LIVE MARKETS-U.S. stocks stumble as latest Trump tariffs revealed
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U.S. STOCKS STUMBLE AS LATEST TRUMP TARIFFS REVEALED
U.S. stocks slumped to open the trading week, as modest losses accelerated to the downside after President Donald Trump said the U.S. would impose a 25% tariff on imports from Japan and South Korea beginning Aug. 1.
The levies were announced as Trump unveiled the first two of an expected 12 letters to trading partners, as he later said the U.S. will impose 25% tariffs on Malaysia and Kazakhstan, 30% on South Africa and 40% on Laos and Myanmar.
"Tariff talk has sucked the wind out of the sails of the market," said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.
"The letters released all end with an openness to negotiate, but these do come across as 'take it or leave it' offers. The ask to eliminate tariff and non-tariff trade barriers is fraught with political difficulties in their own countries."
Stocks were also weighed down by a 6.8% drop in Tesla TSLA.O, its largest daily percentage decline in a month, after CEO Elon Musk's plans to launch a new U.S. political party renewed worries about his commitment to the company's future as it grapples with declining sales.
On the sector front, defensive utilities .SPLRCU and consumer staples .SPLRCS were the only advancers, while consumer discretionary .SPLRCD and materials .SPLRCM took the biggest hits.
Below is your closing market snapshot:
(Chuck Mikolajczak)
EARLIER ON LIVE MARKETS:
S&P 500 TRYING TO DO SOMETHING THIS JULY IT HASN'T DONE IN MORE THAN 65 YEARS CLICK HERE
WHO'S ON DECK FOR S&P INCLUSION? CLICK HERE
US STOCKS SLUGGISH TO START THE TRADING WEEK CLICK HERE
DOW INDUSTRIALS: POISED TO LEAP OVER THE VELVET ROPE? CLICK HERE
TARIFF KAYFABE? CLICK HERE
AFTER WALL ST'S "UNHEALTHY' RALLY", ROTATION IS COMING CLICK HERE
STAY LONG GILTS SAY UBS CLICK HERE
A SLOW START CLICK HERE
EUROPE BEFORE THE BELL, LOTS OF NEWS BUT WHAT TO DO? CLICK HERE
MORNING BID EUROPE: CHAGRIN AS TRUMP PLAYS THREE-CARD TRICK ON TRADE CLICK HERE
Closing levels July 7 
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