TACO pressures markets

Allan Tong Posted On July 7, 2025

The week began with Trump pushing his July 9 tariff deadline to August 1, but also threatening Japan and South Korea with new ones. Though markets are growing so desensitized to Trump’s erratic trade policy that Wall Street has christened TACO (Trump Always Chickens Out), the news on Monday sank the Nasdaq and Dow by nearly 1% and shaved 0.79% off the S&P. On top of that, Elon Musk announced he will be forming a new political party to rival Trump’s Republicans, reigniting the feud between the two.

Tesla shares skidded 6.79%. Meanwhile, Intel closed -2.18%, Lululemon -4.08%, First Solar -4.31% and Palantir gained 3.54%. Bitcoin slid 0.6% to US$108,000 while the U.S. 10-year yield edged up to 4.385%.

The TSX fared better, shedding only 15 points as gold held at US$3,337 and WTI rallied 1.5% to US$68. However, materials was only one of two positive sectors, while real estate and energy led the rest downwards. Major movers: CNQ -0.87%, TC Energy -1.04%, Manulife -2.2%, ATS -8.08% and NuVista Energy -3.56%.

🚗 Tesla Inc (TSLA-Q) -6.79%

💾 Intel (INTC-Q) -2.18%

🔌 LuLulemon Athletica (US) (LULU-Q) -4.08%

⛏ First Solar Inc. (FSLR-Q) -4.31%

💾 Palantir Technologies (PLTR-Q) +3.54%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.6%

🛢 Canadian Natural Rsrcs (CNQ-T) -0.87%

🛢 TC Energy (TRP-T) -1.04%

🏛 Manulife Financial (MFC-T) -2.2%

⚙ ATS Automation Tooling Systems (ATS-T) -8.08%

🛢 Nuvista Energy Ltd (NVA-T) -3.56%