U.S. stocks close lower ahead of Trump's tariff deadline

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U.S. stocks close lower ahead of Trump's tariff deadline

2025-08-01 10:46 Last Updated At：11:07

U.S. stocks ended lower on Thursday, as investors eyed the approaching deadline for U.S. President Donald Trump's tariffs.

The Dow Jones Industrial Average fell 330.3 points, or 0.74 percent, to 44,130.98. The Standard and Poor's 500 sank 23.51 points, or 0.37 percent, to 6,339.39. The Nasdaq Composite Index shed 7.23 points, or 0.03 percent, to 21,122.45.

Nine of the 11 primary Standard and Poor's 500 sectors ended in red, with health and real estate leading the laggards by losing 2.79 percent and 1.73 percent. Meanwhile, communication services and utilities led the gainers by going up 2.08 percent and 0.59 percent, respectively.

The stocks trimmed earlier gains Thursday afternoon as Trump confirmed the tariffs will take effect Friday, coinciding with the rollout of several new trade agreements. Trump also announced a 90-day extension of current tariff rates with Mexico.

Meanwhile, the U.S. personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, showed price growth accelerated in June, keeping inflation above the central bank's 2 percent target. The data came one day after the Fed opted to keep interest rates unchanged, with two members of the committee dissenting from the decision.

These developments partially overshadowed a strong earnings showing from the tech sector. Meta shares surged more than 11 percent on Thursday after the company beat earnings expectations and issued upbeat guidance, despite heavy investment in artificial intelligence.

Amazon rose 1.7 percent ahead of its earnings report due after the bell, while Apple was down 0.71 percent. Other major tech names were mixed: Broadcom and Tesla each fell around 3 percent, Alphabet declined 2.32 percent, and Nvidia slipped 0.78 percent.

UNGA President warns global multilateral system "under attack"

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.