July 9 to August 1 to leave the door cracked.

Tech

Tesla Slides on Musk’s Politics

Tesla (TSLA) shares fell 7% Monday: The drop followed Elon Musk’s announcement that he plans to launch a new political party called the “America Party.” Investors reacted sharply, reflecting long-standing concerns about Musk’s political distractions.

Shareholders uneasy with politics: Many Tesla investors have urged Musk to avoid political entanglements, especially after his controversial role at the so-called Department of Government Efficiency, which critics say tarnished Tesla’s brand.

Brand risk overshadows business: Analysts warn that Musk’s political ambitions could further polarize consumers and distract from Tesla’s core EV and energy businesses. With competition heating up, any brand damage could have real financial consequences.

BULL VS. BEAR

KEEP READING

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Medical groups sue HHS, Robert F. Kennedy Jr. over vaccine policy (CNBC)

‘America’s Deficit Reckoning’: How the U.S. debt spiral could spark a crisis (CNBC)

Meteorologists Say the National Weather Service Did Its Job in Texas (Wired)

Tesla and Apple don’t belong in the ‘Magnificent Seven’ anymore. These two hot tech stocks should replace them (MarketWatch)

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