U.S. markets reversed early losses Monday, the first trading day of the third quarter, despite concerns over trade policies.
"We're in this scenario where the underlying economic drivers of the market look very, very good," said Rick Wedell, CIO of RFG Advisory Group. "And that's all being offset by continuing talk around trade, tensions around tariffs, which are incredibly hard to model. You don't know which sector might get hit, you don't know which sector might be a target."
Over the weekend, tariffs from Canada ー on everything from ketchup to whiskey to maple syrup ー kicked in, and the U.S.'s largest business group criticized the Trump administration for moves it says could spark a global trade war.
The U.S. Chamber of Commerce, which has historically been a supporter of the Republican party and its policies, launched a campaign Monday, presenting a state-by-state analysis of where the impact would be most felt. Texas, for example, could see $3.9 billion worth of exports hit with in-kind tariffs; South Carolina could face $3 billion.
Monday's sell-off comes after weeks of tariff threats and announcements from the White House, aimed both at adversaries like China and allies like Canada and Europe. Canada's parry went into effect on Sunday, and China is expected to start levying a 25 percent tax on soybeans later this week. while Mexico will begin to charge pork imports.
In a statement to Reuters the president of the Chamber of Commerce said, “The administration is threatening to undermine the economic progress it worked so hard to achieve. We should seek free and fair trade, but this is just not the way to do it.”
While the Dow was down nearly 200 points at its lows of the day, it managed to eke out a gain of 34 points. The S&P 500 was up about 0.3 percent.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
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A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
