Tariff policy
Trump said imports from the EU and Mexico would each face a 30% tariff starting August 1.
Jul 12, 2025 · QQQ/SPY Market Review · 3 headlines
Tariff action, Nvidia scrutiny and Meta's AI deal shape weekend news
U.S. markets were closed for the weekend, leaving QQQ at the prior close of 554.21 and SPY at 623.61. Trump said 30% tariffs on imports from the EU and Mexico would begin August 1. U.S. senators warned Nvidia CEO Jensen Huang that his planned China trip could undermine export controls. Meta also completed its acquisition of AI voice startup PlayAI, whose team was set to join the company the following week.
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What shaped the session
Nvidia export-control scrutiny
Senators Elizabeth Warren and Jim Banks warned that Jensen Huang's planned China trip could undermine U.S. export controls and legitimize companies tied to Chinese military and intelligence services.
Meta AI acquisition
Meta completed its acquisition of AI voice startup PlayAI, with the PlayAI team set to join Meta the following week.
Key news
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