Wall Street points to losses as Trump’s tariff deadline nears

By TERESA CEROJANO and MATT OTT Associated Press Wall Street is pointing to a lower open Monday as the Trump administration moves up pressure on trading partners to promptly make deals before a Wednesday deadline The U S will warn trading partners that higher tariffs could kick in Aug Futures for the S P fell before the opening bell while futures for the Dow Jones Industrial Average slipped less than Nasdaq futures slid Trump and his top exchange advisers mentioned over the weekend that the president could extend the tariff deadline if countries were making concessions and negotiating in good faith Related Articles Pitfall of further floods in Texas during desperate search for missing as death toll tops In contemporary times in History July Reagan nominates O Connor for the US Supreme Court Quick action by one Texas summer camp leads to timely evacuations ahead of deadly flood What to know about the flash floods in Texas that killed more than people Musk says he s forming a new political party after split with Trump over tax cuts law We expect markets to be volatile into the -July deadline when the -day pause on President Trump s reciprocal tariffs expires for non-China trading partners the Nomura Group wrote in a commentary The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters the rate of tariffs and the effective date of such tariffs according to Nomura With the July tariff deadline fast approaching all eyes are trained on Washington scanning for signs of escalation or retreat The path forward isn t clear but the terrain is littered with threat Stephen Innes managing partner at SPI Asset Management stated in a commentary In equities trading Tesla tumbled as the feud between CEO Elon Musk and Trump reignited over the weekend Musk once a top donor and ally of Trump broadcasted that he was forming a third political party in protest over the Republicans spending bill that passed late last week Trump criticized Musk in a social media post suggesting that Musk s disappointment in the bill was because the statute ended an electric conveyance mandate which Trump says Musk knew was coming Investors fear that Musk s companies which receive considerable subsidies from the federal establishment could suffer further if his feud with Trump continues to escalate Molina Healthcare tumbled after the insurer lowered its profit guidance due to rapidly accelerating costs UnitedHealth Group also of late broadcasted a spike in costs that forced it to cut its forecast sending its stock tumbling in April Oil prices fluctuated after OPEC agreed on Saturday to raise production in August by barrels per day U S benchmark crude was essentially unchanged early Monday at per barrel Brent crude the international standard gained cents to per barrel At midday in Europe Britain s FTSE inched up while Germany s DAX added In Paris the CAC was up In Asia Japan s Nikkei shed to while Hong Kong s Hang Seng index edged down to South Korea s KOSPI index rose to while the Shanghai Composite Index edged higher to Australia s S P ASX fell to In currency trading Monday the U S dollar rose to Japanese yen from yen The euro edged lower to from