Shares of technology companies rose slightly amid hopes for a compromise on trade between the U.S. and China.
During a cabinet meeting, President Trump said his Chinese negotiating partners had been very fair so far. At the same time, Trump vowed to impose tariffs on imported computer chips.
"The tariff announcement was a reminder that markets are not out of the woods," said Scott Helfstein, head of investment strategy at money manager Global X. "The White House has not really achieved their goals on trade, and that could be a continued source of volatility."
Demand for Apple's iPhone 16 has taken a hit after shoppers rushed to get ahead of potential tariff-induced price increases and as the company's artificial intelligence features lag behind expectations, according to an analyst at brokerage KeyBanc Capital Markets.
Amazon.com fell as the online megastore's members-only, four-day Prime Day sale opened.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-08-25 1744ET
