ADDX GO Market Morning Wrap - 24th July
Stock Market
With the U.S.-Japan trade deal and progress in U.S.-EU talks, the S&P 500 and Nasdaq hit fresh all-time highs.
Most big tech stocks rose, with Meta up over 1%, Amazon and Microsoft slightly up, Netflix down over 1%, and Google and Apple slightly down. Advanced Micro Devices, Nvidia, and AMD rose over 2%, Broadcom, ASML, and Qualcomm up over 1%; Texas Instruments plunged over 13%.
Reports say EU diplomats indicate the EU and U.S. are moving toward an agreement setting a 15% tariff on most goods; member states may accept this, with EU officials pushing to include autos.
Earlier, Japanese PM Shigeru Ishiba confirmed a U.S.-Japan tariff deal, with the U.S. imposing a 15% tariff and Japan increasing U.S. rice imports.
Ishiba added that both sides agreed to strengthen supply chain ties and economic security through Japanese investments in semiconductors, steel, shipbuilding, energy, and autos.
Blue Chip Daily Trend Report’s Larry Tentarelli said the key is market confidence that the White House will push and sign these trade deals.
Amid extreme market optimism, retail trading fervor returned, with heavily shorted Krispy Kreme and GoPro surging intraday but fading sharply by close.
Capital.com’s Daniela Sabin Hathorn noted a broader risk-on mindset, fueled by tech and crypto strength, encouraging speculative retail trading.
However, she warned of disconnect from fundamentals, potential volatility, and pain for investors chasing rallies without exit plans. “Meme stock rebounds are spectacular but collapse fast.”
BMO’s Ian Lyngen said: “With the August 1 deadline nearing, investors are encouraged by recent trade deals, providing clarity to adapt to a new global trade landscape.”
Global Hotspots
Trump: 15%-50% Tariffs on Most Nations
President Trump said Wednesday ET that the U.S. will impose 15%-50% tariffs on most countries, adding serious talks with the EU could lower rates if they open markets to U.S. firms.
U.S.-EU Trade Deal Nears
Reports suggest the EU and U.S. are close to a deal, with a 15% tariff on European imports, mirroring the U.S.-Japan pact. Insiders say the EU may accept “reciprocal” tariffs to avoid a 30% hike from August 1.
White House: Japan to Boost U.S. Rice Imports by 75%
The White House said the U.S.-Japan deal focuses on semiconductor design, manufacturing, gas, and new shipyards, with Japan immediately increasing U.S. rice imports by 75% and expanding quotas, buying $8 billion in U.S. goods like corn, soy, fertilizer, bioethanol, and sustainable aviation fuel.
U.S. Launches New Visa Compliance Probe into Harvard
Reports say the U.S. has opened a fresh investigation into Harvard’s compliance with a government-run international student/professor visa program. Secretary Rubio notified Harvard’s president, citing no specific misconduct but aiming to support State Department goals.
Company News
Tesla Q2 Revenue $22.5B, Down 12%
Tesla’s Q2 revenue was $22.5 billion, down 12% from last year, below the $22.64 billion estimate. Adjusted EPS was $0.40 vs. $0.52 last year and $0.42 expected. Gross margin was 17.2% vs. 18% last year and 16.5% estimated. Free cash flow was $146 million vs. $664 million in Q1 and $760 million expected.
Apple Launches AppleCare One Subscription
Wednesday ET, Apple’s U.S. site announced AppleCare One, a subscription covering three devices for $19.99/month, matching AppleCare+ benefits, with $5.99/month for extra devices. Available in the U.S. from Thursday, other markets’ rollout unclear.
Alphabet Q2 Revenue $96.43B, Up 14%
Google parent Alphabet’s Q2 revenue was $96.43 billion, up 14% from last year, beating the $93.97 billion estimate. Google Cloud revenue was $13.62 billion, up 32%. Operating profit was $31.27 billion, up 14% vs. $31.07 billion expected. EPS was $2.31 vs. $1.89 last year and $2.18 expected.
Forex & Commodities
WTI crude futures fell 0.09% to $65.25/barrel; Brent crude down 0.13% to $68.51/barrel.
COMEX gold futures dropped 1.34% to $3,397.5/oz; silver down 0.09% to $39.52/oz.
Dollar index down 0.15% to 97.20, most non-U.S. currencies up.
Key Events
IEA: 2025 Oil Demand Growth to Hit Lowest Since 2009
The IEA’s July oil market report forecasts 2025 global oil demand growth at ~700,000 barrels/day, the lowest since 2009. Q1 saw 1.1 million barrels/day, but Q2 slowed to 550,000, with weak emerging market consumption.
2026 growth is projected at 720,000 barrels/day, totaling 104.4 million barrels/day.
Cryptocurrency
Major digital assets mostly fell Wednesday.
Bitcoin down 0.7% to $118,471, 24-hour volume down 14.4% to $66.6 billion.
Ethereum (ETH-USD) down 1.8% to $3,606.
XRP (XRP-USD) down 9.2%, BNB (BNB-USD) up 0.3%, Solana (SOL-USD) down 5.1%.
Dogecoin (DOGE-USD) down 6.0%, Cardano (ADA-USD) down 7.4%.
Total crypto market cap down 1.9% to $3.86 trillion, volume down 7.2% to $198.66 billion.
Key Events
Pivot? Trump Media Buys $2B in Bitcoin
CBS reports Trump Media and Technology Group, controlled by President Trump, spent ~$2 billion on Bitcoin and related securities, aiming to transform into an investment firm with a “Bitcoin strategic reserve” plan.
