Major indices move lower as investors react to the news that Pres. Trump will look to raise tariffs on August 1.

A series of letters went out to Japan and South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar that tariffs would increase effective August 1 if trade deals are not advanced by then.

For Japan and South Korea, imported goods from each country would be at 25% tariff. Other tariff rates vary with Kazakhstan at 25%, Malaysia at 25% South Africa at 30%, Myanmar at 40% and Laos at 40%.

Shares were already lower on the day but saw additional pressure after the announcements.

The final numbers are showing:

• Dow Industrial Average fell -422.17 or -0.9% at 44406.36.
• S&P index fell -49.37 points or -0.79% at 6229.98.
• NASDAQ index fell -188.59 points or -0.92% at 20412.52..

The small-cap Russell 2000 fare the worst with a -34.81 point decline or -1.55% at 2214.22..

Shares up Tesla fell by -6.79% after Elon Musk said that he was starting a third political party. Pres. Trump said that Musk is going off the rails, and interestingly, he announced tariffs of 30% against his home country of South Africa.

Some of the big losers today included:

• Tesla (TSLA): -6.80%

• Arm (ARM): -5.29%

• Stellantis NV (STLA): -4.95%

• First Solar (FSLR): -4.31%

• GameStop Corp (GME): -4.15%

• ARK Genomic Revolution (ARKG): -4.12%

• Super Micro Computer (SMCI): -2.99%

• Papa John’s (PZZA): -2.96%

• Chipotle Mexican Grill (CMG): -2.81%

• FedEx (FDX): -2.53%

• Qualcomm (QCOM): -2.50%

• General Mills (GIS): -2.47%

• Rivian Automotive (RIVN): -2.45%

• Taiwan Semiconductor (TSM): -2.42%

Some companies that advanced in the down day included:

• Roblox (RBLX): +4.03%

• SoFi Technologies (SOFI): +3.69%

• Palantir (PLTR): +3.54%

• DoorDash (DASH): +3.39%

• Uber Technologies (UBER): +3.25%

• Dollar Tree (DLTR): +2.28%

• Snowflake (SNOW): +1.92%

• Lockheed Martin (LMT): +1.45%

• Charles Schwab (SCHW): +1.26%

• Boeing (BA): +1.20%

• Walmart (WMT): +1.01%

• Fortinet (FTNT): +0.94%

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