- Stocks fell after Trump announced steep tariff rates for 14 countries.
- Apple’s “F1: The Movie” is the tech company’s highest-grossing film release ever.
- CNBC’s ranking of the world’s 20 most valuable sports empires is out.
Here are five key things investors need to know to start the trading day:
1. Rough start
Stocks sank on Monday after President Donald Trump announced steep tariff rates for a swath of countries. All three indexes saw their worst day since mid-June: The Dow Jones Industrial Average fell 422.17 points, or 0.94%, while the S&P 500 lost 0.79% and the Nasdaq Composite slid 0.92%. Shares of some companies potentially affected by the duties — like Japanese automakers Toyota and Honda — dropped following the rate announcements. Tesla also weighed on markets Monday, with shares of the EV maker shedding nearly 7% after CEO Elon Musk said he was starting a new political party. Follow live market updates.
2. Letters of the law
In a series of letters posted to Truth Social on Monday, Trump announced new tariff rates for 14 U.S. trading partners that will take effect Aug. 1. According to the letters, the U.S. will impose a blanket tariff of 40% on imports from Laos and Myanmar, 36% on Cambodia and Thailand, 35% on Bangladesh and Serbia, 32% on Indonesia, 30% on Bosnia and Herzegovina and South Africa, and 25% on Japan, Kazakhstan, Malaysia, South Korea and Tunisia. The rates are relatively similar to the ones announced for each country in April, when Trump first unveiled his so-called reciprocal tariffs. Those steep tariffs have been on pause since April 9 and were set to kick in this week, but Trump on Monday signed an executive order extending the pause to Aug. 1. White House press secretary Karoline Leavitt indicated on Monday that more tariff rate letters will be released in the coming days.
3. $lump
Dollar feeble as Trump’s tax bill and tariffs weigh.
The U.S. dollar just had its worst first half since 1973. Through June, the U.S. currency fell 10.7% against its global peers, and the road ahead doesn’t look any smoother. “You’re running massive deficits, and nobody wants to stop that on either side of the aisle. You’re alienating friends both militarily and trade-wise. You’ve got enough potential negative catalysts. And then once momentum starts, it’s hard to kind of stop it,” said Art Hogan, chief market strategist at B. Riley Wealth Management. Indeed, policy volatility, growing debt and deficits, and possible interest rate cuts will likely remain considerations for investors in the second half. Still, some on Wall Street believe the downward trend could reverse. Treasury Secretary Scott Bessent told CNBC on Monday that currency fluctuations are “not out of the ordinary.”
4. Victory lap
Apple CEO Tim Cook attends the world premiere of “F1” at Times Square in New York on June 16, 2025.
Apple’s “F1: The Movie” raked in more than $293 million at the global box office over the weekend, making it the tech company’s highest-grossing film release ever. “It’s a perfect test case for how a streaming service can develop a film that’s tailormade for the big screen while simultaneously promoting the film across the millions of small screens that their technological footprint puts directly in front of their subscribers,” said Paul Dergarabedian, senior media analyst at Comscore. The film has also benefitted from its partnership with IMAX, bringing in $60 million — more than 20% of its total gross so far — from IMAX screenings. But the movie is still not quite profitable: “F1” cost between $200 million and $300 million to make, plus an estimated $100 million to market, according to reports.
5. Sports empires
Stan Kroenke of the Los Angeles Rams on the sideline during a game against the Philadelphia Eagles at SoFi Stadium on October 8, 2023 in Inglewood, California.
The world’s 20 most valuable sports ownership groups are together worth $225 billion, according to CNBC’s official sports empire valuations, which ranks Kroenke Sports & Entertainment at the top of the list. The portfolio owned by Stanley Kroenke — which includes the NFL’s Los Angeles Rams, the NHL’s Colorado Avalanche, the NBA’s Denver Nuggets and the Premier League’s Arsenal — is valued at $21.2 billion. Coming in second at a $15.53 billion valuation is the Jones family, which owns the NFL’s Dallas Cowboys. Harris Blitzer Sports & Entertainment is third, with its portfolio of the NFL’s Washington Commanders, NBA’s Philadelphia 76ers and NHL’s New Jersey Devils valued at $14.58 billion.
— CNBC’s Lisa Kailai Han, Sarah Min, Kevin Breuninger, Jeff Cox, Sarah Whitten and Michael Ozanian contributed to this report.