Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
U.S. stocks closed lower on Friday, capping off a losing week, as renewed trade tensions triggered by President Donald Trump’s tariff proposals shook investor confidence. Trump suggested a 50% tariff on European Union goods and warned Apple (NASDAQ:AAPL) of potential 25% tariffs on iPhones not made in the U.S., reigniting fears of a global trade war.
The Dow Jones Industrial Average dropped 256.02 points (0.61%) to 41,603.07, while the S&P 500 declined 0.67% to 5,802.82. The tech-heavy Nasdaq fell 1% to 18,737.21. For the week, the Dow lost 2.47%, the S&P 500 shed 2.61%, and the Nasdaq declined 2.48%.
High-growth tech and consumer discretionary stocks led losses. Apple hit a two-week low, sliding 3%. Major names like Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), and Meta (NASDAQ:META) also dipped over 1%, while Tesla (NASDAQ:TSLA) eased 0.5%. The semiconductor sector slid 1.5%. In contrast, defensive sectors such as utilities, consumer staples, and energy saw gains.
U.S. Treasury yields pulled back from recent highs, with the 10-year note falling 4.4 basis points to 4.509%. The CBOE Volatility Index (VIX), a key gauge of market fear, surged 10% to a two-week high.
Ocean Park Asset Management’s James St. Aubin described the market’s reaction as a return to tariff anxieties that investors hoped were in the past. Treasury Secretary Scott Bessent supported Trump’s stance, calling the EU’s offers unsatisfactory and expressing hope that tariff threats would pressure EU negotiators.
Deckers Outdoor (NYSE:DECK) plunged nearly 20% after a weak sales forecast, citing uncertainty from tariff tensions. Nike (NYSE:NKE) also fell 2.1%. Total trading volume reached 17.67 billion shares, near the 20-day average.
