Gold futures in New York steadied as traders awaited clarification from the White House over its tariff policy https://t.co/VfA5CfjxtB ...

Joining us now, NBC's Gabe Gutierrez reporting from the White House, CNBC's Steve Leeman. With me on set, NBC's Christine Romans and independent journalist Philip Bump. Christine, in the meantime, with all these tariff ups and downs, this is what Yell's Budget Lab found.They calculate the inflationary effects of tariffs will cost a typical household an average as much as $2,400 this year. So, let me start with a question. People want to know what's going up and when.>> Yeah. I mean, we don't know how much a ...

President Donald Trump said he would lower tariffs on Japan, but the impact of his tariff policy continues to shake Japan's auto industry. Toyota said in its earnings report on Thursday that it expected Trump's auto tariffs to reduce its operating income for the 2026 fiscal year by 1.4 trillion Japanese yen, or $9.5 billion. That's 1.2 trillion Japanese yen higher than what it had initially forecast.Toyota said the tariffs caused its operating income for the North American market to decline. The company ci ...

Core Insights - Ford's CEO, Jim Farley, stated that the Trump administration's tariff policy will impose a $2 billion cost on the automaker, which is an increase from the previously projected $1.5 billion [1][10] - Farley anticipates a shift in the automotive industry towards a regional business model due to tariffs, the rise of electric vehicles, and new carbon regulations [2] - The reduction of tariffs on Japan from 25% to 15% will provide Japanese automakers with a significant cost advantage over Ford [3] Group 1: Tariff Impact - The total tariff burden on Ford is now estimated at $2 billion, which is a net figure [1] - The company is facing competitive pricing challenges, with examples showing that a Kentucky-built Ford Escape could be $5,000 more expensive than a Japanese-made Toyota Rav4, and a Michigan-made Ford Bronco could be undercut by $10,000 by a Toyota 4Runner [8] - Farley indicated that the current tariff situation is a "windfall for South Korean and Japanese companies" [10] Group 2: Strategic Shifts - Farley expressed that automakers will likely adopt a regional approach, with Europe, North America, and Asia operating as distinct markets [2] - The company is working with the Trump administration to reduce tariff expenses to enhance competitiveness [9] - Ford's strategy is not to compete in commodity segments, focusing instead on other areas [9] Group 3: Market Reaction - Following the announcement, Ford's shares fell by nearly 1.6% in after-hours trading, although they are up 9.8% year to date [11]

Some senior officials in Canada say it’s time to repair trade relations with China, arguing US tariff policy is pushing them to deal with Asia’s largest economy https://t.co/BnTEzyDIy0 ...

Steel Dynamics Inc. NASDAQ: STLD is holding on to slim gains after it reported its second quarter 2025 earnings after the market closed on July 21. The pullback comes after a gain of nearly 3% after the earnings report. Steel Dynamics TodaySTLDSteel Dynamics$131.54 -2.99 (-2.22%) 52-Week Range$103.17▼$155.56Dividend Yield1.52%P/E Ratio17.38Price Target$149.33Add to WatchlistThe post-earnings gain was consistent with other basic materials stocks that had a strong opening to the week. This was particularly t ...

Market Overview - Pre-market futures indicate a positive start to the trading week, with the Dow up 70 points, S&P 500 up 10 points, Nasdaq up 25 points, and Russell 2000 up 13 points, although all indexes are off their all-time highs from earlier in the month [1] Company Earnings - Cleveland-Cliffs (CLF) reported a loss of -$0.50 per share, better than the projected -$0.68, with revenues of $4.93 billion exceeding Zacks consensus by +0.62%, leading to a +4.5% increase in shares [2] - Domino's Pizza (DPZ) missed earnings expectations by -3% with earnings of $3.81 per share, marking its second miss in three quarters, but revenues of $1.15 billion were above expectations, reflecting a +4.3% year-over-year increase, resulting in a +3% rise in shares [2] Economic Indicators - The U.S. Leading Economic Indicators (LEI) report for June is expected to show a decline to -0.2% from May's -0.1%, with negative LEI numbers observed over the past six months, indicating potential recession signals [3][4] Upcoming Earnings Reports - More than 20% of S&P 500 companies are set to report Q2 earnings this week, with Alphabet (GOOGL) and Tesla (TSLA) being key highlights [5] - Alphabet is expected to see a +13.2% increase in earnings and +11.1% in overall revenues, while Tesla is projected to experience a -23.1% decline in earnings year-over-year and -11.9% in revenues [6] Economic Data Releases - This week will also see the release of Existing & New Home Sales, S&P flash Services and Manufacturing PMI, and Durable Goods Orders, with mixed expectations for these data points [7]

