Stocks eye Trump tariffs, TikTok deal? Texas flash floods: Live Updates
The S&P 500 and Nasdaq Composite pulled back from record levels as investors await President Trump’s new trade deals and tariff updates. Tesla shares sank after CEO Elon Musk jumps back into politics. Elsewhere, the death toll climbs in the deadly Texas flash floods. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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A trader works on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks tumbled on Monday as investors were spooked by renewed trade tensions.
The Dow Jones Industrial Average fell 422.17 points, or 0.94%, while the S&P 500 and Nasdaq Composite slid 0.79% and 0.92%, respectively.
President Donald Trump on Monday announced the U.S. will impose 25% tariffs on goods imported from Japan and South Korea.
The new levies will take effect on Aug. 1. If either Japan or South Korea raise tariffs in retaliation, Trump said in his letters that the U.S. tariffs will increase by an equal amount.
Trump shared letters addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung in posts on Truth Social.
He said that "there will be no Tariff" on Japan and South Korea if companies in those countries "decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely – in other words, in a matter of weeks."
Apple CEO Tim Cook said the tech giant is ready to help first responders, the search and rescue as well as recovery efforts in the deadly Texas floods over the weekend.
"We are heartbroken by the devastating loss caused by the flooding in Texas. Thank you to the incredible first responders and all those providing aid. Apple will support relief and recovery efforts on the ground" he posted on his personal X account.
The death toll from the catastrophic flash floods continues to climb. Follow LIVE UPDATES HERE.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AAPL | $210.35 | -3.20 | -1.50 |
President Donald Trump. (Getty Images)
President Donald Trump on Monday announced 25% tariffs on goods from Japan and South Korea.
Trump posted letters he shared with the leaders of the countries to his Truth Social account.
Stocks continued to fall after the announcement. The Dow Jones Industrial Average was down more than 450 points, or 1%, while the S&P 500 and Nasdaq Composite fell 0.7% and 0.8%, respectively.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TSLA | $294.25 | -21.10 | -6.69 |
Tesla shares sank Monday over 6% as investors mull his proposed new political party announced over the weekend as the 'America Party' following his rift with President Trump, and the chaotic fallout from their once cozy relationship.
Kevin Dietsch/Getty Images, left, Tom Brenner For The Washington Post via Getty Images, right
And after the passage of Trump's tax bill of which Musk was a verbal proponent. Here's what investors are saying.
For the year, shares are down over 22%, trailing modest gains for the S&P 500.
U.S. Treasury Secretary Scott Bessent said the deadline for tariffs is getting pushed out from the initial July cutoff. He detailed all the specifics during an interview with Fox News.
A deal between TikTok and the U.S. could be President Trump's next victory. He outlined a potential timetable for a deal over the weekend.
Texas floods July 2025, Getty Images
The deadly Texas flash floods over the weekend have claimed the lives of at least 79 as of Sunday evening, with scores of others still missing, including children.
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