Review of the stock market news: Spy, qqq trips on the feeling of sour consumption while the Trump-Putin summit starts

The S&P 500 ETF (SPY) and the NASDAQ 100 ETF (QQQ) have closed in negative territory while investors are waiting for a high challenges summit between President Trump and Russian President Vladimir Putin.

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The two leaders have already approached the Elmendorf-Richardson military base in Anchorage, Alaska, with ongoing discussions to end the Russian-Ukraine War. The meeting, initially planned to be an individual event, now consists of three participants on each side. Trump is joined by US Secretary of State Marco Rubio and special envoy Steve Witkoff, while Putin is accompanied by the Minister of Foreign Affairs Sergey Lavrov and aid to foreign policy Yury Ushakov.

“All I want to do is set the table for the next meeting, which should happen shortly,” said Trump before taking off in Alaska. Earlier this week, he explained that a second meeting could include Ukrainian President Volodymyr Zelenskyy and other European leaders.

Meanwhile, the market was shocked after the preliminary preliminary index of the feeling of consumers of the University of Michigan showed a reading of 58.6, below the expectation of 62.0 and in fall of 61.7 in July. If reading is valid, it would mark the first drop after four consecutive months of increase.

“Overall, consumers are no longer preparing at the worst case for the economy fearing in April when reciprocal prices were announced and then paused,” said consumer director Joanne Hsu. “However, consumers continue to expect inflation and unemployment to deteriorate in the future.”

In addition, consumers are now expecting one -year inflation to 4.9% against 4.5% in July. Long -term inflation expectations increased to 3.9% against 3.4%. The high index of producers’ prices (PPI) in July and the Consumer Price Index (IPC) add to the proof that inflation could be mounted when consumers are facing higher prices of the Trump administration.

Import prices are also increasing, which indicates that American trade partners do not reduce prices in order to compensate for an increase in internal prices. July import prices increased by 0.4% per month, before the expectations that prices remain unchanged. Import prices dropped 0.2% in annual shift.

On the price front, Trump said that he would announce the importing rate of semiconductors in the coming weeks, adding that it could reach 200% or 300%. It is much higher than the 100% figure that he suggested during a White House event with the CEO of Apple (AAPP) Tim Cook earlier this month.

The S&P 500 (SPX) closed with a loss of 0.29% while the NASDAQ 100 (NDX) dropped by 0.51%.

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