The Dow, S&P 500 and Nasdaq retreat from record highs as President Trump rolled out a fresh tariff against Canada, following Brazil hit. Meanwhile, the Federal Reserve and Chairman Powell are under fire for spending on renovations.

The U.S. investment bank goes through the reasons why the stock market keeps rising as new and higher tariff levels get announced.

Fastenal (FAST) kicked off Q2 earnings this morning with a solid beat: $2.08B in revenue, $0.29 EPS. It’s a small name, but it opens the floodgates for a week that includes JPMorgan, Wells Fargo, Citigroup, and tech giant Netflix.

Trump said this week that there would be no new extensions granted for the August 1 deadline. Market pros tell BI where they see winners and losers.

The S&P 500 and Nasdaq composite closed at record highs on Thursday, and ended the week just below those levels.

Constellation Brands (NYSE:STZ) was the second biggest decliner in the S&P 500 Index on Monday as investors digested the weekend's tariff escalation and the resulting market anxiety. The company continues to be significantly affected by recent tariff developments,

A fresh batch of inflation risks were emerging in July as President Donald Trump escalated his trade war. Copper prices surged, tariff pressures bubbled up in earnings, and even a morning coffee could be getting more expensive.

Markets are dropping off from record highs with Trump's tariffs in focus as key inflation data and earnings season loom.