Core Points - The U.S. Department of Commerce announced the inclusion of 407 product categories in the tariff list for steel and aluminum derivatives, imposing a 50% tariff on the steel and aluminum components of these products [1] - The newly added list covers a wide range of products, including wind turbines and their components, mobile cranes, railway vehicles, furniture, compressors, and pump equipment [1] - Experts indicate that this move will have significant impacts, increasing inflationary cost pressures on domestic manufacturers [1]

Group 1 - The U.S. Department of Commerce announced the inclusion of 407 product categories in the tariff list for steel and aluminum derivatives, imposing a 50% tariff on the steel and aluminum components of these products [1] - The newly added list covers a wide range of products, including wind turbines and their components, mobile cranes, railway vehicles, furniture, compressors, and pump equipment [1] - Experts indicate that this move by the U.S. government will increase inflationary cost pressures on domestic manufacturers [1]

Market Performance - Major US stock indices showed mixed performance, with the Nasdaq Composite falling significantly by 1.46% to 21,314.95 points, while the S&P 500 declined by 0.59% to 6,411.37 points. The Dow Jones Industrial Average saw a slight increase of 0.02% to 44,922.27 points, reaching an intraday all-time high [1] Sector Performance - The S&P 500 index had a mixed sector performance, with six sectors rising, led by real estate which increased by 1.8% due to better-than-expected housing data. In contrast, technology and communication services sectors fell by over 1.9% and 1.2%, respectively [1] Individual Stock Movements - Nvidia experienced a significant drop of 3.5%, marking its largest single-day decline in nearly four months. Other major tech stocks such as Apple, Microsoft, Google, and Meta also faced declines, with Netflix and Meta dropping over 2%, while Tesla, Microsoft, and Amazon fell more than 1% [1] - Intel saw a notable increase of approximately 7% following a $2 billion investment from Japan's SoftBank, which was interpreted as a positive endorsement of its chip strategy [1] - Home Depot, a component of the Dow, rose by 3.17% despite reporting quarterly earnings below expectations, as it maintained its full-year guidance, boosting investor confidence [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.9%, with notable declines in stocks such as Xunlei (over 10%), Weibo (over 6%), and Kingsoft Cloud (nearly 5%). Other major Chinese companies like JD.com, Alibaba, NetEase, and Baidu also experienced declines of over 1% [2] Trade Policy Impact - The US Department of Commerce announced the addition of 407 product categories to the steel and aluminum tariff list, with a 50% tax rate applicable. This includes a wide range of products such as wind turbines, mobile cranes, and furniture [2][3] - The expanded tariff list is set to take effect on August 18, with the Trump administration emphasizing the need to protect domestic manufacturing and reduce import dependency [3] Economic Outlook - Market sentiment is cautious ahead of the Kansas City Fed's annual economic symposium, where Fed Chair Jerome Powell is expected to provide insights on future interest rate policies. Current market expectations suggest two rate cuts of 25 basis points each may occur this year, with the first potentially in September [4] - Concerns about consumer confidence have been raised due to the implications of the Trump tariff plan and potential pressure on retail sales in the coming months [3]