TL;DR

Trump ends $800 duty-free imports; Meta, Microsoft beat earnings; copper futures plunge on tariff clarity.

Highlights

• Trump ends $800 de minimis duty-free import exemption; all commercial imports face tariffs from Aug. 29, impacting e-commerce platforms like Shein and Temu 1.
• U.S. finalizes trade deals: South Korea gets 15% tariff (down from 25%), commits $350B U.S. investment and $100B in energy purchases; Pakistan to jointly develop oil with U.S. 2.
• U.S. Treasury imposes largest Iran-related sanctions since 2018, targeting over 115 entities and 50+ vessels tied to Iranian and Russian oil shipments 3.
• White House clarifies 50% copper tariff applies only to semi-finished products, not refined copper; U.S. copper futures drop 19% 4.
• Microsoft and Meta both post strong earnings beats; Meta raises AI capex, shares jump 9–10% after hours 56.
• Robinhood beats Q2 estimates with 45% revenue growth, profit doubles; options and crypto trading surge 7.
• Ford beats Q2 expectations, raises 2025 EBIT outlook despite $800M tariff hit; commercial vehicle strength offsets EV losses 8.
• Semiconductor results mixed: Qualcomm beats but guides cautiously (shares -4%), Arm misses and guides lower (shares -8%), Lam Research beats and raises outlook 910.
• Carvana reports record Q2 profit, raises 2025 outlook; shares up 13–14% on strong sales and margins 11.
• Pelosi backs Senate bill to ban stock trades by U.S. officials, increasing momentum for potential trading restrictions 12.
• Fed Chair Powell says GDP and labor data meet forecasts, but export swings cloud macro signals 13.
• Warner Bros. Discovery cuts 10% of film unit staff ahead of corporate split; restructuring continues amid streaming pressures 15.

Commentary

Trade policy headlines dominated after-hours sentiment. The Trump administration’s removal of the $800 de minimis exemption will raise costs for cross-border e-commerce, directly affecting platforms like Shein and Temu and potentially shifting flows to domestic retailers and logistics providers 1. The move accelerates previously planned legislative changes and could drive short-term volatility in retail and shipping names. Meanwhile, the U.S.–South Korea deal averts steeper tariffs, secures major inbound investment, and locks in large U.S. energy exports, offering some relief to select exporters and U.S. LNG producers 2. The Pakistan oil accord is less likely to have immediate market impact but signals ongoing U.S. efforts to reshape trade relationships 214.

On the commodity front, the White House’s clarification that refined copper is exempt from the new 50% tariff triggered a sharp unwind in U.S. copper futures, erasing domestic price premiums and likely impacting producers and traders positioned for broader tariffs 4. The Treasury’s sweeping Iran sanctions package, targeting a vast oil-shipping network, could disrupt flows to China and tighten enforcement on sanctioned crude, adding a layer of uncertainty to global oil markets 3.

Earnings season highlights continued tech sector strength: Microsoft and Meta both delivered well above-consensus results, with Meta’s raised AI capex guidance and record share price underscoring persistent investor appetite for AI-driven growth 56. Robinhood , Carvana, and Ford all posted strong quarters, with Carvana’s margin expansion and Ford’s resilience despite tariff headwinds standing out 7811. In semis, results were mixed—Qualcomm and Arm flagged ongoing handset and trade challenges, while Lam Research 's upbeat guide points to steady demand in AI and industrial chip equipment 910.

Macro signals remain mixed. Fed Chair Powell noted GDP and labor data are on track, but warned that export volatility complicates the outlook 13. Pelosi’s endorsement of a stock trading ban for officials adds to legislative risk for sectors sensitive to regulatory scrutiny 12. Media sector restructuring continues, with Warner Bros. Discovery ’s layoffs and split reflecting ongoing pressures in streaming 15.

Traders should monitor retail, e-commerce, and logistics stocks for tariff-driven moves 1, watch copper and oil for price volatility as policy shifts filter through 34, and keep an eye on tech and industrials for earnings momentum 567891011. Macro data and further Fed commentary remain key for rates and FX positioning 13.