On the 8th (local time), the New York stock market closed mixed. It is analyzed that investors have decided to watch and see after President Donald Trump confirmed that new tariffs would be implemented on the 1st of next month.
On that day, the Dow Jones Industrial Average closed down 165.60 points (0.37%) at 44,240.76.
The S&P 500 index recorded a decrease of 4.30 points (0.07%) to 6,225.52.
The Nasdaq Composite Index, centered on technology stocks, closed up 6.07 points (0.03%) at 20,418.46.
On that day, President Trump stated on Truth Social, "There has been no change to the date of August 1, and there will be none in the future," adding that "all payments must be made starting August 1, 2025, and no extensions will be allowed."
The previous day, President Trump had postponed the tariff deadline from July 9 to August 1 but said it was "not 100% certain," causing confusion in the market.
On the same day, President Trump announced a 50% tariff on copper imports.
Following this news, the price of September copper futures surged 13%, closing at $5.6855 per pound, marking the largest increase since August 1989.
Shares of copper mining company Freeport-McMoRan jumped more than 5%.
NVIDIA rose by 1%, nearing a market capitalization of $4 trillion, rebounding from a 0.7% drop the previous day.
In contrast, bank stocks fell significantly. HSBC adjusted its investment outlook downward, indicating a "more cautious stance" towards major banks.
JP Morgan Chase and Bank of America each fell by 3%, while Goldman Sachs declined by nearly 2%.
Government bond yields also rose, with the 10-year Government Bonds yield climbing to 4.39%.
Jack Kleinhenz, chief economist at the National Retail Federation (NRF), noted, "Anxiety and chaos have taken center stage in the economy and financial markets," adding that "uncertainty regarding public policy is deepening."
Mark Mahaney, head of Internet Research at Evercore ISI, told CNBC, "Consumers will have to absorb some of the tariff increases," pointing out that "10%, 20%, 30% are significant increases."