Trump's Tax Poison Shakes Wall Street! Dow Jones Falls Hard, Closes Down 422.17 Points, Tesla Shares Add to the Worse

The Dow Jones Industrial Average fell more than 400 points on Monday (July 7) after Donald Trump announced tariffs the US would levy on imports from trading partners, including Japan and South Korea. The market was also pressured by a drop in Tesla shares.

• Dow Jones Industrial Average Closed at 44,406.36 points, down 422.17 points or -0.94%.
• S&P500 Index Closed at 6,229.98 points, down 49.37 points or -0.79%.
• Nasdaq Index Closed at 20,412.52 points, down 188.59 points or -0.92%.

European stock markets closed higher, boosted by technology and banking stocks, as investors watched trade developments ahead of U.S. President Donald Trump's tariff deadline.

• STOXX 600 Index The market closed at 543.50 points, an increase of 2.37 points or +0.44%.
• CAC-40 French stock market index Closed at 7,723.47 points, an increase of 27.20 points or +0.35%.
• DAX German stock market index Closed at 24,073.67 points, an increase of 286.22 points or +1.20%.

The London stock market closed lower as investors assessed corporate earnings reports and focused on developments in U.S. tax policy.

• FTSE 100 Index Closed at 8,806.53 points, down 16.38 points or -0.19%.

West Texas Intermediate (WTI) crude oil futures on the New York market closed higher, supported by reports indicating strong oil demand in the United States. This helped offset negative factors from OPEC and OPEC+'s decision to unexpectedly increase oil production in August, as well as concerns about the impact of tariffs.

• WTI crude oil futures for August delivery Up 93 cents, or 1.39%, to settle at $67.93 a barrel.
• Brent crude oil futures (BRENT) for September delivery Rose $1.28 or 1.87% to close at $69.58/barrel.

Gold futures on the New York market closed slightly lower, pressured by a stronger dollar. However, concerns about US tariffs continued to fuel demand for gold as a safe-haven asset.

• Gold futures on the COMEX (Commodity Exchange) for delivery in August. Down 10 cents, or 0.003%, to settle at $3,342.80 an ounce.

The US dollar strengthened against major currencies in trading at the New York foreign exchange market, as investors watched for upcoming US tariffs. Most recently, Donald Trump announced tariffs on Japan and South Korea, effective August 1st.

• dollar index The greenback, which measures the movement of the dollar against a basket of six major currencies, rose 6% to 0.53.

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