Dow (DJIA): Stocks unchanged on renewed tariff fears and ongoing trade negotiations

[Ben Graham]

Trading around ~$44,291 at the time of writing, the Dow Jones Industrial Average (DJIA) remains largely unchanged in today’s trading, trading around ~0.09% some open hours after the open.

Otherwise, the S&P 500 trades ~0.26% higher in today’s session, while the Nasdaq-100 trades ~0.41% higher.

Dow Jones (DJIA): Key takeaways from today’s session

• Having fallen ~0.91% from five-month highs in yesterday’s session, the Dow Jones now remains broadly unchanged in value in today’s trading
• Of the Dow Jones, Nasdaq-100, and the S&P 500, the Dow is the only US index not to have recently renewed all-time highs, and is yet to surpass highs made in late January
• Tariff fears, this time renewed by a series of letters sent Monday by President Donald Trump, are currently dampening market growth projections similar to earlier this year

Dow Jones (DJIA): Trump extends tariff deadline to August 1st

Signing an executive order on Monday and somewhat predictably extending deadlines for when ‘Liberation Day’ tariffs are to be imposed, Trump seems to have left at least some room to maneuver in the next thirty days with key trading partners.

Renewing commitments to tariffs, this time through a series of letters sent from the Oval Office to various countries on Monday, Trump hopes to strong-arm negotiations back to the table. Trump advisor Peter Navarro reportedly said that “90 deals in 90 days” remains a possibility, which, considering the recent trajectory, errs on the optimistic side.

The effectiveness of such tactics largely depends on whether the world will believe Donald Trump in his firm August 1st deadline, especially when considering recent deferrals. This goes double for those subject to ‘reciprocal tariffs’, who will undoubtedly hope to strike agreements with the US before the deadline.

Having only recently been offered some respite from the chaos surrounding tariffs, recent announcements have boded poorly for US equities, primarily responsible for yesterday’s sell-off.

With sell-offs still fresh in the collective mind, Donald Trump must tread carefully in the next thirty days or might risk further downside to an otherwise buoyant stock market.

Despite the Dow remaining relatively unchanged in today’s trading, Chevron, Salesforce, and 3M are among the best-performing stocks, while IBM, Microsoft, and Boeing are among the worst.

Dow Jones Industrial Average (DJIA): Technical analysis

Dow Jones Industrial Average (US30USD), OANDA, TradingView, 02/07/2025

• If bulls are able to stage another leg higher, expect resistance at previous highs of ~$45,060, then ~$45,506
• Support remains unbroken and can be found at $43,785, then $43,411

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