Dow Jones and Nasdaq 100: Gold Miners Sink While US Indices Split on Trump Tariff Stance Today

Markets Split as Trump Hardens August 1 Tariff Stance

Major indexes diverged Tuesday as President Trump eliminated any wiggle room on his August 1 tariff deadline, posting on Truth Social that “no extensions will be granted” and “all money will be due and payable starting AUGUST 1, 2025.”

The Dow shed 0.3% to test 44,000 support after Monday’s 422-point rout, while the Nasdaq managed 0.2% gains. Small caps outperformed with the Russell 2000 up 1%.

Energy Leads While Gold Names Get Hammered

Energy topped sector performance with a 2.66% surge as traders positioned for domestic production benefits under Trump policies.

Technology held modest 0.28% gains despite tariff concerns, while healthcare added 0.49% on its domestic focus.

Gold miners took the hardest hit as bullion dropped over 1%. Triple Flag Precious Metals (TFPM) cratered 7% back to its 22.96 buy point, triggering a round-trip sell signal after giving back 10% gains. Agnico-Eagle Mines (AEM) fell 5% below its 50-day line.

Banks Under Pressure From HSBC Downgrades

Major banks sold off after HSBC adopted a “more cautious stance” on large financials. JPMorgan Chase (JPM) and Bank of America (BAC) both dropped 3%, with BAC falling back below its 47.98 consolidation breakout. Goldman Sachs (GS) slipped 2% on the downgrades.

The financial sector declined 0.88% overall, adding to Monday’s weakness as traders reassess bank prospects under tighter trade policies.

Tech Mixed on OpenAI Concerns and Private Market Access

Datadog (DDOG) tumbled another 4% after Guggenheim slashed it to sell with a $105 target, citing revenue risk from OpenAI potentially moving to in-house solutions. The analyst estimates this could create “2H revenue risk, especially in 4Q where we’re modeling 17% growth.”

Meanwhile, SoFi Technologies (SOFI) jumped 4.6% to 52-week highs on news it’s expanding into private market funds, offering access to OpenAI and SpaceX investments.

Solar Stocks Crater on Green Energy Rollback

Solar names plunged after Trump’s executive order targeting green energy subsidies. Sunrun collapsed 12%, Enphase dropped 3.7%, and First Solar fell 4.7% as traders priced in subsidy rollbacks.

Utilities fell 1.06% on reduced green energy emphasis and higher rate expectations.

Market Forecast: Choppy Action Until Tariff Clarity

Bank of America economists suggest the tariffs aren’t a “done deal” despite Trump’s firm deadline, estimating they could add 0.1pp to inflation while subtracting similar amounts from growth. The extension from July 9 to August 1 “suggests there is still room for negotiation.”

With advancers beating decliners 2-to-1 on both exchanges, underlying market internals remain constructive despite headline weakness. Small-cap outperformance signals rotation toward domestic-focused plays ahead of potential trade restrictions.

Expect continued sector rotation into energy and materials while international exposure faces headwinds. The August 1 deadline provides a clear catalyst, but implementation details remain the key variable for market direction.

More Information in our Economic Calendar.