Dow Jones - 44,240.76 (-0.37%) 

Nasdaq - 20,418.46 (+0.029%) 

S&P 500 - 6,225.52 (-0.07%) 

• Tariffs spook investors. U.S. stocks ended mostly lower on Tuesday as Wall Street digested President Trump’s renewed tariff threats, which came despite a temporary three-week pause on the broader “Liberation Day” trade measures. The S&P 500 (^GSPC) edged down marginally, while the Dow Jones Industrial Average (^DJI) declined by about 0.4%. Meanwhile, the Nasdaq Composite (^IXIC) managed to inch slightly above the flatline, following losses across all three indexes in the previous session.
• S&P 500 predictions. Goldman Sachs raised its year-end S&P 500 target to 6,600 late Monday, up from a prior estimate of 6,100. Bank of America followed with its own upgrade, raising its year-end S&P 500 target to 6,300 from the prior 5,600.
• A sharp sell-off in global bonds. The sell off was triggered by concerns in Japan over fiscal risks tied to its upcoming election, sent ripples through major debt markets worldwide.
• U.S. Treasury yields climbed. Both the 10-year and 30-year notes rising 5 basis points, pushing the long bond close to the critical 5% threshold. The 10-year Treasury yield increased by two basis points to 4.41%, marking its highest level since June 20, driven by ongoing inflation worries related to trade tensions and last week’s robust jobs report.
• Expectations for a Fed rate cut continue to diminish. The CME FedWatch Tool places the chance of a July cut below 5%, while odds of at least one cut by September stand at 66%.
• Tariff news. On Tuesday morning, Trump said there would be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs.
• Copper futures surged. President Trump said he would impose a 50% tariff on imports to the US. Copper futures at one point soared by over 10%.
• The One Big Beautiful Bill Act introduces several key updates that impact U.S. homeowners. The law permanently maintains the $750,000 cap on the mortgage amount eligible for the mortgage interest deduction and brings back a provision allowing homeowners to deduct mortgage insurance premiums as interest—a benefit that applies to millions of property owners. 
• WTI crude oil hovered near 2-week highs. WTI crude oil futures rose 0.6% to settle at $68.30 per barrel. The EIA trimmed its forecast for 2025 U.S. crude oil output. The U.S. to produce less oil this year than previously expected amid declining prices.
• Gold slipped over 1% on trade optimism. Data released Tuesday by the World Gold Council (WGC) shows that physically backed gold ETFs saw their largest six-month inflow since early 2020.
• The U.S. dollar strengthened. The dollar was stronger against a trade-weighted basket of currencies.
• The price of Bitcoin continued to settle under $109,000.
• Sequans Communications SA (NYSE: SQNS) shares surged. The stock gained 44.8% after successfully completing its previously announced private placement of debt and equity, raising $384 million to support a new bitcoin treasury strategy.
• Trump Media & Technology Group (DJT) had big news. the Florida-based company behind the Truth Social platform, announced Tuesday that it has submitted a filing with the Securities and Exchange Commission to launch the “Crypto Blue-Chip ETF” later this year.
• Amazon kicked off its Prime Day sales event. The event is running through Friday and is expected to generate a record $12.9 billion in revenue, per Barron's estimates.
• Oracle shares hit a record-high closing price. Jefferies raised its price target, pointing to a recent cloud deal expected to generate $30 billion a year in revenue.
• Intel cut over 500 jobs in Oregon. The cuts are a part of the company’s layoff plan.
• Uber shares went higher. Shares briefly touched another intraday record on Tuesday before retreating.
• Tesla rebounded. The gain came after dropping 7% on Monday following CEO Elon Musk’s announcement of a new political party and renewed tensions with former President Trump. Additionally, last week’s budget bill may reduce EV tax incentives, potentially impacting Tesla and competitors. Despite the rebound, shares remain about 15% lower than early June levels.
• Meta has poached Ruoming Pang, the leader of Apple’s (AAPL) artificial intelligence models team. This marks another blow to Apple’s AI ambitions.
• Core Scientific edged up. The slight gain came after a 17% plunge on Monday due to news of its acquisition by CoreWeave (CRWV), whose shares also fell nearly 4%. Though the $9 billion all-stock deal was widely reported, investors appeared unimpressed by the transaction’s structure.
• Nvidia gained. This follows Monday’s decline, buoyed by a Citi analyst raising the price target to $190 from $180, forecasting a $563 billion market for data-center AI chips by 2028, according to MarketWatch. Other "Magnificent Seven" tech stocks also rose, supporting major indexes.
• Circle Internet Group dropped. Mizuho initiated coverage with an Underperform rating and an $85 price target, citing a potential 25% to 30% downside to 2027 revenue estimates. Bank of America (BAC) fell 2.8% after HSBC downgraded the stock from Buy to Hold.
• Solar sector stocks declined. This includes Sunrun (RUN), Enphase Energy (ENPH), and First Solar (FSLR)—declined 3% to 8% pre-market, pressured by fresh White House comments opposing green energy subsidies and the impact of high interest rates.
• Boeing delivered. Boeing (BA) reported second-quarter deliveries on Tuesday that surpassed analysts' forecasts.
• Pharmaceutical stocks slipped. This followed President Trump’s announcement that drug tariffs could soar as high as 200%.

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"No extensions will be granted beyond 1 August. There has been no change to this date, and there will be no change."

- President Trump after signing an executive order that changed the date from July 9th.

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Most Active Stocks

• Tesla (TSLA)
• Nvidia (NVDA)
• Apple (AAPL)
• Oracle (ORCL)
• Amazon (AMZN)

Weekly Notables

Trump Wants Jerome Powell Out

President Donald Trump doubled down on his call for Federal Reserve Chair Jerome Powell to resign, a demand he first made last week, and said Tuesday that "it’s OK with me" if Congress opens an investigation into the central bank chief. Speaking during a cabinet meeting at the White House, Trump was asked by a reporter about allegations from some Republican lawmakers that Powell may have misled Congress regarding renovations at the Fed’s headquarters. "He should resign immediately," Trump said, echoing a post he made last Wednesday on Truth Social.

A New Pharmaceutical Tariff Program

On Tuesday, Trump revealed plans to introduce a new pharmaceutical tariff program "very soon," allowing drug manufacturers a grace period to shift production to the U.S. before facing heavy tariffs. “We’re going to give people about a year, year and a half to come in, and after that they're going to be tariffed,” Trump said during a Cabinet meeting. “If they have to bring the pharmaceuticals into the country, … they're going to be tariffed at a very high rate — like 200%.”

Earnings Spotlight: Delta (DAL)

Delta's (DAL) results on Thursday signal the return of earnings season. The company is set to report its Q2 2025 earnings on July 10, with Wall Street expecting earnings of $2.06 per share on revenue of $16.18 billion. Shares of Delta have gained almost 36% in the past three months but are still roughly down 15% YTD.