Stock Market Update

[BRIEFING.COM] The stock market hit a wall with President Trump's acknowledgment that he has ended trade discussions with Canada due to its 400% tariff on dairy products and digital services tax. He left things vague, saying, "We will let Canada know the tariff that they will be paying to do business with the United States of America."

This comes ahead of the July 9 expiration date for the pause on reciprocal tariffs and serves as an example, perhaps, of the blowback other countries might face if it is thought they are not working diligently to get a trade deal with the U.S.

One can see the cause and effect in this headline, which hit around 1:40 p.m. ET, but it is harder to ascertain if the market is really bothered by this news or is simply seeing it as an excuse to do some month-end selling following a tremendous run by the market. It has the semblance of being bothersome, given that the inflation-sensitive 10-yr note yield jumped at the same time, going from 4.24% to 4.29%.

In any case, most stocks have been rolled back from higher levels. The S&P 500, up as much as 0.8%, is now down 0.1% for the session.