Market fatigue due to Trump's continued tariff threats... Mixed trend [New York Stock Exchange Briefing]

The three major indices of the New York stock market remained in a tight range, showing mixed movements after a dull session.

Although former U.S. President Donald Trump declared that he would not extend the imposition of tariffs beyond August 1, the market reacted indifferently, given his frequent reversals.

Trump also stated that he would impose a 50% tariff on copper, but since this was also anticipated, it did not shake investor sentiment.

On the 8th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 44,240.76, down 165.60 points (0.37%) from the previous session. The S&P 500 Index fell 4.46 points (0.07%) to 6,225.52, while the NASDAQ Composite Index rose 5.95 points (0.03%) to close at 20,418.46.

Trump continued to make remarks about tariffs on this day as well. However, the stock market seemed desensitized, showing muted movements within a tight range.

Posting on his social media Truth Social, Trump said, "Tariffs will begin to be imposed starting August 1, 2025," adding, "Extensions (of the deadline) will not be allowed." This contradicts what he said the previous day.

The day before, Trump had sent tariff letters to 14 countries, including South Korea and Japan, and postponed the start date for tariff imposition to August 1, but noted that the timing could be pushed back further if negotiating counterparts came up with better proposals.

Trump also announced plans to impose tariffs on key items such as semiconductors and pharmaceuticals, possibly as early as the end of this month.

Regarding semiconductors, specific tariff rates and timing have not yet been announced, but he mentioned that up to a 200% tariff could be imposed on pharmaceuticals.

Observers note that Trump's decision to impose a 50% tariff could stoke inflation over the long term, as copper is an essential component across manufacturing and is particularly vulnerable to tariff-driven inflation.

After Trump's announcement, copper futures on the metal futures exchange COMEX surged by 17% at one point, hitting an all-time high.

Among major tech giants with a market capitalization over $1 trillion, NVIDIA and Tesla both increased by over 1%.

With the strong performance, NVIDIA's market capitalization surpassed $3.9 trillion, putting it on the verge of becoming the first to reach $4 trillion.

Rising expectations for NVIDIA spread across the semiconductor sector, pushing up the Philadelphia Semiconductor Index by 1.80%.

News that Trump had signed an executive order focusing on reducing clean energy subsidies sent energy stocks soaring as well. Chevron rose 3.96%, and Exxon Mobil climbed 2.77%.

Ahead of the banking sector's Q2 earnings season, HSBC downgraded investment outlooks for major banks. JPMorgan Chase and Bank of America fell by more than 3%, while Morgan Stanley and Goldman Sachs declined by around 2%.

Shin Min-kyoung, Hankyung.com Reporter radio@hankyung.com