ADDX GO Market Morning Wrap - 23rd July

Stock Market  

The major U.S. indices showed mixed performance, with the S&P 500 narrowly closing at a record high. Investors are focused on second-quarter corporate earnings and signs of progress in U.S. trade negotiations.  

 

Large tech stocks were mixed, with Tesla up over 1%, Nvidia down more than 2%, and Broadcom dropping over 3%. Coking coal and precious metals led gains, with Pan American Silver up over 4% and Hecla Mining up more than 2%.

 

Semiconductor equipment & materials and stablecoin concepts saw declines, with Circle down over 8%, KLA Corp down more than 4%, and ASML down nearly 2%.  

 

Optimism about heavy AI investments has become the “anchor” driving stock gains for Wall Street’s most valuable companies, keeping the major indices near historic highs.  

 

Baird investment strategist Ross Mayfield noted: “The market is digesting recent gains and in a wait-and-see mode. The next one to two weeks will bring two major catalysts: the August 1 tariff deadline and critical earnings from the ‘Magnificent Seven.’”  

 

As the August 1 tariff deadline set by Trump for many countries nears, U.S. trade policy remains a key uncertainty for investors and businesses.  

 

Trump posted Tuesday that he met Philippine President Marcos at the White House, reaching a trade deal.

 

He stated a 19% tariff on Philippine goods, with the Philippines opening its market to the U.S. with zero tariffs. The Philippines has yet to respond.  

 

However, other trade talks seem stalled, with optimism fading for a breakthrough with India, and EU officials considering countermeasures against the U.S.  

 

Additionally, Trump again targeted Fed Chair Powell on Tuesday, demanding immediate rate cuts, calling him “utterly foolish,” and suggesting Powell’s tenure is nearing an end.  

 

Following last week’s mixed economic data, traders have nearly ruled out a rate cut at next week’s Fed meeting. Per the CME FedWatch Tool, they now see a roughly 60% chance of a September cut.  

 

UBS Global Wealth Management analysts said: “We expect market volatility to rise as the August tariff deadline approaches, with threats to Fed independence and geopolitical uncertainty lingering in the background.”  

Global Hotspots  

Trump Claims U.S.-Philippines Trade Deal Reached  

 

U.S. President Trump posted on his Truth Social platform on July 22 that he met visiting Philippine President Marcos at the White House, securing a trade agreement.

 

He announced a 19% tariff on Philippine goods, with the Philippines opening its market to the U.S. with zero tariffs. The Philippine side has not yet commented.  

 

Trump: U.S. to Impose 19% Tariff on Indonesian Goods  

 

Trump stated that the U.S. and Indonesia have reached a trade agreement, imposing a 19% tariff on Indonesian goods. Indonesia will supply critical minerals to the U.S., remove 99% of its tariff barriers, and purchase Boeing planes, U.S. agricultural products, and energy.  

 

Canada Provinces Plan New Cross-Provincial Oil Pipeline  

 

On July 22, governors of Ontario, Saskatchewan, and Alberta signed a memorandum of understanding to build a new east-west cross-provincial oil pipeline.

 

Ontario, Canada’s economic leader, and oil-rich Saskatchewan and Alberta aim to replace the current Line 5 pipeline, avoiding U.S. territory.  

 

Trump Calls for DOJ to Investigate Ex-President Obama  

 

On July 22, Trump said the Justice Department should target former President Obama after intelligence revealed his administration allegedly fabricated Trump “Russia collusion” materials.  

 

U.S. Announces Third Exit from UNESCO, Citing ‘America First’  

 

On July 22, U.S. State Department spokesperson Tammy Bruce announced the U.S. will exit UNESCO, its third such move. Per UNESCO rules, the exit takes effect December 31, 2026.

 

Bruce claimed membership no longer serves “U.S. national interests,” criticizing UNESCO’s focus on “divisive” social and cultural initiatives and its emphasis on UN sustainable development goals, which she said contradicts “America First” foreign policy.  

