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S&P 500 Wipes Out 1% Gain on Looming Tariff Deadline | Closing Bell
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July 31, 2025
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9:47Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
A rally in stocks sputtered ahead of President Donald Trump’s tariff deadline, with the White House demanding drugmakers to slash US prices. Treasuries and the dollar barely budged in the run-up to the jobs report.
The S&P 500 erased a 1% advance for the first time since April. Trump sent letters to 17 of the world’s largest pharmaceutical companies. A gauge of the “Magnificent Seven” hit all-time highs as Microsoft Corp. briefly topped $4 trillion while Meta Platforms Inc. jumped 11% on solid results. In late hours, Amazon.com Inc.’s profit forecast underwhelmed investors.
Trump will sign an executive order imposing new tariff rates on trading partners that take effect Friday. He has struck deals with the European Union, the UK, Japan and South Korea, and unilaterally set rates on others nations, including India and Brazil.
In addition, Trump is bringing in bank leaders to meet with him one by one at the White House. He’s asking chief executive officers for their pitches on monetizing mortgage giants Fannie Mae and Freddie Mac, including a major public offering of stock, according to people familiar with the matter.
The yield on 10-year Treasuries was little changed at 4.36%. The dollar rose at the end of its best month in 2025. The yen slid as comments from Bank of Japan Governor Kazuo Ueda were seen as less hawkish than expected.
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