S&P 500 Wipes Out 1% Gain in Final Stretch of July: Markets Wrap

A rally in stocks sputtered ahead of Donald Trump’s tariff deadline, with the White House asking drugmakers to cut US prices. Bonds wavered in the run-up to jobs data. The dollar saw its best month in 2025.

The S&P 500 erased a 1% gain for the first time since April. Trump sent letters to 17 of the largest pharmaceutical companies. A gauge of the “Magnificent Seven” hit all-time highs as Microsoft Corp. briefly topped $4 trillion while Meta Platforms Inc. jumped 11%. In late hours, Apple Inc. reported sales that beat estimates. Amazon.com Inc.’s outlook underwhelmed traders. ...