These are top 10 stocks traded on the Robinhood UK platform in July
Investing.com-- U.S. stock index futures fell slightly on Wednesday evening as markets grappled with hawkish signals from the Federal Reserve and the prospect of more trade tariffs under President Donald Trump.
Losses in defense stocks also weighed, with major Palantir Technologies Inc (NASDAQ:PLTR) falling sharply on a report that the White House was considering defense budget cuts.
Futures retreated after a mildly positive session on Wall Street, as the S&P 500 still managed to creep up to record highs. But Wall Street has fallen into a tight trading range in recent sessions, amid a dearth of positive cues.
S&P 500 Futures fell 0.1% to 6,157.25 points, while Nasdaq 100 Futures fell 0.1% to 22,232.0 points by 18:19 ET (23:19 GMT). Dow Jones Futures fell 0.1% to 44,666.0 points.
Palantir tumbles on report of military budget cuts
Palantir fell more than 4% in aftermarket trade, extending losses after an over 11% slump during Wednesday’s session. Other defense stocks such as Lockheed Martin Corporation (NYSE:LMT) and Rtx Corp (NYSE:RTX) clocked mild aftermarket losses.
The Washington Post reported that Defense Secretary Peter Hegseth had ordered senior Pentagon leaders to prepare for an at least 8% budget cut every year for the next five years.
Losses were more concentrated towards Palantir after a filing showed CEO Alex Karp had adopted a new trading plan that will allow him to sell nearly 10 million shares in the company over the next six months.
The company- which is a major recipient of U.S. defense contracts, was also subject to heavy profit taking after its shares hit a series of record highs in the past week.
Palantir is one of the best-performing U.S. stocks in the past year, as investors largely cheered the company’s AI and drone technology products- which landed the firm a slew of defense contracts.
Fed signals, Trump tariffs limit Wall St gains
Wall Street indexes clocked mild gains on Wednesday, although sentiment was largely quashed by hawkish signals from the Federal Reserve, while Trump flagged more tariffs on key sectors.
The minutes of the Fed’s January meeting reiterated the central bank’s concerns over sticky inflation and policy uncertainty, which is likely to deter any interest rates in the near-term.
Stronger-than-expected inflation readings from last week had furthered this notion.
Additionally, Trump said he will impose 25% tariffs on automobile, pharmaceutical, and chip imports- a move that could mark a potential escalation in a brewing global trade war.
Trump’s tariffs- which will be borne by U.S. importers- also raised concerns over a near-term increase in inflation.
The S&P 500 rose 0.2% to a record high of 6,144.09 points, while the NASDAQ Composite rose 0.1% to 20,057.25 points. The Dow Jones Industrial Average rose 0.2% to 44,627.46 points.