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Top stories today:
- House expected to pass Trump tax bill at 8 AM ET
- Vietnam trade deal with 20% import tariff reached, Trump says
- Tesla sales -13% YoY in Q2, stock +5% on better-than-feared drop
- OpenAI, Oracle expand Stargate deal for more U.S. data centers
- Trumpās crypto windfall tops $620M, eclipses real estate deals
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. House expected to pass Trump tax bill at 8:00 AM ET after 219-213 procedural vote
88% odds of passing today, according to Polymarket.
Trump kept urging Republicans on social media to vote.
Gamblers have raised concerns that the Senate GOPās $1.1B tax hike would limit loss deductions to 90% of income.
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3. Vietnam trade deal with 20% import tariff reached, Trump says
Vietnam is one of the biggest sources of trade deficits for the U.S.:
A 20% tariff will apply to Vietnamese exports to the U.S., with a 40% levy on transshipped goods, Trump said.
Trump pledged to continue cooperating āin resolving issues affecting bilateral trade relationsā during the leadersā call Wed., Vietnamās foreign affairs ministry said.
The U.S. recognized Vietnam as a āmarket economy and remove export restrictions on certain high-tech products,ā Communist Party chief To Lam said.
3rd deal after the UK and China agreements.
However, the Vietnam deal risks provoking retaliatory steps from China, analysts believe.
U.S. purchases from Vietnam surged amid China trade tensions
2024: $15B were the U.S. exports to Vietnam.
+2% in Nike share following the trade deal news, while Gap and Lululemon Athletica stock were little changed.
Vietnam is a critical production hub for apparel companies.
