TL;DR

Trump unveils 100% chip tariff (Apple, Nvidia exempt); Apple surges; S&P 500, Nasdaq hit highs.

Highlights

• Trump announces 100% tariff on imported semiconductors, exempting Apple and Nvidia due to U.S. manufacturing commitments; timing and full scope pending 1.
• U.S. adds 15% tariff on Japanese imports; product categories and start date not yet specified 2.
• Apple jumps 5.7% after pledging an additional $100 billion to U.S. manufacturing, lifting total domestic investment to $600 billion 5.
• S&P 500 (+0.72%) and Nasdaq (+1.19%) close at new highs, led by mega-cap tech; market breadth remains weak 7.
• Trump to meet Putin next week, aiming for a Ukraine peace summit; U.S. decision on new Russia sanctions expected within 24-36 hours 34.
• Airbnb , Lyft, DoorDash , and Duolingo all beat Q2 estimates and raise outlooks; DoorDash and Duolingo surge post-earnings 891012.
• AppLovin beats on profit but drops 7% after revenue growth misses high expectations 11.
• Novavax raises 2025 revenue outlook after FDA approval and $175 million Sanofi milestone payment 13.
• Oneok and Occidental Petroleum both beat Q2 profit estimates; Occidental sells gas-gathering unit to Enterprise Products Partners 14.
• China to approve first RMB-backed stablecoin in Hong Kong, targeting cross-border use and capital outflow concerns 6.
• Trump meets Nvidia CEO as chip tariffs near; Nvidia seeks exemption for Taiwan-made AI chips 15.
• U.S. doubles tariffs on Indian goods to 50%, further escalating trade tensions 5.

Commentary

U.S. equity indexes closed at record highs, but gains remain concentrated in a handful of mega-cap tech names, with Apple ’s 5.7% rally—on the back of its $100 billion U.S. manufacturing expansion—accounting for a large share of the S&P 500’s move 57. The administration’s new 100% tariff on imported semiconductors, with carve-outs for Apple and Nvidia , underscores a push for domestic tech production 1. However, details on implementation remain unclear, and companies with global supply chains could see margin pressure as costs rise and supply chains adjust 115.

The trade policy front remains active: new 15% tariffs on Japanese imports and a doubling of tariffs on Indian goods add to the risk of global trade friction 25. The lack of clarity on affected product categories and timing leaves room for market volatility, especially for multinationals with exposure to Asia 2. Apple and Nvidia ’s U.S. investment strategies position them well, but other tech hardware and consumer electronics firms may face headwinds 115.

Earnings season delivered several notable beats. Airbnb , Lyft, DoorDash , and Duolingo all outperformed expectations and raised guidance, with DoorDash and Duolingo shares jumping in response 891012. AppLovin , despite strong profit growth, fell as investors focused on a slight revenue miss 11. In energy, both Oneok and Occidental Petroleum posted better-than-expected results, with Occidental’s asset sale to Enterprise Products Partners further shoring up liquidity 14.

Geopolitically, attention is on Trump’s planned meeting with Putin and the potential for a Ukraine peace summit 3. A U.S. decision on additional Russia sanctions is imminent, which could impact energy and defense stocks 4. Meanwhile, China’s move to approve its first RMB-backed stablecoin in Hong Kong signals ongoing efforts to internationalize the currency and manage capital flows, with potential implications for Asian FX and crypto markets 6.