ADDX GO Market Morning Wrap - 9th July
Stock Market
Tuesday (July 8), U.S. stocks saw mixed results, with major indices closing unevenly.
By the close, the Dow Jones Industrial Average fell 0.37% to 44,240.76 points; the S&P 500 dipped 0.07% to 6,225.52 points; and the Nasdaq Composite rose 0.03% to 20,418.46 points.
Oil stocks climbed, with Schlumberger up over 4%, BP and Chevron each gaining more than 3%. Big tech showed mixed performance: Tesla rose over 1%, while Netflix, Google, and Amazon each dropped more than 1%. Nvidia gained 1.11% to $160 per share, hitting a record high and pushing its market cap past $3.9 trillion.
The day before, the U.S. announced it will impose tariffs of 25% to 40% on imports from 14 countries, including Japan and South Korea, starting August 1, while extending the “reciprocal tariff” grace period to the same date.
In response, Pamela Coke-Hamilton, Executive Director of the International Trade Centre (a UN-WTO joint body), criticized Trump’s tariff delay as adding more uncertainty and instability.
During the session, Trump told a cabinet meeting, “We’ll soon announce major moves in healthcare.” “We’ll give companies about a year to a year and a half to adjust, then they’ll face tariffs.”
He added, “If they must import drugs or related products, tariffs could hit 200%.” Trump also hinted at considering a 50% surcharge on imported copper.
This news sent New York copper futures surging, with intraday gains peaking at 17% to $5.8955 per pound. Copper-related stocks rallied, with Freeport-McMoRan up 2.53% and Taseko Mines up 4.26%.
Trump’s trade signals have left traders scrambling to keep up, with investors awaiting clarity, many betting U.S. tariffs won’t reach Trump’s threatened levels.
JPMorgan strategists wrote that with U.S. indices near highs and geopolitical risk premiums fading, investors should re-hedge before the August 1 tariff deadline.
Piper Sandler analysts noted, “Even with trade worries heating up, the stock outlook stays bullish. Short-term pressure may hit, but investor focus on tariff news is waning.”
Global Hotspots
Trump Threatens High Tariffs on Copper and Drugs
According to CCTV News, on August 8 local time, Trump said at a cabinet meeting, “We’ll soon announce major moves in healthcare.” He added, “Companies get a year to a year and a half to adjust, then face tariffs.”
He noted, “Imported drugs or related products could face 200% tariffs,” and hinted at a 50% surcharge on U.S.-bound copper.
Trump: Korea Should Pay for Defense
At the White House cabinet meeting, Trump said Korea should cover military defense costs, suggesting higher payments for the 28,500 U.S. troops stationed there.
He called the U.S. presence a huge economic boon for Korea but a loss for America, calling it unfair. He’s previously threatened to pull troops if countries don’t pay more. The day before, he proposed a 25% tariff on Korean imports.
Trump: Considers Sanctions on Russia, Approves Arms to Ukraine
Trump expressed dissatisfaction with Russian President Putin, signaling serious consideration of sanctions. He also confirmed approving defensive weapons for Ukraine. On July 7, during a White House dinner with Israeli PM Netanyahu, Trump pledged more arms to help Ukraine defend itself.
Trump: Fed Chair Powell Should Resign Immediately
Trump again called for Fed Chair Powell’s immediate resignation, posting on Truth Social that a new CEA study shows tariffs have no inflation impact, with import prices actually declining.
New RNA-Based Biopsy Detects Early Cancer
A University of Chicago team developed a sensitive liquid biopsy using RNA, not DNA, to detect cancer.
Tested on blood samples, it identified early colorectal cancer with 95% accuracy, beating existing non-invasive methods. Published in the latest *Nature Biotechnology*.
Company News
Trump Wants Air Traffic Modernization Firm
Trump proposed a company to modernize air traffic control, with Raytheon and IBM in the running.
The system, taking two years to build, may see contracts signed in coming months. This follows the FAA air traffic chief’s April resignation amid rising aviation incidents.
United Airlines to Resume Tel Aviv Flights This Month
United Airlines will restart flights to Tel Aviv on July 21, after suspending Middle East routes on June 19 due to escalating Israel-Iran tensions. $UAL
Meta Allegedly Buys 3% Stake in EssilorLuxottica
Reports say Meta Platforms acquired a 3% stake in eyewear giant EssilorLuxottica for $3.5 billion, signaling a big bet on the fast-growing smart glasses market if true.$META
Ten-League International Debuts on U.S. Market, Drops 6.75%
Singapore-based heavy equipment and consultancy firm Ten-League International listed on the U.S. market Tuesday, closing down 6.75% at $3.73, below its $4 IPO price. It offers equipment sales, leasing, and advisory services for ports, construction, and infrastructure, including foundation, lifting, excavation, and port machinery.
Forex & Commodities
Oil prices rose, with WTI crude futures up 0.59% and Brent crude futures up 0.82% for September.
After Trump’s copper tariff hint, U.S. copper prices soared over 10%, hitting a New York market record.
COMEX gold futures fell $25.90, or 0.77%, to $3,316.9 per ounce.
On July 8 New York close, the dollar index dropped 0.06% to 97.49, with most non-U.S. currencies gaining.
Key Events
Forex Derivatives Hit by Unexpected Tariffs, UBS Pays Goodwill to Loss-Making Clients
Latest Tuesday reports say UBS has paid nearly 100 “goodwill compensations” to Swiss clients, following complaints that advisors undersold risks of forex derivative products. Losses spiked after the U.S. announced “reciprocal tariffs” in early April.
Cryptocurrency
Major digital assets rose late Tuesday.
Bitcoin gained 0.7% to $108,848, with 24-hour volume up 1.1% to $45.24 billion.
Ethereum (ETH-USD), the second-largest by market cap, rose 2.5% to $2,608.
XRP (XRP-USD) up 0.6%, BNB (BNB-USD) down 0.1%, Solana (SOL-USD) up 1.7%, Dogecoin (DOGE-USD) up 1.3%, and Cardano (ADA-USD) up 1.4%.
The crypto market’s total value rose 0.7% to $3.37 trillion in 24 hours, with volume down 2.4% to $100.7 billion.
Key Events
Standard Chartered: Bitcoin May Hit $135,000 in Q3, $200,000 by Year-End
Standard Chartered’s 2025 H2 Bitcoin outlook predicts Q3 and Q4 ETF inflows and corporate buys will outpace Q2’s 245,000 BTC. Drivers include a potential Powell replacement and a U.S. stablecoin bill. They forecast $135,000 by Q3 end and $200,000 by year-end, with reduced half-cycle concerns.
Market Events and Most Anticipated Earnings Releases
