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President Trump signed three proclamations imposing 50% tariffs on most Canadian goods using a 1930 trade law, citing Canada's alleged discrimination against American autos, alcohol, and dairy products. Canadian Prime Minister Mark Carney said Canada is prepared to negotiate but defended his country's trade practices.
IBM shares plunged 24% on Friday, heading toward the company's worst single-day loss on record, after the technology giant reported quarterly earnings that fell far short of analyst expectations. The rout erased tens of billions of dollars in market value and dragged down broader tech indices. The company cited slowing demand for legacy IT services and higher-than-expected costs from its AI infrastructure buildout. The selloff comes amid broader market jitters as oil prices surge past $95 on Iran war fears, with investors weighing the combined impact of higher energy costs and the new round of tariffs on 60 trading partners announced by the White House.
Tesla reported record quarterly revenue of $28.24 billion for Q2 2026, beating analyst estimates of $26.22 billion, but a major earnings miss sent shares tumbling in after-hours trading. Non-GAAP earnings per share came in below the $0.53 consensus as the company spent heavily on AI infrastructure, manufacturing expansion, and its Robotaxi program, while net profits declined 5% year-over-year.
Brent crude surged past $95 per barrel as the Iran-US conflict disrupted two major shipping chokepoints. Traffic through the Strait of Hormuz collapsed to just 9 ships on Tuesday, while Houthi threats against Saudi shipping in the Bab el-Mandeb strait sent tankers diverting from the Red Sea. U.S. gas prices climbed above $4 per gallon. Separately, China broadened its market rescue with record inflows into tech ETFs, and Samsung detailed features of its new smart glasses entering a market dominated by Meta.
President Donald Trump unveiled 50% tariffs on a wide range of Canadian imports on Monday, targeting cars, alcohol, and dairy products. The administration is using an untested legal provision to impose the duties, which threaten to reignite a trade conflict with one of America's largest trading partners. Canadian Prime Minister Mark Carney called the move destabilizing and signaled retaliatory measures. Gas prices have hit $4 per gallon as oil prices surge amid the Iran conflict.
Gasoline prices in the US have hit $4 a gallon as oil prices surged more than 15% in a week, driven by the escalating US-Iran conflict and the blockade of the Strait of Hormuz. The strategic waterway, through which 20% of the world's oil passes, has been disrupted by US naval operations and Iranian counterattacks. Analysts warn the economic fallout could push inflation higher and strain global supply chains already under pressure from the ongoing conflict.
The Consumer Price Index fell to a 3.5% annual increase in June, marking the biggest monthly drop in prices since 2020 and coming in below economist expectations. The easing inflation comes as the US-Iran conflict threatens to push energy prices higher, creating a complex picture for the Federal Reserve. Gas prices had moderated prior to the escalation in the Middle East, but oil has surged over 10% in recent days. The mixed signals leave Fed Chairman Warsh facing difficult decisions on monetary policy.
Global stock markets tumbled on Friday as artificial intelligence stocks led a broad selloff, driven by concerns over valuations and the impact of the Iran war on energy costs. The Consumer Price Index fell to a 3.5% annual increase in June, marking the biggest monthly drop since 2020, but core inflation remains stubbornly above the Fed's target. Oil prices have surged more than 10% amid the Strait of Hormuz conflict.
The US Consumer Price Index fell to a 3.5% annual increase in June, the biggest single-month drop since 2020, offering some relief to American households. However, the escalation of conflict with Iran over the Strait of Hormuz threatens to reverse this progress by driving up energy prices. Fed Chairman Kevin Warsh, in his first congressional testimony, pledged to get inflation under control but did not specify whether he would support higher interest rates. The White House welcomed the inflation data even as officials acknowledged that energy costs could spike if the conflict disrupts oil shipments through the strategic waterway.
The Bureau of Labor Statistics reported that inflation eased to 3.5% in June, down from 4.2% in May, as gasoline prices declined sharply in response to negotiations between the US and Iran. Core inflation, which strips out volatile food and energy prices, clocked in at 2.6%. The reading marks the lowest inflation since March, though prices remain more than a percentage point above pre-war levels.