‼️ President Donald Trump announced a trade probe into the EU, saying it will likely result in a “substantial” tariff on the 27-member bloc. Trump accused the EU of ”‘ROBBING’ American Companies” through its fines against U.S. tech giants, including a recent $1 billion fine on Google. Trump said the U.S. will immediately launch a “301” probe, the same authority his administration just used to impose new tariffs on more than 80 countries.
‼️ Devon Energy (DVN) is exploring a sale of its Eagle Ford and Powder River shale assets as part of a streamlining of its portfolio, which together could fetch more than $4B, Bloomberg reported Friday
‼️ The S&P 500 ended near flat on Friday, weighed down by chip stocks, as investors assessed the latest developments regarding the Middle East conflict. With 27% of S&P 500 companies having reported results, 86% have topped earnings-per-share estimates and 80% have exceeded revenue expectations
🚀 Elon Musk’s rocket and AI company launched the fully reusable rocket on its 13th test flight. SpaceX shares were down 0.3% in after-hours trading shortly after the launch. HSBC analyst Nicolas Cote-Colisson said the first SpaceX earnings report on Aug. 4 will be a key catalyst for the stock.
‼️ Bank of America Securities investment strategist Michael Hartnett has identified a generational buying opportunity in a severely battered sector: Hong Kong property stocks.
‼️ The market is actively seeking reasons to turn bearish on AI investments, even as tech giants continue to pour billions into an increasingly competitive landscape, according to Ray Wang, Constellation Research chairman and AI Forum co-founder.
In an interview with CNBC, Wang argued that despite investor skepticism following elevated capital expenditure announcements, major technology companies have no choice but to keep spending aggressively.
“This is a winner-takes-all market,” Wang said. “And if you’re not making that investment, you’re going to be falling behind.”