Key Takeaways
- President Trump expressed strong disapproval of the European Union's recent $3.5 billion antitrust fine on Google (GOOGL), labeling it "unfair" and a "source of income" for Europe, and threatened retaliatory tariffs against the bloc.
- The S&P 500 Index (SPX) is set to undergo significant changes, with AppLovin (APP), Robinhood Markets (HOOD), and Emcor Group (EME) joining the benchmark index before market open on September 22.
- Trump identified Christopher Waller, Kevin Warsh, and Kevin Hassett as potential candidates for the Federal Reserve, while Treasury Secretary Scott Bessent reportedly declined interest in the Fed Chair position.
- The President also voiced "very upset" sentiments regarding Brazil's trade practices and legal actions against former President Jair Bolsonaro, alongside expressing concerns about the U.S. "losing" India and Russia to China.
President Trump has escalated his rhetoric against the European Union, criticizing its recent imposition of a $3.5 billion antitrust fine on Google (GOOGL). Trump described the fine as "very unfair" and "almost like tax," suggesting it serves as a "source of income" for Europe rather than a legitimate regulatory action. He indicated that tech CEOs had brought these concerns to him and warned of potential retaliatory measures, including initiating a Section 301 proceeding to nullify the penalties. The President affirmed his intention to engage in discussions with the EU to address these perceived injustices.
In significant market news, S&P Dow Jones Indices announced that AppLovin (APP), Robinhood Markets (HOOD), and Emcor Group (EME) are slated to join the S&P 500 Index (SPX). These additions will take effect before the market opens on September 22, with the companies replacing MarketAxess Holdings (MKTX), Caesars Entertainment (CZR), and Enphase Energy (ENPH). Furthermore, Uber Technologies Inc. (UBER) is set to replace Charter Communications Inc. (CHTR) within the S&P 100, reflecting ongoing shifts in market capitalization and sector representation.
On the domestic front, President Trump provided insights into his considerations for future leadership at the Federal Reserve. He named Christopher Waller, Kevin Warsh, and Kevin Hassett as candidates under review for the central bank. Notably, Treasury Secretary Scott Bessent has reportedly indicated he does not seek the Fed Chair role, preferring to remain in his current position. Trump specifically mentioned he is "looking at Hassett for Fed," signaling a potential preference among the named individuals. The President also projected a "big year" for GDP in the "year after next."
Globally, Trump expressed "very upset" sentiments regarding Brazil, labeling it a "horrible trading partner" due to its high tariffs on U.S. goods. He also criticized Brazil's legal proceedings against former President Jair Bolsonaro, describing them as a "political execution" and threatening 50% tariffs on Brazilian imports if the situation is not resolved. Separately, the President made a striking geopolitical observation, stating, "Looks like we've lost India and Russia to deepest, darkest, China." Despite this, he also conveyed that there is "nothing to worry about with US-India relations" and affirmed his enduring friendship with Prime Minister Modi, though earlier remarks noted "moments" of tension. Trump additionally mentioned that Chinese President Xi Jinping and Russian President Vladimir Putin would be observers at the upcoming G-20 summit, which the U.S. will host at his Doral resort.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.