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US stock indices ended lower again yesterday, with the S&P 500 falling by 0.37% and the Nasdaq 100 slipping by 0.04%. The Dow Jones Industrial Average dropped by 0.43%.
Global equity markets have now been in decline for six consecutive days, marking the longest losing streak since September 2023. The slide continues amid President Donald Trump's new round of tariff hikes, which took effect today. Not even two days of solid earnings from major tech giants were enough to lift investor sentiment. European markets opened in the red, following the lead of Asia, where equities also posted losses. The tariff hikes are expected to hurt corporate profits, particularly for firms heavily involved in international trade. The MSCI All Country World Index declined by 0.2%, S&P 500 and NASDAQ futures fell by 0.4%, and European contracts slipped 0.6%. Asian indexes lost 0.7%, completing their sixth straight day of losses, the longest streak of the year so far.
On Friday, the US dollar remained mostly flat after recording its first monthly gain since Trump assumed office in January. The Swiss franc edged lower following Trump's decision to impose a 39% tariff on Swiss exports to the US. The Taiwanese dollar declined for the seventh consecutive session, the longest losing streak since June 2023, as a 20% tariff was placed on the island's goods.
Trump's latest tariffs have significantly raised the average US duty on global imports, intensifying his push to overhaul international trade. Mounting concerns over the economic impact of these tariffs are now overshadowing the AI-driven tech rally that had recently supported major tech stocks.
Still, it is worth noting that Trump's base tariff rates for key trade partners remain at 10%, the same level introduced in April, easing some of the earlier fears after he previously hinted at a potential doubling of rates.
According to economists, the average US import tariff rate will rise to 15.2%, up from 13.3% previously, and sharply higher than the 2.3% recorded in 2024 before Trump took office. This increase is expected to negatively affect global trade and economic growth, likely dragging stocks down from their recent highs. Persistent uncertainty will also weigh on corporate decision-making and further hamper growth.
Against this backdrop, many US equities declined on Thursday, wiping out earlier gains fueled by tech earnings. Microsoft Corp. briefly saw its market cap top $4 trillion, while Apple Inc. rose in after-hours trading after beating sales expectations. Meanwhile, Amazon.com Inc. dropped on weaker forward guidance.
Today, investor focus will shift to the US July employment report. Forecasts suggest that companies have become more cautious about hiring, and job growth is expected to slow compared to June. The unemployment rate is projected to rise to 4.2%.
As for the S&P 500 technical outlook, the main objective for buyers today is to break above the nearest resistance at $6,320. A move through this level would support further upside toward $6,331. Regaining control above $6,343 would strengthen the bullish outlook. On the downside, if risk appetite weakens, buyers need to defend the $6,308 zone. A break below this level could quickly push the index down to $6,296 and potentially open the way to $6,285.
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