Here are five key things investors need to know to start the trading day:
1. On edge
Stock futures were slightly higher before the bell on Wednesday as traders braced for more tariff updates out of the White House. In a Tuesday evening Truth Social post, President Donald Trump indicated that he would make trade announcements concerning at least seven more countries on Wednesday. “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon,” he wrote in the post. The S&P 500 ended Tuesday’s trading session little changed following Monday’s sell-off, slipping just 0.07%. The Dow Jones Industrial Average closed the session down 165.60 points, or 0.37%, while the Nasdaq Composite inched 0.03% higher. Follow live market updates.
2. Metal and medicine
President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House in Washington, July 8, 2025.
Andrew Caballero-Reynolds | AFP | Getty Images
The U.S. will impose a 50% tariff on copper imports from its trading partners, Trump announced on Tuesday, sending copper prices to a record high. The president did not say when the duty would take effect, but Commerce Secretary Howard Lutnick told CNBC’s “Power Lunch” that he expected the levy to be in place by the end of the month. Trump on Tuesday also threatened to tariff pharmaceutical imports by as much as 200%, but he said he will “give people about a year, year and a half” to “get their act together” before imposing the steep rate. Lutnick told CNBC that further details about pharmaceutical tariffs would come “at the end of the month.” Pharma stocks remained largely unchanged after Trump’s comments.
3. Succession
Jeff Williams, chief operating officer of Apple Inc., during the Apple Worldwide Developers Conference (WWDC) at Apple Park campus in Cupertino, California, US, on Monday, June 9, 2025.
David Paul Morris | Bloomberg | Getty Images
Apple’s Chief Operating Officer Jeff Williams will retire later this year, the company announced on Tuesday. Current Senior Vice President of Operations Sabih Khan will assume the role later this month “as part of a long-planned succession,” the press release said. Williams will continue to lead the company’s design unit, Apple Watch and Health initiatives, and report to CEO Tim Cook until his retirement. The 27-year Apple veteran — who previously helmed its operations division and its industrial design team — is the latest longtime executive to step down from the company. His departure comes as Apple’s supply chain faces pressure from tariffs on countries where it sources its devices, as well as pressure from the White House to increase production in the U.S.
4. Ticket to ride
A Waymo self-driving car, seen with a driver, stops at a red light outside the U.S. Capitol in Washington, D.C., on Friday, March 31, 2025.
Bill Clark | CQ-Roll Call, Inc. | Getty Images
Teens in Phoenix, Arizona, can now hail rides from Waymo. The Alphabet-owned robotaxi company announced on Tuesday that teens between the ages of 14 and 17 will be able to call fully autonomous rides through accounts linked to those of their parents. The program will initially be offered in Phoenix, but a spokesperson said teen accounts will become available in more cities in the future. Waymo’s widened age policy, which otherwise requires account holders to be at least 18 years old, comes amid the company’s push to increase ridership and further expand its ride-hailing service in the U.S. Waymo on Monday said it will start testing in Philadelphia after announcing last month that it planned to test vehicles manually in New York City.
5. Bull fight
Elon Musk, chief executive officer of Tesla Inc., during a meeting between US President Donald Trump and Cyril Ramaphosa, South Africa’s president, not pictured, in the Oval Office of the White House in Washington, DC, US, on Wednesday, May 21, 2025.
Jim Lo Scalzo | Bloomberg | Getty Images
Tesla CEO Elon Musk lashed out at Wedbush Securities’ Dan Ives on Tuesday, telling him to “shut up” after the Tesla bull posted comments on X critical of Musk’s political activity. In his post, Ives called on the company’s board to create a new pay package for Musk with 25% voting control, impose “guardrails” on how much time Musk spends at Tesla and establish “oversight on political endeavors.” In a separate note titled “The Tesla board MUST Act and Create Ground Rules For Musk; Soap Opera Must End,” Ives and other Wedbush analysts said Musk’s plans to start a new political party create a “tipping point” for the company. The firm still maintained its price target and buy recommendation. Shares of Tesla fell nearly 7% on Monday after the CEO said he will launch the “America Party,” wiping out $68 billion in market cap.
— CNBC’s Lisa Kailai Han, Sarah Min, Pia Singh, Kevin Breuninger, Annika Kim Constantino, Kif Leswing, Jennifer Elias and Lora Kolodny contributed to this report.
