Wall Street Mixed as Nasdaq Rises, Dow Dips Amid Trump Tariff Threats

Markets remain choppy with Nasdaq edging up and Dow slipping slightly. Trump's proposed 30% tariffs on EU and Mexico spark caution while oil service stocks slide 3%.

The Nasdaq is up 33.86 points or 0.2% at 20,619.38, the Dow is down 10.50 points or less than a tenth of a% at 44,361.01 and the S&P 500 1.51 points or less than a tenth of a% at 6,258.24.

Wall Street trading remains choppy despite President Trump's threat to impose 30% tariffs on EU and Mexican imports starting August 1st. Trump argued that the U.S. has been exploited in trade for decades, costing trillions. In response, the EU has extended its suspension of countermeasures to allow time for negotiations. Traders remain cautious ahead of key upcoming economic reports.

Oil service stocks significantly moved downwards with the Philadelphia Oil Service Index plunging by 3.0%. Oil producer, steel and housing stocks too saw notable weakness while brokerage stocks were visibly strong.

Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index dipped by 0.3% while China's Shanghai Composite Index rose by 0.3%. The major European markets have also turned mixed on the day while the U.K.'s FTSE 100 Index is up by 0.4%, the French CAC 40 Index is down by 0.4% and the German DAX Index is down by 0.7%.

In the bond market, treasuries have shown a lack of direction over the course of the session. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.73%.

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