Review — Barron's
Dow Jones Newswires ·
By Robert Teitelman
Markets: Japan Prime Minister Ishiba clung to power despite his party losing its Upper House majority. U.S. inbound container shipping fell for the second straight month in June, down 7.9%. Treasury Secretary Scott Bessent called for an investigation into the "entire" Federal Reserve. Stocks edged up, with the S&P 500 and Nasdaq Composite hitting highs. The White House announced a Japanese trade deal of 15% tariffs and $550 billion in U.S. investment. Japanese and European auto stocks rallied and meme stocks soared. On the week, the Dow industrials rose 1.3%, the S&P, after five days of highs, closed up 1.5%, and the Nasdaq gained 1.02%, also a record.
Companies: France launched a probe into Elon Musk's X for data tampering. Microsoft warned of cyberattacks against its server document-management software SharePoint, blaming Chinese hackers. Stellantis warned of a $2.7 billion first-half loss, citing U.S. tariff policy; General Motors, whose earnings fell 32% in the quarter, reported a $1.1 billion second-quarter tariff hit. Block joined the S&P 500, replacing Hess, acquired by Chevron. Coca-Cola and Alphabet beat on earnings, Tesla didn't. SoftBank and OpenAI scaled back near-term plans for their Stargate project.
Deals: Universal Music filed for an initial public offering...Italy's UniCredit withdrew its bid for Banco BPM after government resistance...The Federal Communications Commission cleared the $8 billion Paramount Global-Skydance merger.
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Source:
Dow Jones Newswires