Stocks fell Monday as traders weighed the latest developments on the trade front to start the week.
The Dow Jones Industrial Average slipped 195 points, or 0.4%. The S&P 500 fell 0.4%, and the Nasdaq Composite lost 0.5%.
Treasury Secretary Scott Bessent said Monday on CNBC’s “Squawk Box” that there would be several trade announcements over the next 48 hours, adding that he expects “it’s going to be a busy couple of days.” However, Bessent did not specify which countries would be involved.
President Donald Trump and Commerce Secretary Howard Lutnick were also asked on Sunday to clarify when tariffs are set to go into effect. In response, Lutnick said, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in approval.
Investors had been expecting tariff rates to go into effect this week. Trump’s initial 90-day reprieve on the April “reciprocal” tariffs for most U.S. trading partners was set to end this week.
Adding to trade worries, Trump also threatened an additional 10% tariff on countries that align with the “Anti-American policies of BRICS,” which refers to emerging market countries including Brazil, Russia, India and China. Trump did not elaborate on any specific policy of BRICS.
The announcement came as the group met in Rio de Janeiro, Brazil. In recent years, the group has sought to move away from its dependence on the U.S. dollar.
Tesla shares also put pressure on the broader market. The EV maker shed 7% after CEO Elon Musk announced his intention over the weekend to form a new political party called the “America Party.” Investors have been less than pleased with the billionaire’s foray into politics this year, which some say have damaged Tesla’s brands and sales.
— CNBC’s Erin Doherty contributed to this report.
CoreWeave falls 4% after announcing all-stock deal to acquire Core Scientific
Michael M. Santiago | Getty ImagesMike Intrator, Chief Executive Officer and founder of CoreWeave, (C) rings the opening bell surrounded by Executive Leadership and familyduring the company’s Initial Public Offering (IPO) at the Nasdaq headquarters on March 28, 2025 in New York City.Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion.
Shares of CoreWeave fell more than 4% following the news, while Core Scientific stock plummeted about 20%.
The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.
— Yun Li
Tech sector fund posts best 3-month outperformance in over 2 decades
The SPDR Technology Sector Fund (XLK) has rallied more than 40% over the past three months, outperforming the broader S&P 500 ETF (SPY), which has gained just under 24% over the same time period.
The XLK’s relative performance over the past three months – or 60 days – marks its strongest since 2003.
— Nicholas Wells, Lisa Kailai Han
Stocks open to kick off new trading week
Stocks were lower to start off the new trading week on Monday.
The Dow Jones Industrial Average shed 62 points, or 0.1%. The S&P 500 fell 0.3%, and the Nasdaq Composite slipped 0.4%.
— Lisa Kailai Han
Stocks making premarket moves
Here are some of the stocks moving in premarket trading:
Geo Group, CoreCivic — Shares of the private prison companies gained 7.5% and 2.8%, respectively. President Donald Trump’s spending and tax cut law includes a large increase in funding for immigration detention centers.SolarEdge Technologies — The solar company slipped 2%, after it gained 39% last week when a tax on solar and wind projects was removed from Trump’s spending bill. However, the legislation also ended federal support for solar and wind power.MGM Resorts International — The casino stock shed more than 2% after Goldman Sachs initiated coverage with a sell rating. Goldman expects pressure on MGM’s free-cash-flow generation to weigh on capital returns and valuation.To see more premarket movers, read the full story here.
—Michelle Fox
Bessent says ‘several’ trade deal announcements likely in next 48 hours
Elizabeth Frantz | ReutersU.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol as Republican lawmakers struggle to pass U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., June 27, 2025.U.S. Treasury Secretary Scott Bessent said Monday he expects multiple trade deals to be revealed this week.
“We are going to have several announcements in the next 48 hours,” Bessent said in an interview on CNBC’s “Squawk Box,” adding that he expects “it’s going to be a busy couple of days.”
A deadline is looming on so-called reciprocal tariffs that President Donald Trump announced on April 2. After initially revealing a menu of dozens of duties he would levy against U.S. trading partners, Trump walked back the plan and opened negotiations with the targeted countries.
