Tonight’s Highlights | Trump Escalates Trade Offensive, US Futures Slide

On Friday, U.S. stock index futures declined collectively on Friday due to President Donald Trump’s intensified trade offensive, with major European indices also falling across the board.  

Trump announced Thursday that starting August 1, the U.S. will impose a 35% tariff on goods from Canada and plans to apply a uniform 15% or 20% tariff on nearly all trade partners not yet targeted.  

 

In the previous trading session, all three major U.S. indices rose, with the S&P 500 and Nasdaq closing at new highs. Market sentiment remained unaffected by tariffs, as Nvidia’s stock, buoyed by the AI boom, surged to a $4 trillion market cap, lifting the broader market.  

 

However, by Friday’s pre-market, most tech stocks, including Nvidia, saw a pullback. The majority of S&P 500 components declined, signaling widespread selling. JPMorgan led a drop in the banking sector, falling about 1% in pre-market trading.  

 

Citigroup U.S. Equity Strategist Drew Pettit warned that the current market rebound may not hold without economic fundamentals. “Structurally, we’re not ready; fundamentally, I don’t think we’re there either. For these sectors to keep outperforming—not just for a short trade—you need strong macro data and Fed rate cuts. Both are essential, and we’re seeing neither right now,” he said.  

Company News  

Apple Reportedly Plans 2026 Early Launch of New MacBook Pro, iPhone 17e, iPad  

 

On July 11, reports suggest Apple will release updated MacBook Pro, iPhone 17e, and iPad models in early 2026.  

 

Musk: Robotaxi to Expand to San Francisco Bay Area in One to Two Months  

 

On July 10, Elon Musk stated that Tesla’s Robotaxi service may expand to the San Francisco Bay Area within one to two months, pending regulatory approval.  

 

Tesla’s First India Experience Center Opens in Mumbai on July 15  

 

On July 11, Tesla officially announced its first India experience center will open in Mumbai on July 15, marking its entry into the Indian market. Located in the city center, it will showcase popular models like Model 3 and Model Y, offering test drives and expert consultations.  

 

Pentagon Becomes Largest Shareholder in U.S. Rare Earth Producer  

 

On July 10, Mountain Pass Materials, the largest U.S. rare earth producer, revealed the Pentagon agreed to buy $400 million in convertible preferred shares, becoming its biggest shareholder.

 

The deal, set to close July 11, gives the Pentagon a 15% stake, with potential for further common stock purchases and billions in long-term investment.  

 

Sapporo Holdings’ Q3 2025 Net Profit Soars 50% to Record 7.7 Billion Yen  

 

On July 9, Sapporo Holdings reported a 50% year-on-year net profit increase to 7.7 billion yen for the first three quarters (September 2024-May 2025), beating the market’s 7.1 billion yen consensus (QUICK Consensus).

 

Low prices drove higher customer traffic, boosting sales 15% to 188.3 billion yen and operating profit 5% to 10.6 billion yen. Full-year 2025 (to August) guidance remains unchanged, projecting a 15% sales rise to 258.7 billion yen and a 26% profit increase to 10.3 billion yen.