US open: Stocks lower as tariff talk weighs on Wall Street

(Sharecast News) - Major indices headed south early on Monday as traders returned from the Independence Day long weekend.

As of 1455 BST, the Dow Jones Industrial Average was down 0.30% at 44,696.24, while the S&P 500 lost 0.41% to 6,253.86, and the Nasdaq Composite came out of the gate 0.62% weaker at 20,473.30.

The Dow opened 132.29 points lower on Monday, taking a bite out of gains registered in Thursday's truncated session, which also saw the S&P 500 and Nasdaq both notch new record highs after key labour market data came in well ahead of forecasts.

Stocks traded lower after Donald Trump and commerce secretary Howard Lutnick told reporters on Sunday that tariffs would go into effect on 1 August but added that Trump was still "setting the rates, and the deals, right now". Elsewhere, treasury secretary Scott Bessent said that tariffs would return to 2 April if country's had made no progress on trade negotiations with the White House.

Market participants were expecting Trump's tariff rates to come into effect on 8 and 9 July after his initial 90-day reprieve on the "reciprocal" tariffs for the majority of US trading partners.

Trump also threatened an additional 10% tariff on countries that were aligned with the "Anti-American policies of BRICS", being the emerging market countries bloc of Brazil, Russia, India and China, but did not elaborate on specifics. Trump's announcement comes as the group met in Brazil as the countries look to move away from their dependence on the US dollar.

In the corporate space, shares in electric vehicle maker Tesla fell sharply after chief executive Elon Musk reopened his rift with former ally Donald Trump as he announced he was launching a new political party. The multi-billionaire, who has fiercely opposed Trump's recently signed massive tax and spending Bill, said the "America Party" would target a handful of Senate seats and House of Representatives districts in an effort to "serve as the deciding vote on contentious laws". Trump said Musk had "run off the rails", calling his plans "ridiculous".

No major data points were scheduled for release on Monday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $214.59 1.14%

Cisco Systems Inc. (CSCO) $68.96 0.92%

Nike Inc. (NKE) $76.92 0.69%

International Business Machines Corporation (CDI) (IBM) $293.31 0.46%

Walgreens Boots Alliance, Inc. (WBA) $11.52 0.35%

Salesforce.Com Inc. (CRM) $273.02 0.32%

Microsoft Corp. (MSFT) $496.67 0.32%

3M Co. (MMM) $153.32 0.25%

McDonald's Corp. (MCD) $294.80 0.24%

Intel Corp. (INTC) $22.24 0.16%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $28.08 -1.34%

Chevron Corp. (CVX) $147.14 -0.83%

Unitedhealth Group Inc. (UNH) $306.22 -0.76%

Coca-Cola Co. (KO) $70.85 -0.71%

Verizon Communications Inc. (VZ) $43.29 -0.60%

Walmart Inc. (WMT) $97.87 -0.50%

Johnson & Johnson (JNJ) $155.36 -0.42%

Merck & Co. Inc. (MRK) $80.64 -0.35%

Procter & Gamble Co. (PG) $160.37 -0.29%

JP Morgan Chase & Co. (JPM) $295.27 -0.25%

S&P 500 - Risers

TripAdvisor Inc. (TRIP) $17.11 4.44%

Expedia Group Inc. (EXPE) $177.19 2.84%

Fortinet Inc. (FTNT) $105.54 2.36%

O'Reilly Automotive Inc. (ORLY) $91.07 1.95%

Alliant Energy Corp. (LNT) $61.88 1.83%

Cincinnati Financial Corp. (CINF) $149.08 1.82%

Autodesk Inc. (ADSK) $319.20 1.68%

Cintas Corp. (CTAS) $219.25 1.63%

Equity Residential (EQR) $67.92 1.56%

United Domin Rlty Trust (UDR) $41.41 1.50%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $23.51 -10.44%

Edison International (EIX) $50.65 -3.62%

Brighthouse Financial, Inc. (BHF) $52.76 -3.09%

Illumina Inc. (ILMN) $98.51 -2.72%

Oracle Corp. (ORCL) $231.35 -2.52%

Newmont Corporation (NEM) $58.46 -2.40%

Micron Technology Inc. (MU) $120.12 -2.32%

QUALCOMM Inc. (QCOM) $159.63 -2.31%

Kraft Heinz Co. (KHC) $26.42 -2.29%

Whirlpool Corp. (WHR) $107.61 -2.11%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $61.47 4.99%

Baidu Inc. (BIDU) $89.33 3.48%

Expedia Group Inc. (EXPE) $177.19 2.84%

Vodafone Group Plc ADS (VOD) $11.01 2.32%

O'Reilly Automotive Inc. (ORLY) $91.07 1.95%

Autodesk Inc. (ADSK) $319.20 1.68%

Cintas Corp. (CTAS) $219.25 1.63%

Qvc Group Inc Series A (QVCGA) $3.04 1.51%

Check Point Software Technologies Ltd. (CHKP) $223.24 1.50%

Verisk Analytics Inc. (VRSK) $305.49 1.40%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $291.41 -7.82%

Illumina Inc. (ILMN) $98.51 -2.72%

Micron Technology Inc. (MU) $120.12 -2.32%

QUALCOMM Inc. (QCOM) $159.63 -2.31%

Kraft Heinz Co. (KHC) $26.42 -2.29%

Electronic Arts Inc. (EA) $154.69 -1.89%

Microchip Technology Inc. (MCHP) $72.81 -1.66%

PACCAR Inc. (PCAR) $97.65 -1.53%

Meta Platforms Inc. (META) $714.53 -1.52%

Biogen Inc (BIIB) $131.76 -1.46%