US Stock Market: Dow Slips, Robinhood Surges After Trump Announces Vietnam Trade Deal: Nike, Coffee Futures Trade Higher

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.

Also Read: Indian-Origin Entrepreneur Buys Island Near Singapore to Build ‘New Country’ for Tech Founders

🔻 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

Also Read: Microsoft to Lay Off Over 9,000 Employees in Major Workforce Reduction, Second Round in Months

🚨 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

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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.

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📅 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.

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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