Two Ways Tariff Policy Could Hurt Stocks (Even If TACO is True)
What’s in Today’s Report:
- Two Ways Tariff Policy Could Hurt Stocks (Even If TACO is True)
Futures are slightly lower following a quiet night of news as markets digest the latest tariff threats.
Tariff threats from the administration have intensified over the week including the 50% tariff on copper imports and 50% tariff on Brazilian imports, but markets continue to largely ignore them and view it all as a negotiation.
Today focus will be on economic data, trade headlines and earnings. Starting with the data, the key report today is Jobless Claims (E: 238K) and markets will want to see continued stability to further support last Friday’s good jobs number (and push back on any slowdown fears). There are also three Fed speakers today, Musalem (10:00 a.m. ET), Waller (1:15 p.m. ET and Daly (2:30 p.m. ET), but they shouldn’t move markets.
On trade, markets are still waiting for updates on the EU and Taiwan. A “deal” with the EU would further reduce trade anxiety while a letter would likely (slightly) escalate trade anxiety.
Finally, the Q2 earnings season starts (effectively) today and some reports we’re watching include: DAL ($2.01), CAG ($0.59), LEVI ($0.14), PSMT ($1.16), WDFC ($1.43).
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