Asian shares and US stock-index futures declined as trade tensions escalated, prompting investors to seek safe-haven assets like gold. President Trump’s threat to double tariffs on steel and aluminum imports heightened concerns about a potential economic recession. Market participants are also monitoring a sweeping tax bill that threatens to burgeon US deficit.
No longer magnificent? How Apple, Microsoft and other Mag 7 stocks are crumbling under AI pressure
The Magnificent Seven are underperforming as investors question whether massive AI spending will generate adequate returns. With $2.3 trillion erased in June, markets are shifting
July 2, 2026