CNBC Daily Open: Solid earnings beats might mask tariff volatility these two weeks

• Aug. 1 is a 'hard deadline' for new tariffs.
• Trump wants a minimum tariff of 15%-20% on the EU.
• Scott Bessent reportedly urged Trump not to fire Jerome Powell.
• U.S. stock futures are little changed Sunday stateside.
• The Magnificent Seven are due to report earnings.

Friday, Aug. 1 — the “hard deadline” of U.S. President Donald Trump's updated tariffs — is less than two weeks away. Investors, however, seem mostly unbothered thus far. For last week, while the Dow Jones Industrial Average dipped marginally, the S&P 500 and Nasdaq Composite rose 0.6% and 1.5% respectively.

Even a report that Trump wanteda minimum of 15%-20% tariffs on the European Union only dealt a minimal blow to markets, which mostly closed unchanged Friday. Although those figures are higher than the universal 10% baseline tariff Trump reportedly wanted — and which the EU is hoping to secure — they are still lower than the 30% Trump said he will impose on the bloc in his July 12 letter.

An upbeat start to earnings season has alsohelped to quell tariff fears for now. Around 83% of the S&P 500 companies that have reported earnings have exceededexpectations, according to FactSet data. In particular, big banks such as JPMorgan Chase and Goldman Sachs, which serve as barometers for economic activity, had solid beats, boosting investor sentiment.

Next in the spotlight are Big Tech earnings, which will be released in the weeks right before Aug. 1.If better than expected, they might dispel geopolitical jitters — or cause investors to dismiss trade fears too readily. In these stormy times, every silver lining has a dark cloud.

What you need to know today

Aug. 1 is a 'hard deadline' for new tariffs. U.S. Commerce Secretary Howard Lutnick said Sunday that the tariffs will take effect next month, but left open the possibility of continuing trade negotiations after the date.

Trump wants a minimum tariff of 15%-20% on the EU. The Financial Times, which cited three people briefed on trade talks between the U.S. and the bloc, reported the news Friday. The European Union had been hoping for a deal similar to the U.K.'s.

Scott Bessent reportedly urged Trump not to fire Jerome Powell.However, the U.S. president denied a Wall Street Journal report that Bessent had warned him about the potential economic, political and legal consequences of dismissing the Federal Reserve Chair.

U.S. stock futures are little changed Sunday stateside. On Friday, the S&P 500 and Nasdaq Composite closed around the flatline. The Dow Jones Industrial Average, however, lost 0.32%. The Stoxx Europe 600 was mostly unchanged.

[PRO]The Magnificent Seven are due to report earnings. Alphabet and Tesla will announce their second-quarter financial results Wednesday. If they top the results that investors are expecting, markets could receive a boost.

'30% is untenable': From Irish whiskey to Italian cheese, Trump's tariff threat rattles EU exporters

Along the “last road in Ireland,” on the country's rugged west coast, June O'Connell's business Skellig Six18 makes gin and whiskey — a time-intensive process guided by the wind, rain and cool temperatures that roll in year-round off the Atlantic.

America was a natural target market once their first spirits were ready to sell in 2019, according to O'Connell, given its strong familiarity with Ireland and big appetite for premium drinks. Her first products left County Kerry in November 2023 for a U.S. launch in early 2024.

Then the political tide started turning in the White House.