“What President Trump is concerned about is the quality of the deals, not the quantity,” Bessent said. “We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals.”
Bessent did not specify which countries would be involved.
—Jeff Cox
Bank of America maintains base case of 0 rate cuts this year
In a Monday note, Bank of America stood by its base case that the Federal Reserve wouldn’t lower interest rates this year.
“If the data stream continues to show resilience, the path of least resistance for the Fed is to remain in wait-and-see mode given upside risks to inflation,” wrote economist Aditya Bhave. “Our base case is that activity will hold up through the summer and accelerate in the fall as tariff uncertainty fades and the tailwind from fiscal kicks in. As a result, we stick to the view that the Fed won’t cut this year.”
Bhave added the caveat that this could change in the case that “the risk scenario of a material economic deterioration materializes.”
— Lisa Kailai Han
Tesla falls after Musk says he is launching political party
Nathan Howard | ReutersElon Musk speaks during a press event with U.S. President Donald Trump (not pictured), at the White House in Washington, D.C., U.S., May 30, 2025.Tesla shares were down more than 6% after CEO Elon Musk said he is launching his own political party.
The party would be called the “America Party” and could focus on “on just 2 or 3 Senate seats and 8 to 10 House districts.”
“Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” Musk said.
Tesla investors have been concerned about Musk’s political involvement of late. When Musk left the so-called department of government efficiency in May, Tesla shares got a boost. Now, his re-entry into politics is making Wall Street nervous.
Trump threatens additional 10% tariff on countries that align with BRICS policies
Nathan Howard | ReutersU.S. President Donald Trump speaks to members of the media on board Air Force One on the way to New Jersey, U.S., July 4, 2025.Trump on Sunday threatened to add an additional 10% tariff on countries that aligned with “Anti-American policies” of BRICS countries.
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump said in a post on Truth Social Sunday evening stateside.
Trump’s post came after the bloc, which met in Brazil, voiced “serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.” It also warned that the “proliferation of trade-restrictive actions” could disrupt the global economy.
— Anniek Bao
European shares open mixed
We’re 10 minutes into the first trading session of the week, and European stocks are trading in mixed territory.
The pan-European Stoxx 600 was last seen hovering just below the flatline, with no consensus movement among regional sectors.
Major bourses are also moving in opposite directions, with London’s FTSE 100 down 0.1%, the French CAC 40 little changed, and Germany’s DAX gaining 0.4%.
— Chloe Taylor
Trump confirms that tariffs will go into effect Aug. 1
Nathan Howard | ReutersU.S. President Donald Trump stands next to U.S. Secretary of Commerce Howard Lutnick, as he speaks to members of the media, upon his arrival at Morristown Airport, in Morristown, New Jersey, on July 6, 2025.U.S. President Donald Trump and high-ranking Cabinet officials confirmed that tariffs will go into effect Aug. 1, not July 9.
Trump and Commerce Secretary Howard Lutnick were asked in an interview with pool reporters Sunday to clarify when the new higher tariffs rates will be implemented. Lutnick responded, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump assented with the statement.
Earlier in the day, Treasury Secretary Scott Bessent said in an interview on CNN’s “State of the Union” that tariffs announced back in April will go into effect on Aug. 1 for those countries that have yet to reach an agreement with the U.S. He said duties will “boomerang” back to higher April 2 levels if there is no progress.
As of Sunday, Trump’s April 9 executive order which established the July 9 tariff implementation date did not appear to have been formally revised. While the president has broad tariff powers, the April 9 order would typically be replaced with a new order establishing the Aug. 1 date.
The White House did not immediately reply to a question from CNBC about whether the president planned to issue a new executive order before July 9.
— Sarah Min
Stock futures open lower Sunday
U.S. stock futures opened lower Sunday.
Dow Jones Industrial Average futures slid by 110 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures dipped 0.3% and 0.3%, respectively.
— Sarah Min
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