Wall Street slows ahead of crucial jobs data; Robinhood hits $100, Trump’s Vietnam deal jolts footwear stocks, and Microsoft layoffs, Centene collapse shake sectors.
July 2, 2025: As Wall Street eases off its record-setting rally, investors are parsing through a slew of high-impact developments, including corporate layoffs, trade announcements, and earnings reports, all while awaiting Thursday’s key U.S. economic data.
🔻 Markets at a Glance:
- S&P 500: Dips 0.1% after record highs on consecutive days
- Dow Jones: Falls 16 points, turning negative for the day
- Nasdaq Composite: Down 0.1%, tracking closely with broader market sentiment
🚨 Top Headlines & Market Movers:
📉 Trump’s Trade Deal with Vietnam Jolts Market
Former President Donald Trump announced a new US-Vietnam trade deal, which immediately boosted footwear stocks like Nike, On Holding, Deckers, and Lululemon. Nike surged nearly 4%, before settling at a 1.7% gain. The deal includes:
- 20% tariff on all Vietnamese goods entering the US
- 40% tariff on goods suspected of Chinese transshipping through Vietnam
📈 Robinhood Rockets Past $100
Also Read: Nothing Phone Vs Apple Iphone : Which Of these Premium Smartphones should you Buy?
After being snubbed by the S&P 500, Robinhood (HOOD) shares soared past the $100 mark, up over 30% in the past week. The rally follows the company’s aggressive crypto expansion in Europe, aiming to overhaul financial infrastructure.
🏦 Big Banks Raise Dividends After Passing Fed Stress Test
Banks like Goldman Sachs, Morgan Stanley, JPMorgan, and Citigroup raised dividends and launched massive buyback programs post-stress test.
- JPMorgan: $50B share buyback
- Morgan Stanley: Reauthorizes up to $20B buyback
🏥 Centene Crash Sends Chill Through Health Insurers
Centene Corp. pulled its 2025 profit outlook due to unexpected risks in Affordable Care Act plans, causing a 40% stock plunge—its worst since going public in 2001.
Other insurers like Molina, Oscar Health, and Elevance also fell sharply.
☕ Coffee Prices Plummet
Arabica and Robusta futures dropped up to 4.4% as dry weather sped up Brazil’s harvest, while Trump’s Vietnam deal added uncertainty to global coffee flows. Arabica hit its lowest price since November 2024.
👟 Giorgio Armani Posts 24% Profit Drop
Facing weak luxury demand in China and the US, Giorgio Armani posted a 24% core profit fall in 2024 but said it remains committed to long-term investments.
💼 Microsoft Plans Second Round of Major Layoffs
Microsoft is preparing to cut another 9,100 jobs (~4% of its global workforce), marking its second big job purge in months. This follows a May layoff round that cut 6,000 employees.
📈 AirPods Supplier Luxshare Eyes $1B Hong Kong IPO
Luxshare, a key Apple supplier, is planning a Hong Kong listing this year, with help from Goldman Sachs and CICC, aiming to raise over $1 billion.
📅 What to Watch Next:
All eyes are now on Thursday’s US jobs report, which could signal the next move for the Federal Reserve on interest rates. A weak report may boost rate cut hopes, while a strong one could reaffirm economic resilience.
Tags:
US Stock Market, Dow Jones, S&P 500, Nasdaq, Robinhood, Nike, Trump Vietnam Deal, Microsoft Layoffs, Centene Crash, Coffee Futures, Fed Stress Test, Bank Dividends, Luxshare IPO