According to materials from the site - By crypto.news
U.S. stocks opened slightly lower on Monday, July 7, after the Independence Day holiday, with the S&P 500 falling by 0.3% amid comments from Treasury Secretary Scott Bessent about tariffs.
The Dow Jones Industrial Average dropped by more than 100 points, or 0.25%, while the S&P 500 lost about 0.35%, and the Nasdaq Composite opened down by 0.6%.
These downward movements in stocks occur as investors pay attention to the latest developments regarding tariffs. In particular, this concerns President Donald Trump's threats to impose additional duties on countries in the BRICS. However, attention is also being paid to comments from U.S. Treasury Secretary Scott Bessent.
Bessent said in an interview with CNBC that the U.S. is set to announce several key trade agreements in the coming days.
Although Bessent did not elaborate on the agreements, he noted that it would be 'a couple of busy days', as the deadline for the introduction of tariffs on July 9, 2025, set by President Trump, approaches.
He also noted in an interview with CNN on Sunday, July 6, that Trump's tariffs will take effect on August 1, 2025, extending the deadline from July 9.
“On the other hand, a lot of time is being consumed, so I expect to see several major announcements over the next few days,” said Bessent on CNN's 'State of the Union'.
Although investors expected the introduction of tariffs, new concerns arose after Trump threatened to impose an additional 10% tariff on BRICS-related countries — a new bloc of partner countries that includes Brazil, Russia, India, and China.
Stocks fell sharply after Trump’s 'Liberation Day' tariffs at the beginning of the year, before bouncing back from a slow April and reaching record highs in June. The growth, which also reflected on risk assets like cryptocurrencies, came amid Trump’s 90-day pause on tariffs and agreements with the UK and China.
Despite the geopolitical tensions that have shaken the Middle East, stocks continued to rise, with the S&P 500 approaching a key level of 6300, which, according to analysts at Bank of America, could be a potential sell signal.
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