ADDX GO Market Morning Wrap - 16th July

Stock Market  

As of the close, the S&P 500, which briefly hit an all-time high above 6,300 intraday, ended down 0.4% at 6,243.76. The Nasdaq Composite rose 0.18% to 20,677.8, while the Dow Jones Industrial Average fell 0.98% to 44,023.29.  

 

U.S. chip stocks closed higher, with Nvidia up over 4% and TSMC up more than 3%, pushing the Philadelphia Semiconductor Index up 1.27%. Bank stocks mostly declined, with BlackRock and Wells Fargo dropping over 5%, though Citigroup rose 3.7% to its highest since 2008.  

 

The relatively mild U.S. June CPI rebound failed to ease Wall Street’s tariff concerns.  

 

Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, noted that inflation is showing early signs of tariff pass-through. While service inflation continues to ease, the accelerated rise in tariff-affected goods could signal greater price pressures ahead.  

 

Following the latest inflation data, the “Fed Watch” tool showed traders’ probability of a September rate cut dropping to just over 50%.  

Global Hotspots  

Trump Says Tariffs to Begin August 1  

 

On July 15 local time, U.S. President Trump announced that tariff impositions will start on August 1.

 

He also stated that an agreement with Vietnam is nearly finalized. Additionally, Trump indicated that tariff letters for smaller nations will soon be issued, with expected rates “slightly above 10%.”  

 

Also on Tuesday, Trump posted on social media claiming a deal with Indonesia. He later stated that Indonesian goods exported to the U.S. will face a 19% tariff, while U.S. exports to Indonesia will be tariff-free, granting the U.S. full market access.  

 

“Wall Street’s Top Banker” Backs Powell  

 

JPMorgan CEO Jamie Dimon warned on Tuesday: “The Fed’s independence is critical—not just for my respected current chair Powell, but for the next chair as well.”  

 

Dimon emphasized that meddling with the Fed often backfires, leading to outcomes contrary to initial intentions.  

Company News  

House “Cryptocurrency Week” Stumbles, Circle Takes a Hit  

 

In a procedural vote on Tuesday, Republican conservatives in the U.S. House blocked three cryptocurrency bills, including stablecoin legislation. As a result, Circle Internet, the world’s second-largest stablecoin issuer, fell over 4%.  $CRCL 

 

U.S. eVTOL Company Announces Expansion of California Production Base  

 

Joby Aviation, a U.S. electric air taxi company, announced plans to double aircraft production capacity by expanding its main facility in Marina, California. The stock rose 10.45% on Tuesday.  

 

The press release noted that the Marina facility currently spans 435,500 square feet (over 40,000 square meters), and upon full operation post-expansion, it is expected to produce up to 24 aircraft annually—nearly one every two weeks.  

 

Musk Launches 2D “AI Girlfriend”  

 

In this week’s update, Grok officially launched its “companions” feature based on the Grok 4 model. The initial characters include the gothic-style girl Ani and the cartoon panda “Bad Rudy.”

 

This service is currently exclusive to SuperGrok subscribers paying $30 monthly.  

 

CoreWeave Boldly Announces New AI Data Center with Up to $6 Billion Investment  

 

Cloud startup CoreWeave revealed plans to invest up to $6 billion in a new advanced data center in Lancaster, Pennsylvania, to support cutting-edge AI technologies.$CRWV   

Forex & Commodities  

International oil prices declined.  

 

At the close, WTI crude futures for the front month on the NYMEX fell $0.46 to $66.52 per barrel, a 0.69% drop, while Brent crude futures dropped $0.50 to $68.71 per barrel, down 0.72%.  

 

COMEX gold futures for the front month fell $22.40, or 0.67%, to $3,336.7 per ounce.  

 

The U.S. Dollar Index, measuring the dollar against six major currencies, rose 0.55% to close at 98.616 in late forex trading.  

Key Events  

OPEC: Global Economy May Outperform Expectations in H2, Supporting Oil Demand  

 

On Tuesday (July 15 local time), OPEC stated in its monthly report that despite uncertainties like trade conflicts, the global economy may perform better than expected in the second half of the year.

 

Increased summer travel is expected to keep refinery crude processing rates high, supporting oil demand prospects.  

Cryptocurrency  

Major digital assets were mostly lower on Tuesday.  

 

Bitcoin dropped 2.8% to $116,398, with 24-hour trading volume falling 48% to $94.85 billion.  

 

Ethereum (ETH-USD), the second-largest digital asset by market cap, rose 1.5% to $3,040.  

 

XRP (XRP-USD) fell 1.8%, BNB (BNB-USD) dropped 0.8%, and Solana (SOL-USD) declined 2.1%. Dogecoin (DOGE-USD) shed 3%, and Cardano (ADA-USD) fell 0.8%.  

 

The total market value of the cryptocurrency industry dropped 1.8% in the past 24 hours to $3.67 trillion, with trading volume down 31% to $202.75 billion.  

Key Events  

Republican Lawmakers Turn Against! Trump-Backed Crypto Regulation Bill Faces Major Setback, Fails House Vote  

 

Several cryptocurrency-related bills supported by U.S. President Trump failed to pass a key procedural vote in the U.S. House of Representatives on Tuesday.

 

Media analysis suggests this is a significant blow to the crypto industry.