Financial Data and Key Metrics Changes - Net earnings for Q3 2025 increased to $15.2 million or $0.78 per share compared to $6.6 million or $0.34 per share in the prior year, with adjusted earnings at $0.81 per share excluding non-recurring charges [6][12] - Average selling prices rose 11.7% year over year and 8.2% sequentially from Q2 2025, reflecting pricing actions taken to manage rising raw material costs [6][10] - Gross profit for the quarter increased to $30.8 million, with gross margin expanding by 650 basis points to 17.1% [9][10] Business Line Data and Key Metrics Changes - Shipments for the quarter increased by 10.5% year over year and 3.5% sequentially, driven by recent acquisitions and improving demand in construction markets [8] - SG&A expenses rose to $10.6 million or 5.9% of net sales compared to $7.9 million or 5.4% of net sales in the prior year, primarily due to increased compensation expenses [10][11] Market Data and Key Metrics Changes - The U.S. wire rod market remains tight, with public prices for steel wire rod increasing by approximately $190 per ton since January [7] - The architectural billing index increased to 47.2, indicating early signs of stabilization in nonresidential construction, although it remains below the growth threshold [15] - Nonresidential construction spending declined by 3.5% compared to the prior year, reflecting a softer demand environment [18] Company Strategy and Development Direction - The company aims to capitalize on improving demand trends while managing working capital and maintaining strong customer relationships [19] - The administration's tariff strategy is seen as a work in progress, with only about 10% of revenue directly affected by imports, indicating a cautious approach to import competition [21][22] - The company plans to continue its share buyback program and has reduced its full-year capital expenditure target to $11 million from $17 million [14][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing demand recovery despite macroeconomic uncertainties, noting that customer confidence remains strong [20] - The company is well-positioned to navigate near-term challenges while building long-term value for shareholders [19] - Management acknowledged risks related to the administration's tariff policies and the future performance of the U.S. economy but remains focused on maximizing shipments and optimizing costs [30] Other Important Information - The effective tax rate for the quarter fell to 23.3% from 24.7% a year ago, with expectations to remain around 23.4% for the remainder of the year [12] - The company ended the quarter with $53.7 million in cash and is debt-free, providing financial flexibility for growth opportunities [14] Q&A Session Summary Question: Have quoting levels for newer projects followed the same trajectory as strong business activity? - Management noted that raw material constraints have caused backlogs to grow, but they remain optimistic about project inquiries, particularly in data centers [35][36] Question: What is the potential timeline to resolve the recent Section 232 tariff disconnect? - Management believes the administration's intent is for the tariff to be on the full value of the product, and they are actively engaging with commerce to address ambiguities [37][38] Question: How is the integration of engineered wire products progressing? - Management expressed satisfaction with the integration, noting that the facility is productive and they are learning from each other [40][41] Question: Do you anticipate being able to maintain current margin levels? - Management expects to pass through higher costs and does not anticipate margin deterioration in the current market [54] Question: What needs to occur for the housing market to improve? - Management indicated that while they do not solely rely on housing, infrastructure investments are expected to drive demand for their products [56] Question: What is the outlook for cash balance at year-end? - Management stated that they are not dissatisfied with the current cash balance and will assess the situation as the year progresses [57] Question: Can you quantify the domestic wire rod supply shortage? - Management estimated that they will have imported 25% to 30% of their steel requirements, approximating the domestic shortfall [58]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Debt sustainability analysis often overlooks critical contexts such as monetary system structure, non-sovereign alternatives, and investor psychology, leading to a narrow understanding of the issue [9][12][15] - Investors, rather than models, determine debt sustainability through a multi-factor equation that includes more variables than just interest rates and growth [9][37] - The report highlights that government debt does not exist in isolation but within a complex landscape of alternative investments, which influences perceptions of sustainability [15][31] Summary by Sections Debt Sustainability Analysis - The analysis of debt sustainability is often simplified to one or two dimensions, neglecting the multi-dimensional nature of the investment landscape [9][12] - Concerns about US debt sustainability have been ongoing for over a decade, with significant events like the Moody's downgrade and the One Big Beautiful Bill Act reigniting discussions [11][12] Market Reactions - Market pricing of government bond yields is influenced by various risks, making it challenging to isolate the impact of debt sustainability concerns [14][19] - The report notes that yields on 30-year government bonds in countries with high debt-to-GDP ratios do not necessarily rise with increasing debt levels, indicating a complex relationship [14][16] Global Context - The report emphasizes the importance of understanding debt sustainability within the broader context of global investments, particularly the differences between hard-currency and local-currency debt [26][28] - Emerging market local-currency bonds have proliferated since the pandemic, potentially reducing investor concerns about debt sustainability risks [28] Investor Behavior - Investors play a crucial role in assessing debt sustainability, often applying a broader perspective than traditional models, which can lead to different conclusions about risk [19][37] - The report suggests that academic approaches to linking debt levels with bond yields may miss important contextual factors, such as investor expectations and central bank responses [39][40]

Market Reaction to Tariff Threats - The Dow Jones Industrial Average is down 250+ points in reaction to President Trump's new tariff threats [1] - The market's reaction to the new tariffs is described as "boredom," a "giant yawn" [2][4] - The S&P 500 is up approximately 0.1% for the week, indicating a flat market [7] Tariff Policy Analysis - Previous tariff announcements (Liberation Day part one) caused a 12% drop in the S&P 500, a significant crash [6] - The current tariffs are largely the same as previous ones [7] - The market's lack of reaction to the tariffs may lead the President to actually implement them [8] Economic and Political Implications - Economists predict that tariffs will eventually impact consumer prices [10] - Democrats are unified in criticizing the President's erratic tariff policies [11][12] - The President's actions are seen as unpredictable and disruptive to small businesses and consumers [12]