ADDX GO Market Morning Wrap - 10th July

Stock Market  

U.S. major indices closed higher, with the Nasdaq hitting a historic record, boosted by strong tech giant performance.  

 

By the close, the Dow Jones Industrial Average rose 0.49% to 44,458.30 points; the S&P 500 gained 0.61% to 6,263.26 points; and the Nasdaq Composite climbed 0.94% to 20,611.34 points, up 10 points from last Thursday’s record.  

 

Tech giants led the charge, with only Tesla among the “Magnificent Seven” declining. Nvidia rose 1.8%, peaking at 2.8% intraday to $164.42, briefly pushing its market cap past $4 trillion, making it the world’s first company to hit this milestone.  

 

Analysts suggest this signals renewed investor interest in AI themes. Nvidia’s key clients—Microsoft up 1.39% to a new high, Amazon, Alphabet, and Meta all up over 1%—reflected this trend.  

 

Elsewhere, Nvidia rival AMD gained 0.43%, Broadcom rose 2.24%; Nvidia supplier TSMC climbed 1.75%, and Nvidia-backed cloud startup CoreWeave edged up 1.06%.  

 

Intraday, Trump posted letters on social media to Brunei, Algeria, Moldova, Iraq, the Philippines, and Libya.  

 

He announced 25% tariffs on Brunei and Moldova products, 30% on Algeria, Iraq, and Libya, and 20% on the Philippines, effective August 1.  

 

Baird strategist Ross Mayfield noted, “The market ignores these threats, seeing room for deals. Extending the deadline to August 1 suggests U.S. intent to negotiate.”  

At close, the “Fear & Greed Index” edged above 75 into “extreme greed,” showing traders shrugging off trade worries, while Bitcoin’s first breach of $112,000 reflects heightened risk appetite.  

Global Hotspots  

Trump Announces 50% Tariff on Brazil, Brazil Calls It Unfair  

 

On July 9 local time, Trump posted on Truth Social announcing a 50% tariff on all Brazilian products from August 1, 2025. Brazil’s Vice President and Development Minister Geraldo Alckmin called it unfair.  

 

Red Sea Tensions Escalate: Houthi Claim to Sink ‘Magic Ocean’  

 

Houthi military spokesperson claimed an attack on the Israel-bound ‘Magic Ocean,’ hitting its target. This marks the third commercial ship sunk in the Red Sea since late 2023, signaling a crisis escalation.  

 

South Korean Court Approves Detention, Yoon Suk Yeol Detained Again  

 

Seoul Central District Court approved a detention order on July 10, detaining Yoon Suk Yeol again.  

 

U.S. Resumes Partial Arms Shipments to Ukraine  

 

After a week-long pause ordered by the Defense Department, the Trump administration has resumed sending some weapons to Ukraine, including 155mm artillery shells and precision-guided rockets, per two anonymous U.S. officials, though exact start dates remain unclear.  

Company News  

Google: Gemini Launches on Wear OS Watches  

 

Google announced Gemini, its personal AI assistant, is now available on Wear OS watches, including Pixel, Samsung, OPPO, OnePlus, and Xiaomi models. Users can activate it with “Hey Google,” a side button, or the app icon.  

 

Hims & Hers Targets Ozempic Patent Expiry, Eyes Canadian Generics

 

Hims & Hers Health announced Wednesday it will launch generic versions of semaglutide in Canada next January as its patent expires, offering physician-supported options at a fraction of the $200+ CAD monthly cost of branded versions.  

 

X CEO Linda Yaccarino Steps Down  

 

Linda Yaccarino announced her resignation as CEO of Elon Musk’s social platform X, ending her two-year tenure.  

Forex & Commodities  

Oil prices edged up, with WTI crude futures for August up 0.07% and Brent crude for September up 0.06%.  

 

COMEX gold futures rose $4.10, or 0.12%, to $3,321.0 per ounce.  

 

The dollar index against six major currencies rose 0.04%, closing at 97.556.  

Key Events  

ECB Official: Rising Uncertainty Keeps Rate Cut Option Open  

 

ECB Governing Council member Joachim Nagel said Wednesday that growing economic uncertainty requires keeping all options, including further rate cuts, on the table without commitment.  

Cryptocurrency  

Major digital assets rose late Wednesday.  

 

Bitcoin gained 2.6% to $111,628, with 24-hour volume up 10% to $49.9 billion.  

 

Ethereum (ETH-USD) rose 6.6% to $2,782.  

 

XRP (XRP-USD) gained 4.5%, BNB (BNB-USD) climbed 1.2%, Solana (SOL-USD) rose 3.5%, Dogecoin (DOGE-USD) advanced 3.4%, and Cardano (ADA-USD) climbed 5.4%.  

 

The crypto market’s total value rose 2.7% to $3.46 trillion, with volume up 13% to $114.23 billion.  

Key Events  

Metaplanet Enters Phase 2 of Bitcoin Strategy, Eyes Digital Bank Acquisition  

 

Japanese firm Metaplanet announced its Bitcoin strategy’s second phase, planning to use BTC as collateral to acquire cash-flow businesses, potentially a Japanese digital bank. CEO Simon Gerovich said future targets align with strategy, aiming to offer superior digital banking services.  

Market Events and Most Anticipated Earnings Releases