The U.S. stock market in New York started on the 5th (local time) in a mixed state. Shares of the defense software corporation Palantir surged due to strong results, but President Donald Trump's announcement of new tariffs on semiconductors and pharmaceuticals next week is interpreted as weighing on investor sentiment.
As of 9:31 a.m. on that day, the Dow Jones Industrial Average was trading at 44,270.04, up 96.40 points (0.22%) from the previous session on the New York Stock Exchange (NYSE). The Standard & Poor's (S&P) 500 Index rose 5.40 points (0.09%) to 6,335.34, while the Nasdaq Index showed a 16.72-point (0.08%) increase, reaching 21,070.30.
Palantir announced that its quarterly revenue surpassed $1 billion for the first time, causing its stock to jump by more than 8%. In contrast, the power management corporation Eaton fell 6% as its third-quarter earnings outlook came in below market expectations. Caterpillar reported earnings below expectations, but its stock rose by 1%.
The market's gains were limited by President Donald Trump's statements regarding tariffs. Trump said, "I plan to announce new tariffs on semiconductors and the pharmaceutical sector soon," adding that he would "encourage these products to be produced in the U.S." He also noted, "Specific plans will be announced within the next week or so."
The economic indicators announced that day showed a generally positive trend. The U.S. trade deficit in June recorded a reduction from the previous month, totaling $60.2 billion. The July S&P Global Services Purchasing Managers' Index (PMI) stood at 55.7, exceeding the market expectation of 55.2.