ADDX GO Market Morning Wrap - 30th July

Stock Market  

On Tuesday Eastern Time, major indices closed lower as trade tension concerns rose and traders stayed cautious ahead of the Fed’s rate decision.  

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

 

At close, the Dow Jones fell 0.46% to 44,632.99 points, the S&P 500 dropped 0.30% to 6,370.86 points, and the Nasdaq declined 0.38% to 21,098.29 points.  

 

Analysts note investors now focus on winners and losers under tariffs and new trade deals, shifting from earlier fears of deep recession or runaway inflation.  

 

Cresset Capital co-founder Jack Ablin said, “Investors have essentially ‘quarantined’ the tariff issue. It’s now a bottom-up, specific concern, not a top-down systemic risk.”  

 

The market also eyed Wednesday’s Fed rate decision. Most expect the benchmark rate to hold at 4.25%-4.5%, but Fed Chair Powell’s post-decision press conference may hint at a September cut.  

 

Freedom Capital Markets global chief strategist Jay Woods noted, “The market’s strong run is pausing. Technicals suggest a pullback. It’s a breather, with focus shifting to earnings-driven stocks and the Fed’s next move.” He added, “We hope Wednesday’s press conference brings clarity.”  

Global Hotspots  

China-U.S. Trade Talks Held in Stockholm, Sweden  

 

From July 28-29 local time, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Bessent and Trade Representative Greer met in Stockholm for China-U.S. trade talks.  

 

IMF Raises Growth Forecasts for Emerging and Developing Economies to 4.1% and 4% for 2025-2026  

 

The IMF’s updated World Economic Outlook on July 29 projects global growth at 3% in 2025 and 3.1% in 2026, up 0.2 and 0.1 points from April. The hike reflects importers stockpiling due to U.S. tariff threats.  

 

Thai Military: Cambodia Violates Ceasefire with New Attack  

 

Late July 29 local time, Cambodia allegedly breached the ceasefire, attacking Thailand. Cambodia has not responded. Clashes began July 24, with both sides accusing each other of international law violations.

 

U.S. Job Vacancies Fall to 7.44 Million, Signaling Cooling Labor Market  

 

New data shows U.S. job openings dropped to 7.44 million in June from 7.71 million in May, per the Labor Department’s Tuesday (July 29) report, below the expected 7.5 million, indicating stable labor demand.  

Company News  

JPMorgan May Replace Goldman as Apple Card Issuer  

 

Sources say JPMorgan is close to taking over Apple Card from Goldman Sachs after accelerated talks.

 

As the largest U.S. bank, it’s Apple’s top pick, with discussions since early 2024. Amex, Synchrony, and Barclays dropped out, but the deal isn’t final due to project challenges.  

 

Novo Nordisk Stock Crashes Nearly 22%  

 

Danish pharma giant Novo Nordisk plummeted 21.83% Tuesday after slashing its 2025 sales growth guidance to 8-14% (from 13-21%) and operating profit to 10-16% (from 16-24%), citing weak U.S. Wegovy demand.  

 

Microsoft in Talks with OpenAI to Secure Tech Post-AGI  

 

Sources say Microsoft is negotiating with OpenAI to ensure tech access even if AGI is achieved, potentially clearing a hurdle for OpenAI’s commercialization. Talks, ongoing for weeks, face regulatory and Elon Musk’s lawsuit risks.  

 

JPMorgan: First Foldable iPhone to Launch September 2026 at $1,999  

 

JPMorgan analysts predict Apple’s first foldable iPhone, part of the iPhone 18 series, will debut in September 2026 for $1,999, citing it as a logical step post-iPhone 17.  

 

Another Apple AI Researcher Joins Meta, Core Team Shakes  

 

 Apple lost its fourth AI researcher in a month to Meta, with key multimodal AI figure Bowen Zhang joining Meta’s new superintelligence team Friday, highlighting AI strategy struggles.  

 

JetBlue-UAL ‘Blue Sky’ Partnership Approved by DOT  

 

JetBlue says its ‘Blue Sky’ collaboration with United Airlines, cleared by the U.S. DOT, will offer flexible flight options and cross-airline mileage perks.  

Forex & Commodities  

WTI crude futures rose 3.75% to $69.21/barrel, Brent up 3.53% to $72.51/barrel.  

 

COMEX gold futures gained 0.48% to $3,383/oz, silver up 0.43% to $38.385/oz.  

 

At New York close, the dollar index rose 0.27% to 98.92, with most non-U.S. currencies down.  

Key Events  

Dollar Rally Unlikely to Last? Citi: Fed Decision Won’t Shift Outlook, Non-Farm Data Key  

 

The dollar’s recent rebound draws attention. Wednesday’s Fed rate decision may set the stage for a September cut, but Friday’s non-farm data will drive the next move.

 

Citi analysts predict a July job growth slowdown to 100,000 and unemployment rising to 4.2%, signaling a dovish Fed shift.  

Cryptocurrency  

Major digital assets dipped Tuesday.  

 

Bitcoin fell 0.1% to $117,555, with 24-hour volume up 6.8% to $68.5 billion.  

 

Ethereum (ETH-USD) dropped 0.2% to $3,768.  

 

XRP (XRP-USD) lost 0.4%, BNB (BNB-USD) down 3.1%, Solana (SOL-USD) fell 1.4%.  

 

Dogecoin (DOGE-USD) shed 2.9%, Cardano (ADA-USD) dropped 2.1%.  

 

The crypto market’s total value fell 0.6% in 24 hours to $3.86 trillion, with volume up 1.1% to $175.3 billion.  

Key Events  

Citi: Bitcoin Could Hit $135,000 by Year-End, Up to $199,000 in Bull Case, $64,000 in Bear Case  

 

Citi’s latest crypto outlook predicts Bitcoin at $135,000 by 2025-end, driven by U.S. spot Bitcoin ETF demand, user adoption, and improving global economics.