Trade Swings
| | | | | | | | | | | | | | What Happened in Markets Today | | | | Trump terminated trade talks with Canada. Trade tension reared its head again in the afternoon with President Trump's declaration that discussions with Canada were off. Stocks had hit record highs in earlier trading, after the president said he'd signed a trade deal with China and administration officials indicated more were on the way. Stocks hit record highs before losing ground. The S&P 500 and Nasdaq ended 0.5% higher. The Dow Jones Industrial Average rose 432 points, or about 1%. Nike rose. The sneaker maker said tariffs would add $1 billion to its costs this fiscal year, which the company plans to partly recoup by raising prices on some of its products. But the company's quarterly results on Thursday came in ahead of expectations. The stock ended 15% higher. New figures showed slightly higher core inflation in the U.S. The Fed's preferred inflation gauge, called core PCE, showed prices rising 2.3% in the year through May. That was up from a 2.1% reading in April. | | | | | | MEMBER MESSAGE: Dow Jones Smart Money |  | | Create a Better Financial Future | | Be ready for every step of your money journey with knowledge and insights from our collection of Dow Jones publications. Curated by experts. Made for you. Learn More | ![]() | | | | | | | | Crude oil, Bitcoin USD and gold continuous contract data refresh every time you open this email. Other data are as of market close. | | | | | |  | | ILLUSTRATION: ELENA SCOTTI/WSJ, GETTY IMAGES | | | | | | Capital One Financial's acquisition of Discover Financial Services gives it a menu of new growth options. That's thanks to the acquired company's payments network and fewer restrictions on fees Capital One can collect from debit-card transactions. The deal could also open the door for Capital One to compete with Amex and Chase in the premium-card world—credit cards that come with generous rewards and perks but also charge high annual membership fees. | | | | - ISM's Chicago Business Barometer—a gauge of U.S. business activity—is expected on Monday.
- Tesla reports second-quarter vehicle delivery figures on Wednesday.
- The U.S. jobs report for June is due on Thursday.
- Markets close at 1 p.m. on Thursday and are closed for the July 4 holiday on Friday.
| | | | | Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. | | | | | | | | | |
