ADDX GO Market Morning Wrap - 4th July

Stock Market  

On Thursday Eastern Time, boosted by strong employment data, all three major indices rose, with the S&P 500 and Nasdaq both hitting new record closing highs.  

 

At close, the Dow Jones Industrial Average gained 0.77% to 44,828.53 points; the S&P 500 rose 0.83% to 6,279.35 points; and the Nasdaq increased 1.02% to 20,601.10 points.  

The S&P 500 marked its seventh new record closing high of the year, while the Nasdaq achieved its fourth.  

 

Due to the U.S. Independence Day holiday, U.S. stocks closed three hours early on Thursday and will be closed all day Friday.  

All three indices posted gains this week, with the S&P 500 up 1.7%, the Nasdaq up 1.6%, and the Dow up 2.3%.  

 

The U.S. Labor Department reported Thursday that June nonfarm payrolls increased by 147,000, with the unemployment rate at 4.1%, both exceeding market expectations of 110,000 new jobs and a 4.3% unemployment rate.  

 

Although the stronger-than-expected jobs data dampened expectations for a Federal Reserve rate cut, it also eased concerns about economic slowdown, boosting investor confidence.  

 

The June nonfarm data also drove U.S. Treasury yields higher, significantly cooling market expectations for a Fed rate cut. The CME FedWatch Tool indicates traders now see a 95% chance the Fed will hold rates steady at this month’s meeting.  

 

Jed Ellerbroek, portfolio manager at Argent Capital Management, said, “The biggest takeaway from the jobs report is that a July Fed rate cut is highly unlikely, and even this year’s cut is in question.”  

 

NVIDIA rose 1.3% on Thursday to a record high, briefly surging over 2% intraday with a market cap topping $3.92 trillion. At close, its valuation settled at $3.89 trillion, just shy of Apple’s $3.915 trillion record set at the end of 2024.  $NVDA $AAPL 

Global Hotspots  

U.S. House Passes “Big and Beautiful” Bill  

 

On July 3 local time, the U.S. House of Representatives held a final vote on President Trump’s massive tax cut and spending bill, known as the “Big and Beautiful” bill. The vote resulted in 218 in favor and 214 against, allowing the bill to pass the House.  

 

Trump to Sign “Big and Beautiful” Bill Tomorrow  

 

The White House announced on July 3 local time that President Trump will sign the so-called “Big and Beautiful” bill—comprising the massive tax and spending legislation passed by both the Senate and House—into law at 5:00 PM local time on July 4 .  

 

U.S. Treasury Secretary: New Fed Chair Selection to Begin This Fall  

 

U.S. Treasury Secretary Besant stated on July 3 local time that there are many excellent candidates for the Federal Reserve chair position, and the selection process will begin this fall.  

 

Previously, reports indicated that President Trump is considering nominating the next Fed chair early to reduce the influence of current Chair Powell, whose term has 11 months remaining.  

 

Putin Reaffirms Commitment to Addressing Ukraine Crisis Root Causes  

 

On the evening of July 3 Moscow time, Russian President Putin held another phone call with U.S. President Trump, marking the fifth such call this year.  

 

According to Russian Presidential Aide Ushakov, the call lasted about an hour. Putin expressed Russia’s willingness to continue negotiations with Ukraine but also emphasized that it will not abandon efforts to address the root causes of the Ukraine crisis.  

 

Iranian Airports Resume Operations in Multiple Regions  

 

Iran’s Civil Aviation Organization announced on the evening of July 3 local time that airports across multiple regions of Iran have resumed operations.

 

The organization stated that, following interdepartmental coordination and several aviation industry meetings to review the current security situation, the coordination committee approved the reopening of Tehran’s Mehrabad Airport, Imam Khomeini Airport, and airports in northern, western, and southern Iran, which are now providing flight services.  

Company News  

Coreweave Announces First Acquisition of NVIDIA’s New High-End AI Chip GB300 NVL72  

 

Coreweave announced it has obtained NVIDIA’s new high-end AI chip, the GB300 NVL72, for the first time on the market, supplied by Dell Technologies. Through Intel’s AI server systems, the company can support clients like OpenAI in developing and deploying larger, more complex AI models.  

 

Tesla’s June Sales in Germany Drop 60% to 1,860 Vehicles  

 

The German Federal Motor Transport Authority (KBA) released its June 2025 vehicle registration data report. Despite an overall rise in electric vehicle sales, Tesla’s electric vehicle sales in Germany fell 60% year-over-year to 1,860 units in June. For the first half of 2025, Tesla’s sales totaled 8,890 units, down 58.2% from the same period last year.  

 

Maersk and Saudi Post Establish Strategic Partnership  

 

On July 3, Maersk Saudi Arabia and Saudi Post Company announced the signing of a Memorandum of Understanding (MoU) to establish a strategic partnership. Under the framework, Saudi Post will handle all domestic operations in Saudi Arabia, including expedited customs clearance and final delivery services, while Maersk will manage origin services, international transport, and bonded delivery solutions.  

 

L’Oréal Group to Acquire Haircare Brand Color Wow  

 

L’Oréal Group announced it has signed an agreement to acquire the haircare brand Color Wow. The transaction is expected to be completed after obtaining regulatory approval and meeting other standard conditions.  

Forex & Commodities  

International oil prices fell on July 3.  

 

At close, the August delivery light crude oil futures on the New York Mercantile Exchange dropped 45 cents to $67.00 per barrel, a decline of 0.67%; the September delivery Brent crude oil futures on the London ICE fell 31 cents to $68.80 per barrel, a decline of 0.45%.  

 

COMEX gold futures fell 0.71% to $3,336 per ounce; COMEX silver futures rose 0.85% to $37.04 per ounce.  

 

The U.S. dollar index rose 0.35% to 97.12 at the New York close, with most non-U.S. currencies declining.  

Key Events  

Euro Surges Nearly 14% This Year, ECB Officials Concerned It’s “Getting Out of Hand”  

Some European Central Bank (ECB) officials are growing worried that the euro’s strength may have gone “too far.” As of the latest update, the euro was trading at 1.1765 against the dollar, hitting its highest level since 2021 earlier this week and gaining nearly 14% year-to-date.

 

A senior ECB official, who wished to remain anonymous, suggested the bank may need to more clearly signal it does not welcome an overly strong euro, which could push inflation below the 2% medium-term target. Another official acknowledged that a strong euro “could become an issue.”  

Cryptocurrency  

Major digital assets fell on Thursday.  

 

Bitcoin dropped 0.2% to $109,502, according to CoinMarketCap data, with its 24-hour trading volume surging 8.1% to $56.32 billion.  

 

Ethereum (ETH-USD), the second-largest digital asset by market value, fell 0.2% to $2,575.  

 

XRP (XRP-USD) lost 0.4%, BNB (BNB-USD) dipped 0.7%, and Solana (SOL-USD) declined 1.4%. Dogecoin (DOGE-USD) shed 0.9%, and Cardano (ADA-USD) dropped 0.8%.  

 

The total market value of the cryptocurrency industry rose 0.1% in the past 24 hours to $3.38 trillion, with trading volume up 16.3% to $132.57 billion.  

Key Events  

JPMorgan Significantly Lowers Stablecoin Growth Forecast: Market Size to Reach Only $500 Billion by 2028  

 

JPMorgan predicted on Thursday that the stablecoin market will grow to only $500 billion by 2028. The bank cited its previous $1 trillion forecast as overly optimistic, noting there is little evidence that U.S. dollar-pegged crypto tokens have been widely adopted.  

Market Events and Most Anticipated Earnings Releases