- Stock futures were slightly higher before the bell as traders braced for more tariff updates.
- Trump said the U.S. will impose a 50% tariff on copper imports.
- Apple’s COO Jeff Williams will retire later this year.
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As traders waited for additional tariff announcements from the White House, stock futures were little higher before the bell on Wednesday. President Donald Trump stated in a Truth Social post on Tuesday night that he would announce trade deals with at least seven additional nations on Wednesday. “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon,” he stated in the post. After Monday’s sell-off, the S&P 500 saw minimal movement at the end of Tuesday’s trading session, falling just 0.07%. As the Nasdaq Composite edged up 0.03%, the Dow Jones Industrial Average ended the day down 165.60 points, or 0.37%.Keep up with real-time market updates.
Trump declared on Tuesday that the United States would put a 50% tariff on copper imports from its trade partners, which caused copper prices to soar to all-time highs. Commerce Secretary Howard Lutnick stated on CNBC’s “Power Lunch” that he anticipated the charge to be implemented by the end of the month, although the president did not specify when it would go into force. Trump said he will “give people about a year, year and a half” to “get their act together” before enforcing the exorbitant rate, but he threatened to impose a 200% tariff on pharmaceutical imports on Tuesday. For pharmaceutical tariffs, Lutnick told CNBC that more information would be provided “at the end of the month.” Following Trump’s remarks, pharmaceutical stocks mostly stayed the same.
Apple said on Tuesday that Jeff Williams, its Chief Operating Officer, will retire later this year. Later this month, “as part of a long-planned succession,” current Senior Vice President of Operations Sabih Khan will take over, according to the press statement. Until he retires, Williams will continue to oversee the company’s design division, Apple Watch, and health efforts while answering to CEO Tim Cook. The most recent longterm employee to leave Apple is the 27-year veteran who oversaw the company’s operations division and industrial design team. He left at a time when the White House is pressuring Apple to boost U.S. production and tariffs on nations where the company obtains its products are putting pressure on Apple’s supply chain.
Teens in Phoenix, Arizona, can now use Waymo to hail rides. Teens between the ages of 14 and 17 will be able to request fully autonomous rides using accounts connected to their parents’, according to a Tuesday announcement from the Alphabet-owned robotaxi business. Teen accounts will eventually be made available in additional cities, although the program will first be available in Phoenix, according to a spokeswoman. In the midst of its efforts to boost ridership and broaden its ride-hailing service in the United States, Waymo has expanded its age restriction, which previously required account holders to be at least eighteen years old. Following its announcement last month that it will begin manual vehicle testing in New York City, Waymo announced on Monday that it would begin testing in Philadelphia.
On Tuesday, Tesla CEO Elon Musk yelled at Dan Ives of Wedbush Securities, warning him to “shut up” after the Tesla bull posted remarks on X that were critical of Musk’s political involvement. In his post, Ives urged the board of the firm to set up “oversight on political endeavors,” set “guardrails” on Musk’s time at Tesla, and develop a new compensation structure for Musk that includes 25% voting control. “The Tesla board MUST Act and Create Ground Rules For Musk; Soap Opera Must End,” Ives and other Wedbush analysts wrote in a separate note, arguing that Musk’s intentions to launch a new political party create a “tipping point” for the business. The company’s price goal and buy recommendation remained unchanged. Following the CEO’s announcement that he will start the “America Party,” Tesla’s stock dropped by around 7% on Monday, wiping away the company’s $68 billion market capitalization.
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This report was developed with assistance from Lisa Kailai Han, Sarah Min, Pia Singh, Kevin Breuninger, Annika Kim Constantino, Kif Leswing, Jennifer Elias, and Lora Kolodny of CNBC.
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