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

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 wanted a 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 also helped to quell tariff fears for now. Around 83% of the S&P 500 companies that have reported earnings have exceeded expectations, 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.

'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.

— Jenni Reid