Company News  

OpenAI Signs Mega Data Center Deal with Oracle  

 

Late Tuesday Beijing time, OpenAI announced a deal with Oracle to develop an additional 4.5-gigawatt “Stargate” data center. Combined with the ongoing “Stargate I” project in Abilene, Texas, this brings the total U.S. “Stargate” AI data center capacity to over 5 gigawatts, capable of running about 2 million chips.

 

OpenAI highlighted its January White House commitment with SoftBank and Oracle to invest $500 billion over four years in 10 gigawatts of AI infrastructure, now exceeding initial targets due to strong partner momentum.  

 

xAI Plans $12 Billion Fundraising  

 

Reports say Musk’s AI startup xAI is raising $12 billion to maintain its lead in the AI arms race.

 

Insiders reveal that just weeks after securing nearly $10 billion via equity and debt, xAI is planning a new round with Valor Equity Partners for up to $12 billion.  

 

Amazon Acquires AI Wearable Maker Bee  

 

Amazon has acquired startup Bee, which makes a $50 AI wearable assistant. Bee co-founder Lourdes Zorrilla announced the deal on LinkedIn.

 

The San Francisco firm’s wristband records and transcribes user activities, generating to-do lists and conversation summaries.  

 

Tesla Conflict Escalates, SpaceX Risks Losing ‘Golden Dome’ Lead  

 

Three insiders say the Trump administration is seeking new partners for the “Golden Dome” missile defense system, favoring Amazon’s Kuiper project and major defense contractors, amid strained Trump-Musk ties that threaten SpaceX’s dominance.

 

This shift marks a move away from reliance on Musk’s SpaceX, whose Starlink and Starshield networks are central to U.S. military communications.  

Forex & Commodities  

WTI crude futures fell 1.47% to $66.21/barrel; Brent crude futures dropped 0.89% to $68.59/barrel.  

 

COMEX gold futures rose 1.1% to $3,444/oz; COMEX silver futures gained 0.83% to $39.66/oz.  

 

Key Events  

IEA: Global LNG Supply to See Biggest Jump Since 2019 Next Year  

 

The International Energy Agency (IEA) predicts the largest global LNG supply increase since 2019 next year, driven by North American output growth. In its quarterly gas market report, the IEA forecasts a 7% rise in 2026 (400 billion cubic meters) after a 5.5% increase this year, boosted by a Qatar project.

 

IEA gas analyst Gergely Molnar said: “This should ease market fundamentals and eventually spur strong demand growth. 2026 will be the first year of an LNG boom, testing how demand handles this surge, especially in Asia.”  

 

Days from Losing Millions! Ships Loaded with Copper Race to U.S. Ports  

 

With August 1 approaching, multiple bulk carriers loaded with copper are speeding to U.S. ports.

 

For each ship’s owner, arriving a few days early could mean tens of millions in extra profit. Background: Trump announced a 50% tariff on imported copper on July 8, driving New York copper prices higher and boosting profits for traders who can deliver in time.  

Cryptocurrency  

Major digital assets rose Tuesday.

 

Bitcoin climbed 2.2% to $119,357, with 24-hour trading volume up 10.3% to $77.84 billion.  

 

Ethereum (ETH-USD) dipped 1.8% to $3,668.  

 

XRP (XRP-USD) gained 0.3%, BNB (BNB-USD) rose 2%, and Solana (SOL-USD) climbed 3%. Dogecoin (DOGE-USD) shed 3.1%, and Cardano (ADA-USD) rose 0.1%.  

 

The total market value of the cryptocurrency industry rose 1.3% in the past 24 hours to $3.94 trillion, with trading volume up 1.1% to $213.92 billion.  

Key Events  

The ‘Institutional Era’ of Ethereum Accelerates!  

 

Andrew Keys: “The biggest beneficiary of the GENIUS Act is Ethereum, as 90% of RWA and stablecoins are deployed on it, much like 90% of searches occur on Google, with Yahoo and Bing holding minor shares. Ethereum is a productive asset, unlike Bitcoin, generating intrinsic returns through staking.”