ADDX GO Market Morning Wrap - 1st July

Stock Market

On Monday, Eastern Time, all three major U.S. indexes closed higher, with the S&P 500 and Nasdaq reaching new record closing highs.  

 

At the close, the Dow Jones Industrial Average rose 0.63% to 44,094.77; the S&P 500 gained 0.52% to 6,204.95; and the Nasdaq climbed 0.47% to 20,369.73.  

Tech stocks broadly rose, with Microsoft, Meta, and Netflix posting modest gains and hitting intraday record highs, while Apple surged 2%. Robinhood soared nearly 13%, marking its best single-day performance since April 9.  

 

Monday was the last trading day of June, Q2, and the first half of 2025. U.S. major indexes rebounded sharply this month, reclaiming record highs. The S&P 500 rose nearly 5% in June, the tech-heavy Nasdaq jumped over 6%, and the Dow gained more than 4%.  

 

For investors, Q2 was a rollercoaster, with a sharp pullback triggered by Trump’s trade war followed by a swift rebound. The S&P 500 posted its largest quarterly gain since Q4 2023, while the Nasdaq recorded its best quarterly performance in five years.  

 

A key driver of Monday’s strength was Canada’s decision to scrap its digital services tax to advance trade talks with the U.S., following Trump’s announcement last Friday to “terminate all trade negotiations with Canada.” The tax was originally set to take effect this week.  

 

Investors are now awaiting potential trade agreements with U.S. partners, as Trump’s 90-day tariff moratorium expires next week.  

 

Treasury Secretary Besant said Monday that “some countries are negotiating in good faith,” but warned that tariffs could revert to April 2 levels if no agreements are reached.  

 

U.S. Bank Wealth Management’s Chief Equity Strategist Terry Sandven said that despite risks from the tariff deadline and tax reform bills potentially causing volatility in H2 2025, improving market fundamentals and breadth could sustain the recent uptrend.  

 

“As markets keep hitting new highs, the ‘wall of worry’ is crumbling,” Sandven noted. “Stable inflation, steady rates, and upward corporate earnings trends provide a favorable environment for U.S. stocks in H2.”  

 

Global Hotspots

Trump Signs Executive Order Ending Syria Sanctions  

 

On June 30, the White House announced that President Trump signed an executive order terminating sanctions on Syria. The order eases export controls on certain goods and lifts restrictions on foreign aid to Syria. A senior Treasury official said this will end Syria’s isolation from the global financial system.  

 

Tariff Deadline Looms, Trump: Notifications Without Meetings  

 

With less than 10 days until the July 9 “tariff deadline,” Trump shows no intent to extend, as negotiations with multiple countries continue. Per Trump’s plan, tariff policy notification letters will be sent “soon,” potentially stating: “Congratulations, you’re allowed to sell to the U.S. with tariffs of 25% (or 35%, 50%, 10%).”  

 

White House: U.S. to Immediately Resume Canada Trade Talks  

 

On Monday, June 30, White House National Economic Council Director Kevin Hassett announced that U.S.-Canada trade talks will resume immediately after Canada scrapped its digital services tax (DST).  

 

Luhansk Leader: Russian Forces Control Entire Region  

 

On June 30, Luhansk region leader Pasechnik claimed Russian forces fully control the region.  

 

Musk Slams “Big & Beautiful” Bill, Proposes New Political Party  

 

Elon Musk again criticized the Republican-backed “Big & Beautiful” bill on social media, calling its “insane spending” a record $5 trillion debt ceiling increase. He labeled the GOP the “PORKY PIG PARTY” and suggested it’s time to form a new party that truly cares about people.  

 

EU to Accept Trump’s Universal Tariffs, Seeks Key Exemptions  

 

Sources say the EU is willing to accept a U.S. trade deal with a 10% universal tariff on many exports but seeks lower tariffs for key sectors (e.g., pharmaceuticals, alcohol, semiconductors, commercial aircraft) and quotas/exemptions to reduce U.S. 25% auto tariffs and 50% steel/aluminum tariffs.  

 

Company News

Apple May Abandon In-House AI Model, Use Anthropic or OpenAI for Siri  

 

Reports suggest Apple is considering using Anthropic or OpenAI’s AI technology to power the new Siri, potentially marking a shift from its in-house large-scale model.  

 

Apple Delays Some EU Feature Rollouts Amid Regulatory Pressure  

 

On Monday, Apple said it will delay some planned feature launches for EU users this year due to increasing regulatory challenges.  

 

Forex & Commodities

On June 30, international oil prices fell.  

 

At the close, NYMEX WTI crude futures dropped $0.41 to $65.11/barrel, down 0.63%; Brent crude futures fell $0.06 to $66.74/barrel, down 0.09%.  

 

COMEX gold futures rose $20.10, up 0.61%, to $3,307.7/ounce.  

 

At the New York close, the dollar index fell 0.50% to 96.77, down 2.68% in June and 10.79% in H1 2025. Most non-U.S. currencies rose.  

 

Key Events

Oil Traders Expect OPEC+ to Boost Output for Fourth Time  

 

A survey of 32 traders and analysts predicts OPEC+ will agree to a fourth 411,000 barrel/day output increase for August, led by Saudi Arabia’s market share push. Despite weak fuel demand and global oversupply signs, OPEC+ is restoring paused production at triple the planned pace, likely pressuring oil prices near $68/barrel and straining member nations’ finances.  

 

Dollar Index Posts Worst H1 Since 1973  

 

The dollar index fell ~10.8% in H1 2025, its worst first half since a 14.8% drop in 1973. Beyond Fed rate-cut pressures, Trump’s trade and tariff uncertainties weigh heavily on the dollar.  

 

Cryptocurrency

Major digital assets rose on Monday.  In June, Bitcoin (spot) rose 2.45% cumulatively, while Ethereum fell 1.89%. In the first half of 2025, Bitcoin surged over 15.24%, while Ethereum dropped over 25.32%.

 

Bitcoin gained 0.1% to $107,546, with 24-hour trading volume surging 28% to $42.76 billion.  

 

Ethereum (ETH-USD) rose 3% to $2,511.  

 

XRP (XRP-USD) jumped 4.6%, BNB (BNB-USD) gained 1.5%, Solana (SOL-USD) rose 4.1%, Dogecoin (DOGE-USD) gained 1.6%, and Cardano (ADA-USD) climbed 4.2%.  

 

The crypto market cap rose 0.8% in 24 hours to $3.33 trillion, with trading volume up 47% to $103.6 billion.  

 

Key Events

Strategy Spent $532M on 4,980 Bitcoins Last Week  

 

On June 30, Strategy disclosed it purchased 4,980 bitcoins from June 23-29 at ~$106,801 each, costing ~$531.9 million. As of June 29, the company held 597,325 bitcoins, acquired at an average of $70,982, totaling ~$42.4 billion.

Market Events and Most Anticipated Earnings Releases