Wall Street dips as world stock markets take Trump’s tariffs in stride

Trump also announced a 100% tariff on imported computer chips, but he added “if you’re building in the United States of America, there’s no charge.”

“Large, cash-rich companies that can afford to build in America will be the ones to benefit the most,” said Brian Jacobsen, chief economist at Annex Wealth Management. “It’s survival of the biggest.”

DoorDash added 5% after the delivery app topped Wall Street’s profit expectations for the latest quarter. It attracted new customers and saw the total number of orders increase.

Duolingo, the language-learning app, jumped 13.7% after it crushed Wall Street’s expectations. The company said its subscription revenue grew 46% over the same period last year.

All told the S&P 500 edged down by 5.06 points to 6,340.00. The Dow Jones Industrial Average dipped 224.48 to 43,968.64, and the Nasdaq composite rose 73.27 to 21,242.70.

In stock markets abroad, indexes rose across much of Europe and Asia.

Stocks climbed 0.2% in Shanghai and 0.7% in Hong Kong after China reported that its exports picked up in July, helped by a flurry of shipments as businesses took advantage of a pause in Trump’s tariff war with Beijing.

Japan’s Nikkei 225 rose 0.6%. Toyota Motor’s stock fell after it cut its full-year earnings forecasts largely because of Trump’s tariffs, but Sony rose after the entertainment and electronics company indicated it’s taking less damage from the tariffs than it had expected.

In the bond market, the yield on the 10-year Treasury rose to 4.23% from 4.22% late Wednesday after the latest reports on the U.S. economy came in mixed.

One said that slightly more U.S. workers applied for unemployment benefits last week. That could be an indication of rising layoffs, but the number remains within its recent range.

“There is nothing to see here!” according to Carl Weinberg, chief economist at High Frequency Economics. “These are not nearly recession readings.”

A separate report said that productivity for U.S. workers improved by more during the spring than economists expected. That could help the U.S. economy grow without adding more pressure on inflation. And that’s particularly important when Trump’s tariffs look set to increase prices for all kinds of things that U.S. households and businesses buy.