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Pool Corp misses Q2 as revenue falls short of $1.85B consensus
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Jul 24 2026, 18:07
Small businesses sue Trump over 301 tariffs as chip stocks slide 3%
**A lawsuit from multiple small businesses challenges the legality of Trump's 301 tariffs covering 99.4% of U.S. trade.** Multiple small businesses sued the Trump administration Friday over its new round of 301 tariffs, challenging duties covering 99.4% of U.S. trade as the semiconductor index slid 3%. "We commit to continuing to use tariffs and to negotiate deals to support the reindustrialization of our economy," Jamieson Greer, the U.S. Trade Representative, said in Senate testimony Wednesday. The new tariffs, set between 10% and 12.5%, apply to 60 trade partners and took effect at 12:01 a.m. ET Friday, replacing the temporary 10% global duties imposed under Section 122 of the 1974 Trade Act. The S&P 500 rose 0.36% and the Dow added 0.53%, while the Nasdaq slipped 0.13% as technology stocks lagged. The lawsuit introduces fresh legal uncertainty around the administration's trade agenda, which suffered a major setback in February when the Supreme Court struck down Trump's "liberation day" duties. If the challenge gains traction, it could delay or alter tariff implementation, creating downside risks for trade-exposed industries while offering potential upside for affected importers. ### Legal Challenge Adds to Trade Uncertainty The plaintiffs filed the challenge under the Administrative Procedure Act, arguing the 301 tariffs exceed the president's statutory authority. The case is the latest in a series of legal battles over Trump's use of trade powers since the Feb. 20 Supreme Court ruling, which may embolden further challenges to other trade actions. The semiconductor index's 3% decline reflects the sector's particular vulnerability to trade disruptions, as chipmakers rely on complex supply chains spanning Taiwan, South Korea, Malaysia and other countries affected by the new duties. Each major tariff escalation since 2018 has triggered outsized moves in chip stocks, making the sector a bellwether for trade-sensitive industries. The White House has also imposed 25% tariffs on most imports from Brazil, effective this week, and 50% tariffs on a wide range of Canadian goods set to begin next month. These actions, combined with the new 301 tariffs, represent the administration's most aggressive trade posture since Trump returned to office. The last major Section 301 escalation occurred in 2018-2019, when the first Trump administration imposed duties on $370 billion of Chinese goods. That round triggered retaliatory tariffs from Beijing and reduced bilateral trade by roughly 15% over 12 months, according to Census Bureau data. The current escalation covers a broader set of 60 economies, though at lower average rates of 10% to 12.5%, compared with the 25% rates applied to Chinese goods in the earlier round. A senior Trump administration official described the forced labor action as "the most sweeping international labor rights action the United States has ever taken — that any country has ever taken." The USTR has yet to finalize a separate Section 301 investigation into excess manufacturing capacity by 16 economies, leaving open the possibility of further tariff actions. For investors, the legal challenge adds a new variable to an already uncertain trade outlook. If the lawsuit succeeds in narrowing or blocking the current tariffs, companies in affected sectors — particularly semiconductors, consumer goods and industrial equipment — could see relief on import costs. Conversely, a prolonged legal battle could keep businesses in limbo, delaying supply chain adjustments and investment decisions. This article is for informational purposes only and does not constitute investment advice.
Jul 24 2026, 18:05
Brent crude dives 4% to $96.64 as Strait of Hormuz tanker traffic collapses
**Oil prices tumbled Friday as a 4% drop in Brent crude snapped a week of gains fueled by Middle East supply fears.** Brent crude fell 4% to $96.64 a barrel Friday as only one oil tanker transited the Strait of Hormuz, the lowest daily count since May 7, deepening a supply disruption from the Middle East conflict. "If escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring," said Teddy Bunzel, head of geopolitical advisory at Lazard Asset Management. The pullback pushed the U.S. Dollar Index lower as safe-haven demand eased, while the 10-year Treasury yield slid to 4.66% from 4.71%. The S&P 500 rose 0.4% as falling crude tempered inflation concerns. Despite Friday's decline, Brent remains on track for a weekly gain of about 10% after settling above $100 a barrel Thursday for the first time since May. The 4% plunge masks a market still pricing severe supply risk. Before the Iran conflict escalated in late February, Brent traded around $72 a barrel. With strategic reserves depleted and OPEC+ meeting later this month to discuss output policy, the buffer against further supply shocks has narrowed considerably. The collapse in Strait of Hormuz traffic — a chokepoint for about 20% of global oil consumption — has been the primary driver of crude's rally this week. Kpler data showed only one tanker crossed the strait Thursday, highlighting how quickly the waterway has emptied since hostilities intensified. The last time transit volumes fell to similar levels was in early May, when a previous round of tensions briefly disrupted shipping lanes. The dollar's retreat against major currencies provided the clearest signal that Friday's oil selloff was driven by profit-taking and hopes for diplomacy rather than a fundamental shift in supply-demand balances. The dollar index weakened as demand for safe-haven assets declined, with traders citing reports of potential new U.S.-Iran peace talks as a trigger for the reversal. EUR/USD and GBP/USD gained ground while USD/CAD, sensitive to crude prices given Canada's oil exports, slipped. Higher crude prices earlier in the week had already begun filtering through to consumer budgets. The national average U.S. gasoline price stood at $4.10 a gallon, according to AAA — nearly a dollar higher than a year ago and threatening to squeeze household spending just as the Federal Reserve prepares for its July meeting. Markets now price about a 36% probability of a rate hike at the upcoming meeting, according to CME FedWatch, up from near zero before the oil rally began. The last time Brent surged past $100 and then corrected more than 4% in a single session was in April, following a similar pattern of geopolitical escalation followed by diplomatic overtures. In that instance, crude stabilized around $95 before resuming its upward trend two weeks later as talks stalled. This article is for informational purposes only and does not constitute investment advice.
Jul 24 2026, 18:02
Cogent Communications sued for securities fraud after 80% stock decline
Cogent Communications Holdings was sued for securities fraud after its stock lost more than 80% of its value, falling from a class-period high above $86 to less than $17. "Behind everything we do is the belief that companies should be governed responsibly, fiduciaries should be held accountable, and shareholders deserve transparency and fairness," Brian J. Robbins, founding partner of Robbins LLP, said in a statement announcing the firm's investigation. The class action, filed on behalf of investors who purchased Cogent (Nasdaq: CCOI) securities between Feb. 29, 2024 and May 2, 2026, alleges the company made false and misleading statements about its optical wavelength business. According to the complaint, the vast majority of orders in Cogent's purported wavelength "backlog" were unlikely to ever result in paid orders, and large quantities of customers in that backlog were unable or unwilling to accept delivery. The company also allegedly misrepresented customer demand and lacked a reasonable basis for its revenue and margin targets, the suit claims. Additionally, the complaint alleges there was a material undisclosed risk that defendant Schaeffer would be forced to sell large quantities of Cogent stock due to high-risk pledging activities. Cogent, one of the largest carriers of internet traffic globally, saw its shares peak above $86 during the class period before the disclosures emerged. The stock subsequently fell to less than $17, erasing more than $2 billion in market value. The lawsuit seeks to recover losses for affected shareholders. Investors have until a court-determined deadline to seek appointment as lead plaintiff in the case. The litigation adds legal uncertainty to a company already facing questions about its wavelength services strategy and dividend sustainability. This article is for informational purposes only and does not constitute investment advice.