Dow Jones - 44,371.51 (-0.63%) 

Nasdaq - 20,585.53 (-0.22%)

S&P 500 - 6,259.75 (-0.33%)

• Tariff uncertainty crumbled stocks on Friday.  An empty week of major economic data still didn’t stop the market from falling at the end of week as trade and tariff news dominated the headlines. The S&P 500 slipped 0.3% from its record high set, while the Dow Jones fell 0.6% and the NASDAQ dropped about 0.2%.
• More tariff drama. On Thursday evening, Trump announced a 35% tariff on Canadian goods via Truth Social, accusing Canada of having “financially retaliated” against prior U.S. duties. The President also confirmed a 50% tariff on copper imports beginning August 1, aligning with similar levies on steel and aluminum.  Over the weekend President Trump unveiled broad 30% tariffs on Mexico and the EU.
• Bitcoin soared to a new all-time high ahead of Crypto Week. The leading coin surged past $118,000.
• U.S. Treasury yields climbed across the curve on Friday. The 2-year yield rising 2 basis points and the 10-year yield increasing 4 basis points, causing a modest steepening.
• The U.S. dollar strengthened moderately against major currencies. It gained ground versus the euro, pound, and yen.
• The Cboe Volatility Index (VIX) surged. It moved up nearly 7% to just under 17 early Friday, after hitting a five-month low earlier in the week. Rising tariff concerns and cautious market positioning ahead of a busy week likely fueled the increase.
• Gold prices rose on Friday. Investors sought safe-haven assets following President Trump’s announcement of 25% tariffs on Canada, increasing trade policy uncertainty.
• Silver futures jumped more than 3%. They reached their highest level since 2011, touching $39 per ounce during the session.
• Oil prices gained. Brent crude futures rose 1.5%, trading just under $70 per barrel, while West Texas Intermediate futures increased 1.6% to $67 per barrel.
• FOMC Minutes (June 17–18): Most Federal Reserve officials signaled support for lowering the federal funds rate, but there was division over the timing and number of cuts. Concerns over the inflationary impact of tariffs were a key factor behind the cautious tone.
• Consumer Credit: Increased by $5.1 billion in the latest reading—well below the $8.6 billion economists had expected. The index edged down slightly by 0.2 points to 98.6, reflecting a modest dip in confidence among small business owners.
• Initial Jobless Claims: Fell by 5,000 to 227,000, beating expectations of 242,000. However, Continuing Claims rose by 10,000 to 1.965 million.
• Atlanta Fed GDPNow: The model’s Q2 GDP growth estimate remains steady at +2.6%, unchanged from last week.
• Shares of lithium producer Albemarle (ALB) declined. The move followed a downgrade from UBS, as analysts raised concerns about a global lithium oversupply potentially driving prices down.
• Nvidia extended its gains. The chipmaker became the first company to reach a $4 trillion market cap, fueled by strong AI demand momentum.
• Cryptocurrency-related stocks went higher. MicroStrategy (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT) rose alongside Bitcoin’s new all-time high.
• Military drone manufacturers AeroVironment (AVAV) and Kratos Defense & Security Solutions (KTOS) gained. The moves came after Defense Secretary Pete Hegseth announced plans to reduce regulatory barriers and increase Pentagon spending on domestically produced drones.
• Levi's shares rose. The gains came after the company offered an upward revision of its annual revenue and profit guidance.
• Tesla traded flat. Shares were barely moved after a 4%+ rally the previous day, which followed reports of the company seeking regulatory approval for its robotaxi service in Arizona.
• Texas Instruments gained. TD Cowen upgraded the stock from Hold to Buy, citing confidence that the semiconductor inventory correction is nearing its end.
• Cleveland-Cliffs (CLF) and Freeport-McMoRan (FCX) shares fell. The stocks surged 10% and 3%, respectively, on Thursday amid positive reactions to new U.S. tariffs on imported metals.
• Travel stocks went lower. Norwegian Cruise Line (NCLH), MGM Resorts (MGM), Expedia (EXPE), and Wynn Resorts (WYNN) showed mixed moves early Friday after rallying Thursday following strong Delta Air Lines earnings and upbeat travel forecasts; however, a 5% drop in main cabin demand raised concerns about budget-conscious traveler spending.
• Taiwan Semiconductor Manufacturing (TSM) slipped slightly. This was despite reporting a 39% year-over-year increase in second-quarter sales; official earnings are expected later this month, and the results signal strength for the chip sector.
• Boeing declined. The Wall Street Journal reported that Indian authorities will release a preliminary report on the June 12 crash of Air India Flight 171.
• CoreWeave extended losses. This followed a 10% drop on Thursday.
• Firefly Aerospace filed for an IPO. The Texas-based space and defense technology company backed by AE Industrial Partners, revealed a 10% year-over-year revenue increase as part of its filing for a U.S. IPO. The company posted $60.8 million in revenue for 2024, up from $55.2 million in 2023.
• AMC stock went higher. Wedbush upgraded the stock from Neutral to Outperform. Analyst Alicia Reese also raised her price target to $4.
• Takeover talks brewed for Performance Food Group. US Foods is reportedly in discussions to acquire rival Performance Food Group (PFG), a move that would establish the largest broadline food distributor in the United States, according to a Bloomberg report on July 11, 2025.

