ADDX GO Market Morning Wrap - 3rd July
Stock Market
On Wednesday Eastern Time, only the Dow saw a slight decline, while the S&P 500 and Nasdaq both hit fresh record closing highs.
At close, the Dow Jones Industrial Average fell 0.02% to 44,484.42 points; the S&P 500 rose 0.47% to 6,227.42 points; and the Nasdaq gained 0.94% to 20,393.13 points.
Major tech stocks rebounded with broad gains, Tesla up nearly 5%, Oracle over 5%, and NVIDIA and Apple each up more than 2%.
Marvell Technology dropped over 2.5% after reports Microsoft is scaling back its AI chip ambitions. Trump’s trade deal with Vietnam boosted apparel and footwear stocks, with Nike rising over 4%.
President Trump posted on his Truth Social platform Wednesday, announcing a trade agreement with Vietnam, imposing a 20% tariff on goods imported from Vietnam.
The U.S.-Vietnam deal partially lifted market sentiment, though earlier ADP employment data showed a 33,000 job loss in the private sector for June—the first monthly decline since March 2023—against expectations of a 100,000 gain.
Baird investment strategist Ross Mayfield said, “We’ve seen labor market softness for months. I’ve wondered if the Fed will only focus on jobs, not just inflation, when data turns negative—this might catch their eye.”
However, ADP data’s accuracy in predicting the official nonfarm report—due Thursday morning due to Friday’s holiday—is limited, with economists forecasting 110,000 new jobs for June.
Analysts note a subpar nonfarm report could prompt Fed rate cut discussions at its late-month meeting.
Meanwhile, markets are watching Trump’s tax and spending bill, narrowly passed by the Senate Tuesday and now back with the House, where some GOP lawmakers still oppose it.
Global Hotspots
Trump Announces U.S.-Vietnam Trade Deal
President Trump stated on July 2 that the U.S. has reached a trade agreement with Vietnam, posting on Truth Social, “Details to follow!” He later added that all Vietnamese exports to the U.S. will face at least a 20% tariff, with markets fully open to the U.S.
U.S. House Begins Session on “Big and Beautiful” Bill
At 9:00 AM Eastern Time on July 2, the U.S. House convened to discuss the Senate’s “Big and Beautiful” bill, with media reporting a procedural vote first—if passed, debate will follow.
Iran Nuclear Plan Delayed 1-2 Years, U.S. Defense Dept Claims Facility Destruction
On July 2 local time, Pentagon spokesperson Sean Parnell said the U.S. assesses Iran’s nuclear facilities destroyed, delaying its nuclear program by 1-2 years.
Heatwave Claims Over 300 Lives in Spain This June
Spain faced its first major heatwave, with two deaths reported July 2 in Andalusia and Extremadura. National health data shows over 300 deaths in June, with about 260 linked to heatstroke or related conditions.
Mercosur and EFTA Complete Free Trade Talks
Argentina’s Foreign Ministry announced on July 2 that Mercosur (Argentina, Brazil, Paraguay, Uruguay) and EFTA (Iceland, Liechtenstein, Norway, Switzerland) finalized a comprehensive free trade agreement.
EU Proposes Revised European Climate Law with 2040 Emission Target
The European Commission on July 2 proposed amending the European Climate Law, targeting a 90% net greenhouse gas emission reduction from 1990 levels by 2040, with carbon credit mechanisms to ease pressure, building on the 2050 neutrality and 2030 55% reduction goals.
Company News
OpenAI and Oracle Expand “Stargate” with More U.S. Data Centers
Insiders reveal AI research firm OpenAI has agreed to lease significant computing power from Oracle’s data centers for its “Stargate” project, adding 4.5 gigawatts—unprecedented energy use equivalent to powering millions of U.S. homes, or about 75,000 households per gigawatt. $ORCL
Tesla Delivers Over 384,000 Vehicles in Q2
On July 2, Tesla reported Q2 2025 production of 410,244 vehicles and deliveries of 384,122, with Model 3/Y totaling 373,728, plus 9.6 gigawatt-hours of energy storage installed. $TSLA
U.S. eVTOL Firm Completes Dubai Test Flight, Eyes 2026 Air Taxi Launch
This week, Dubai’s transport authority and U.S. eVTOL company Joby Aviation successfully tested an air taxi, signaling a new transport mode next year. $JOBY
Forex & Commodities
Oil prices rose on July 2.
At close, NYMEX August light crude futures gained $2.00 to $67.45 per barrel, up 3.06%; ICE September Brent crude futures rose $2.00 to $69.11 per barrel, up 2.98%.
COMEX gold futures rose 0.56% to $3,368.7 per ounce; COMEX silver futures gained 1.08% to $36.79 per ounce.
The U.S. dollar index, tracking six major currencies, fell 0.05% to 96.777 at market close.
Key Events
Gold longs’ net positions hit a near-4-quarter low
On July 2, gold prices dipped, ending a two-day rally. The World Gold Council reported COMEX gold futures net long positions at 605.91 metric tons—the lowest in nearly a year—though analysts see Fed rate cut bets, central bank gold buying, and dollar credit concerns supporting stable gold trends.
Cryptocurrency
Major digital assets rose late Wednesday.
Bitcoin gained 3.7% to $109,491, with 24-hour trading volume up 17.7% to $52.5 billion.
Ethereum (ETH-USD), the second-largest by market cap, rose 7.1% to $2,586.
XRP (XRP-USD) jumped 4.2%, BNB (BNB-USD) gained 2.7%, Solana (SOL-USD) rose 4.6%, Dogecoin (DOGE-USD) added 7.5%, and Cardano (ADA-USD) climbed 9.8%.
The crypto market’s total value rose 3.9% in 24 hours to $3.38 trillion, with trading volume up 22.3% to $121.1 billion.
Key Events
Bitcoin ETF May Be BlackRock’s Top Earner, Outpacing S&P 500 ETF
Data shows BlackRock’s $75 billion iShares Bitcoin Trust ETF (IBIT) has drawn institutional and retail inflows for 17 of the past 18 months, with only February seeing outflows. With a 0.25% fee, it generates roughly $187.2 million annually—slightly above the $187.1 million from its iShares Core S&P 500 ETF (IVV).
Market Events and Most Anticipated Earnings Releases
