This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.
What Happened in Markets Today
Canada unveiled retaliatory tariffs on the U.S. Canadian officials said that effective Sept. 8, or the day after Labor Day, Canada plans to place tariffs ranging between 15% and 50% on about $20 billion of goods, or roughly 7% of total U.S. imports. Among the products targeted by Canada are U.S. steel, aluminum, motorcycles, washers and dryers, chain saws, processed cheese, clams and frozen octopus. U.S. steel and aluminum were already subject to a 25% tariff, but that will now double to 50%, officials said.
Oil was lower, easing pressure on bonds. Oil prices fell as traders appeared relieved that the Trump administration is focusing on economic rather than military measures against Iran. Front month Brent crude declined 3.9% to $88.58 per barrel. That in turn alleviated some of the inflation fears embedded in bond yields. The 10-year Treasury yield declined 0.065 percentage point to 4.638%.
Stocks were mostly higher. The S&P 500 rose 0.3%, the Nasdaq gained 0.6% and the Dow added 160 points, or 0.3%.
Dick's Sporting Goods plummeted on weak sneaker sales. Dick's Sporting Goods lowered parts of its outlook, citing industry-wide challenges that weighed particularly heavily on its Foot Locker business. It said it increased promotions to compete with rivals, who are lowering prices to cope with weaker demand. Dick's ended the day down 31%. Other sportswear and retail brands declined as well, including Nike, lululemon, Under Armour and Target.
Markets at a Glance
One Big Story
SpaceX's record-breaking IPO tested the limits of an obscure financial metric. Anthropic's could push it even further.
The maker of Claude is likely to tell investors its potential revenue opportunities are above $30 trillion, topping SpaceX's $28.5 trillion estimate, according to people familiar with the matter.
What's Coming Up
Wednesday morning will see data on personal income, consumer spending, and the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Price Index.
Attention will then turn to Nvidia earnings, due after the close of trading on Wednesday.
Be prepared for the trading day ahead-sign up for Markets A.M.
About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Aaron Back, Editor of Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.
