Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Stocks Mixed as Korean Chipmakers Rally 
China to Inject $45 Billion Into State Financial Institutions 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
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U.S. stocks closed lower Thursday as investors reacted to President Donald Trump’s surprise announcement of new auto tariffs, which sent shares of major automakers and parts suppliers tumbling. The S&P 500 slipped 0.33% to 5,693.31, while the Nasdaq lost 0.53% and the Dow Jones fell 0.37%.
Trump’s plan includes a 25% tariff on imported cars and light trucks starting April 3, with auto parts tariffs following on May 3. The move triggered a sharp sell-off in automakers, with General Motors (NYSE:GM) plunging over 7% and Ford (NYSE:F) dropping 3.9%. Car parts suppliers Aptiv (NYSE:APTV) and BorgWarner (NYSE:BWA) fell around 5% each.
Tesla (NASDAQ:TSLA) gained 0.4% as its domestic production may shield it from the worst of the tariff impact. Apple (NASDAQ:AAPL) rose 1.05%, helping to offset broader losses.
Uncertainty around Trump’s shifting trade policies continues to weigh on investor sentiment. “People are cautious not just because of the policies but because of the constant flip-flopping,” said portfolio manager Jed Ellerbroek of Argent Capital.
Eight of the 11 S&P 500 sectors closed in the red, led by energy and communication services. Despite a dip in weekly jobless claims and a Q4 GDP revision up to 2.4%, markets remained under pressure.
Dollar Tree (NASDAQ:DLTR) jumped 11% after announcing the sale of its Family Dollar unit for $1 billion, earning bullish analyst upgrades.
Investors are now turning to Friday’s release of the February PCE price index, the Fed’s preferred inflation gauge, for further clues on monetary policy. So far in 2025, the S&P 500 is down 3%, while the Nasdaq has slid nearly 8%, both poised to end Q1 in the red.