• Tesla (TSLA)
• Nvidia (NVDA)
• American Airlines Group (AAL)
• Nio, Inc. (NIO)
• SoFi Technologies (SOFI)

Biggest Gainers

• MiNK Therapeutics, Inc. (INKT) - 730.14%
• Newegg Commerce, Inc. (NEGG) - 71.39%
• Lionsgate Studios Corp. (LION) - 19.86%
• NextDecade Corp. (NEXT) - 16.94%
• VNET Group, Inc. (VNET) - 14.06%

Biggest Losers

• Dave Inc. (DAVE) - 11.88%
• Bitmine Immersion Technologies, Inc. (BMNR) - 11.71%
• TransMedics Group, Inc. (TMDX) - 9.87%
• Quantum Computing, Inc. (QUBT) - 9.12%
• IonQ, Inc. (IONQ) - 8.97%

Weekly Notables

US Foods Explores Potential Acquisition of Performance Food Group

US Foods is reportedly in discussions to acquire rival Performance Food Group (PFG), a move that would establish the largest broadline food distributor in the United States, according to a Bloomberg report on July 11, 2025. Currently the third-largest distributor, US Foods aims to combine forces with PFG, the second-largest distributor, based on revenue data from Technomic, a sister company of Restaurant Business. Such a merger would reshape the food distribution landscape and send significant ripples through the restaurant industry.

Firefly Aerospace Reports Revenue Growth Ahead of U.S. IPO

Space and defense technology company Firefly Aerospace on Friday filed for an initial public offering in the United States. Firefly Aerospace, a Texas-based space and defense technology company backed by AE Industrial Partners, revealed a 10% year-over-year revenue increase as part of its filing for a U.S. IPO. The company posted $60.8 million in revenue for 2024, up from $55.2 million in 2023.

The Week Ahead

• Potential market moving catalysts this week: Monday (7/14): no reports. Tuesday (7/15): Consumer Price Index (CPI), Empire State Manufacturing. Wednesday (7/16): Producer Price Index (PPI), Capacity Utilization, Industrial Production, EIA Crude Oil Inventories, MBA Mortgage Applications Index. Thursday (7/17): Retail Sales, Business Inventories, Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Import Prices, Export Prices, NAHB Housing Market Index, Net Long-Term TIC Flows, Philadelphia Fed Index. Friday (7/18): Building Permits, Housing Starts, University of Michigan Consumer Sentiment.
• Earnings on deck this week: Monday (7/14): Fastenal Co. (FAST), FB Financial Corp. (FBK), Equity Bancshares Inc. (EQBK), Barnes & Noble Education Inc. (BNED), Simulations Plus Inc. (SLP). Tuesday (7/15): JPMorgan Chas & Co. (JPM), Wells Fargo & Co. (WFC), BlackRock Inc. (BLK), Citigroup Inc. (C), Bank of New York Mellon Corp. (BK), State Street Corp. (STT), JB Hunt Transport Services (JBHT), Omnicom Group Inc. (OMC), Pinnacle Financial Partners (PNFP). Wednesday (7/16): Johnson & Johnson (JNJ), Bank of America Corp. (BAC), ASML Holdings NV (ASML), Morgan Stanley (MS), Goldman Sachs Group (GS), Progressive Corp. (PGR), Prologis Inc. (PLD), Kinder Morgan Inc. (KMI), United Airlines Holdings Inc. (UAL), Alcoa Corp. (AA). Thursday (7/17): Taiwan Semiconductor Manufacturing (TSM), GE Aerospace (GE), Novartis AG (NVS), Abbott Laboratories (ABT), PepsiCo Inc. (PSP), Cintas Corp. (CTAS), Elevance Health Inc. (ELV), US Bancorp (USB), Travelers Companies (TRV), Netflix (NFLX), Interactive Brokers Group Inc. (IBKR), Western Alliance Bancorp (WAL), Bank OZK (OZK). Friday (7/18): American Express Co. (AXP), Charles Schwab Corp. (SCHW), 3M Co. (MMM), Truist Financial Corp. (TFC), Schlumberger NV (SLB), Regions Financial Corp. (RF), Ally Financial Corp. (ALLY), Comerica Inc. (CMA).