ADDX GO Market Morning Wrap - 29th July

Stock Market

On Monday Eastern Time, the major indices showed mixed results: the S&P 500 edged up, the Nasdaq rose, both hitting new all-time highs, while the Dow dipped slightly.  

(3-minute chart of major indices, source: TradingView)  

 

At close, the Dow Jones fell 0.14% to 44,837.56 points, the S&P 500 rose 0.02% to 6,389.77 points, and the Nasdaq gained 0.33% to 21,178.58 points.  

 

The S&P 500 marked its sixth straight day of new highs, with the Nasdaq setting a 14th record this month, making July the most record-breaking month since December 1999.  

 

President Trump announced a trade deal with the EU on Sunday, setting a 15% baseline tariff on European goods.  

 

The agreement sparked backlash in Europe, with critics calling it a “shameful failure,” likely to further drag on the region’s already weak economic growth.  

 

Despite new highs for the two main indices, the S&P 500’s intraday peak was just 0.2%, signaling limited investor enthusiasm for the U.S.-EU deal.  

 

“With the market hitting new highs and volatility at its lowest since February, investors face two big challenges: complacency and chasing rallies,” said Daniel Skelly, managing director at Morgan Stanley Wealth Management.“Though recent trade progress is positive, the full impact of tariffs remains unclear.”  

 

Nvidia rose nearly 2%, hitting a new all-time high with a market cap exceeding $4.3 trillion.  

 

The euro fell over 1% against the dollar as investors worried the deal would further suppress Europe’s sluggish growth.  

 

U.S. defense stocks were mixed, while some European defense firms slid. Trump said the EU agreed to buy significant U.S. military equipment.  

 

Dutch lithography giant ASML rose over 2% in U.S. trading, with EU Commission President von der Leyen noting semiconductor equipment and other strategic products would fall under “zero tariff” terms.  

Global Hotspots  

Trump Issues Final Ultimatum: 12 Days to Seal Peace Deal with Russia

 

On July 28 local time, during a visit to Scotland, President Trump expressed deep disappointment with Russian President Putin.

 

He’s shortening the 50-day deadline for a Russia-Ukraine deal to 10-12 days, confirming it Sunday night or July 29. “No reason to wait—there’s been no progress,” Trump said.  

 

Trump: Fed ‘Must’ Cut Rates This Week  

 

Trump reiterated his push for lower rates, stating when asked about a Fed cut this week, “I think it must happen.”  

 

Thai Military: Full Ceasefire in Thai-Cambodian Border Conflict  

 

Thailand’s military reported a full ceasefire in the Thai-Cambodian border conflict region as of 12 AM local time on July 29, following the unconditional ceasefire agreement effective July 28. Clashes began July 24, with both sides accusing each other of violating international law.

 

After a special meeting in Kuala Lumpur on July 28, Prime Ministers Hun Manet of Cambodia and Phitha Limjaroenrat of Thailand agreed to the truce, effective 12 AM July 28.  

 

Israel Considers Full Military Occupation of Gaza  

 

Israel’s cabinet is exploring a full military occupation of Gaza and tightening sieges on key city centers, per a limited security cabinet meeting on July 28. Israel Channel 12 reported discussions on occupying Gaza or besieging Hamas-active cities, including potential power cuts.  

 

UK Media: British Minister Hints at Palestine Recognition This Parliament  

 

Citing Sky News on July 28, UK Business and Trade Minister Jonathan Reynolds told the outlet that the government will recognize Palestine during this parliament, warning it must not be a mere “symbolic” gesture.  

Company News  

Goldman Prime Brokerage Data: Hedge Funds Offload U.S. Tech Stocks at Fastest Pace in a Year  

 

Goldman’s prime brokerage unit reported that as of July 25, hedge funds cut risk exposure to U.S. tech, media, and telecom stocks at the fastest pace since July 2024, with long position sales outpacing short covering.

 

Data shows most TMT subsectors, led by semiconductors, software, IT services, and media, saw risk reduction as the tech earnings season peaks, with Amazon, Apple, Meta, and Microsoft reporting this week. $GS  

 

U.S. DoD Tests AI to Boost Bargaining Power with Palantir and Others  

 

Reports indicate the U.S. Department of Defense is testing AI to enhance negotiation leverage with suppliers like Palantir.  $PLTR 

 

Nissan Considers Shutting Two Mexico Plants

 

Reports on July 28 revealed Nissan’s plan to close seven global factories includes two in Mexico—its first overseas plant since 1966 and a joint venture with Mercedes-Benz—both in central Mexico, as weak sales demand urgent capacity cuts, even targeting symbolic sites.  

Forex & Commodities  

WTI crude futures rose 2.38% to $66.71/barrel, Brent crude up 2.34% to $70.04/barrel.  

 

COMEX gold futures fell 0.65% to $3,314/oz, silver down 0.09% to $38.33/oz.  

 

At New York close, the dollar index rose 1.02% to 98.66, with most non-U.S. currencies declining.  

Key Events  

Russia Bans Gasoline Exports to Ensure Domestic Supply  

 

On Monday local time, Russia imposed a full gasoline export ban until August to meet rising domestic demand amid disrupted refinery maintenance from Ukrainian drone strikes and Western sanctions, causing a supply-demand imbalance.

 

The government said, “This ensures fuel market stability during peak seasonal demand and farm production.” Though the ban is in place, its impact on global refined product markets is expected to be limited, with Russia’s daily gasoline exports at about 100,000 barrels—less than 2% of global seaborne fuel trade.  

 

U.S. Top LNG Firm Secures $15B to Boost Europe Exports  

 

Venture Global, a leading U.S. LNG exporter, announced Monday it raised $15.1 billion for its CP2 Phase 1 project to expand U.S. natural gas exports to Europe. The stock surged over 7% pre-market, lifting other LNG peers.  

Cryptocurrency  

Major digital assets declined Monday.  

 

Bitcoin dropped 1% to $117,846, with 24-hour volume up 27.9% to $65.28 billion.  

 

Ethereum (ETH-USD) fell 1.5% to $3,775.  

 

XRP (XRP-USD) lost 2.3%, BNB (BNB-USD) dipped 0.1%, Solana (SOL-USD) fell 1.8%.

 

Dogecoin (DOGE-USD) shed 4.8%, and Cardano (ADA-USD) dropped 3.7%.  

 

The crypto market’s total value fell 1.2% in 24 hours to $3.88 trillion, with trading volume up 28.9% to $173.26 billion.  

Key Events  

PayPal to Launch ‘Crypto Payment’ Feature, Supporting Over 100 Cryptocurrencies  

 

Fintech giant PayPal will soon roll out a new payment option allowing merchants to accept over 100 cryptocurrencies at checkout.

 

Expected in the coming weeks, it will support Bitcoin, Ethereum, Tether, USDC, and payments from wallets like Coinbase, OKX, Phantom, MetaMask, and Exodus. Funds will convert to fiat or PayPal’s stablecoin PYUSD, deposited to merchant accounts.  $PYPL