U.S. stock futures are little changed after President Donald Trump set steep new tariffs on copper imports, as well as imports from Brazil; Nvidia (NVDA) and Microsoft (MSFT) shares are in focus after both closed at record highs yesterday; Delta Air Lines (DAL) shares are jumping after the carrier reported better-than-expected results and reinstated full-year projections; and shares of cereal maker WK Kellogg (KLG) are soaring on a report that it is in talks to be acquired by Italian chocolate maker Ferrero. Here’s what investors need to know today.
1. US Stock Futures Little Changed as Markets Digest New Tariffs
U.S. stock futures are little changed after President Donald Trump said 50% tariffs on both copper imports and goods from Brazil would begin Aug. 1. Nasdaq futures are little changed after the tech-focused index closed at a record high Wednesday on gains from Nvidia and Microsoft. Dow Jones Industrial Average and S&P 500 futures are pointing slightly lower. Bitcoin (BTCUSD) is pulling back from the record high of above $112,000 it set yeserday, its first new high since May. The 10-year Treasury note yield is little changed. Gold futures are higher. Oil futures are lower.
2. Trump Sets 50% Tariffs on Copper, Brazilian Imports
President Trump set new 50% tariffs on both copper imports and goods shipped to the U.S. from Brazil, both starting on Aug. 1. The tariffs on Brazil are the highest of any country Trump has dealt with this week, when has been posting letters on tariffs on social media outlining new import taxes on trading partners. Trump said that the copper tariffs were set after a national security assessment, citing its use in semiconductors, lithium-ion batteries, and missile defense systems.
3. Nvidia, Microsoft Stocks Hit Record Highs
Nvidia (NVDA) on Wednesday became the first company ever to reach a market capitalization of $4 trillion. The stock finished up 1.8% to $162.88, back below the “magic number” touched earlier but still at a record closing high. Shares are rising 0.7% in premarket trading. Meanwhile, Microsoft (MSFT) shares hit another record high yesterday, closing above $500 for the first time to give the tech giant a market cap of nearly $3.75 trillion. Microsoft shares are edging lower before the bell.
4. Delta Stock Jumps on Q2 Results, Reinstated Full-Year Outlook
Delta Air Lines (DAL) shares are jumping 12% in premarket trading after the carrier reported quarterly results that came in ahead of analysts’ expectations and reinstated its full-year outlook. Delta posted adjusted earnings per share of $2.10 on revenue that was roughly flat year-over-year at $16.65 billion, both above projections from analysts polled by Visible Alpha. Delta also reintroduced its full-year projections, saying it expects adjusted EPS of $5.25 to $6.25, with the midpoint well above analysts’ consensus of $5.31. CEO Ed Bastian said that Delta’s restoring its full-year guidance reflects “our confidence in the business.”
5. WK Kellogg Stock Soars on Report Cereal Maker in Talks to Be Acquired
Shares of cereal maker WK Kellogg (KLG) are soaring 50% in premarket trading on a report the company soon could be acquired by Italian sweets seller Ferrero. The two companies could finalize a deal worth roughly $3 billion “as soon as this week,” The Wall Street Journal reported. WK Kellogg owns Corn Flakes, Frosted Flakes, Froot Loops, and other cereal brands. It was formed in October 2023 after Kellogg split into WK Kellogg and Kellanova (K), which owns snack brands including Pringles and Pop-Tarts.