Trump's tariffs hit dozens of countries, Apple's new $100B investment in the US

Tariffs and Trade - President Trump imposed new tariffs on dozens of countries, boasting billions of dollars flowing into the US [2] - An additional 25% tariff was imposed on India for purchasing Russian oil, stacking on an existing 25% tariff, totaling 50% [2][3] - Switzerland faces a tariff increase up to 39% [4] - President Trump proposed a 100% tariff on semiconductors unless companies commit to building in the US [4] - Companies producing goods in the US would get exemptions from additional tariffs [5] Apple's Investment and Tariffs Impact - Apple announced an additional $100 billion investment in the US, bringing the total US investment to $600 billion over the next four years [6][8] - Apple is launching an American Manufacturing Program to spur more production in America for critical components [9] - Apple is making a $25 billion commitment to produce cover glass for iPhones and Apple Watches at Corning's Kentucky facility [11] - Apple's semiconductor-powered devices, including iPhones, will be unaffected by Trump's 25% reciprocal tariffs on goods made in India [12] - Apple took an $800 million hit from tariffs in Q3 and expects another $11 billion in charges in Q4 [15] Market Movers and Earnings - Eli Lilly's revenue came in at $1556 billion for the quarter, better than the expected $147 billion, but shares fell due to weight loss pill results falling short of expectations [33] - ConocoPhillips' earnings per share came in at $142, better than the expected $134, and shares are up almost 2% in pre-market [36] - Warner Brothers Discovery's revenue came in at $981 billion, topping Wall Street estimates, boosted by HBO Max expansion and blockbuster releases [38] - Krispy Kreme missed expectations with a loss of 15 cents per share, against an expected loss of 12 cents, and revenue came in at $3798 million against an expectation of $3802 million [40] Disney and ESPN Deal - The NFL is set to take a 10% stake in Disney's ESPN ahead of ESPN's standalone streaming launch [20] - Disney CFO Hugh Johnston stated the deal would be accretive by about a nickel before purchase accounting [23] - The NFL stake in ESPN could be worth up to $3 billion [23] Oil Market - President Trump upped US tariffs on India to 50% in retaliation for its purchases of Russian oil, which are estimated to be around 2 million barrels a day [49][50] - OPEC plus made moves to hike output by 547000 barrels per day in September [51] Global Market Overview - Asian semiconductor-related stocks traded mixed after President Trump announced a 100% tariff on chip imports with an exemption for companies building in the US [52] - The Bank of England announced an interest rate cut of 25 basis points to 4% [54]