Stocks Power Ahead On Wall Street as Investors Overlook Start of Trump's Tariffs

Barry Adams
07 Aug, 2025
New York City

Stocks on Wall Street meandered, and the U.S. president unveiled new tariffs on India and on imported advanced chips.

The S&P 500 index edged up 0.6%, the Nasdaq Composite gained 0.8%, and Donald Trump announced tariffs of 100% on advanced chips but offered broad exemptions. 

The vague and misleading posts by the U.S. president on his social media platform raised more questions than answers, because they lacked a specific timetable, nature of duty, and applicable product ranges.

The latest Trump announcements follow a string of dubious claims made by the Trump administration about a deal with China, the European Union, and Japan. 

The so-called deal with Japan is not even in writing, allowing both sides to walk away at a later date. 

Trump slapped an additional 25% import duty on imports from India, with a 21-day delay, for the continued purchase of Russian oil, which was previously encouraged by the Biden administration and the European Union. 

The international community deems the Trump administration's weaponization of tariffs as a double-edged sword, and countries are laying groundwork to ramp up their trade negotiations that exclude the U.S. 

China has ramped up its exports of electric vehicles to Brazil, Mexico, Nepal, ASEAN, the Middle East, and Russia. 

Japan is looking to increase its exports to India, the ASEAN region, and the Middle East. 

India and China are negotiating a broader trade deal, paving the way for the shift of manufacturing of electric appliances and semiconductors to the third-largest economy in Asia. 

 

U.S. Stock Movers 

DoorDash Inc. jumped 7.9% to $278.50, and the food delivery company reported better-than-expected quarterly results. 

Consolidated revenue in the June quarter increased to $3.3 billion from $2.6 billion, net income swung to a profit of $285 million from a loss of $157 million, and diluted income per share swung to a profit of 65 cents from a loss of 38 cents a year ago.

Shopify Inc. jumped 22% to $154.90 after the online shopping platform operator reported strong quarterly results, driven by a surge in revenue in its European operations. 

Consolidated revenue in the June quarter increased to $2.6 billion from $2.0 billion, net income jumped to $906 million from $171 million, and diluted earnings per share rose to 70 cents from 13 cents a year ago.

For the six-month period, revenue advanced to $5.0 billion from $3.9 billion, net income swung to a profit of $224 million from a loss of $102 million, and diluted earnings per share rose to an income of 17 cents from a loss of 8 cents a year ago.

Airbnb Inc. dropped 6.5% to $121.95, and the online vacation rental company said net loss shrank in the second quarter.

Consolidated revenue in the June quarter increased 13% to $3.1 billion from $2.7 billion, net income advanced 16% to $642 million from $555 million, and diluted earnings per share rose to $1.03 from 86 cents a year ago. 

The company guided third-quarter revenue between $4.02 billion and $4.10 billion and adjusted earnings per share to increase to $2.0 billion. 

Duolingo Inc. soared 25% to $430.0 after the free language-learning app reported a 42% jump in revenue in the second quarter. 

The daily active users rose 40% to 47.7 million, and the company guided third-quarter revenue between $257 million and $261 million. 

“We exceeded our own high expectations for bookings and revenue this quarter and did it while expanding profitability,” said CEO and co-founder Luis von Ahn in a note to investors.