ADDX GO Market Morning Wrap - 2nd Aug

Stock Market  

On Friday Eastern Time (August 1, 2025), the first trading day of August saw U.S. stocks plummet, with all three major indices dropping more than 1% as investors assessed clear signs of economic weakness and adjusted U.S. President Trump’s tariff policies.  

Three major indices minute chart, source: TradingView

 

At close, the Dow Jones Industrial Average fell 1.23% to 43,588.58 points, the S&P 500 dropped 1.60% to 6,238.01 points, and the Nasdaq fell 2.24% to 20,650.13 points.  

 

Leading tech stocks broadly declined, with Amazon dropping over 8%, Meta over 3%, Apple and Nvidia over 2%, and Tesla, Microsoft, and Google over 1%.  

 

Cryptocurrency and computer hardware sectors led losses, with Coinbase down over 16%, Strategy and Circle over 8%, Amphenol over 7%, Quantum down nearly 6%, Dell Technologies over 4%, Super Micro Computer nearly 4%, and Logitech over 3%.  

 

Weight-loss drug and precious metals sectors rose, with Gold Resource up nearly 17%, Kinross Gold over 5%, Eli Lilly over 3%, and Novo Nordisk over 2%.  

Three major indices weekly trend, source: FactSet  

 

All three indices recorded weekly declines, with the S&P 500 down 2.4% for the week—its worst performance since May 23—the Dow falling 2.9%, its worst week since April 4, and the Nasdaq down 2.2%.  

 

Data released Friday showed U.S. July nonfarm employment added only 73,000 jobs, well below the economist forecast of 100,000.  

 

Moreover, prior months’ data saw significant downward revisions. June’s job growth was revised to 14,000 from the previously reported 147,000, and May’s from 125,000 to 19,000. These figures indicate the U.S. labor market has been persistently weak.  

 

Concerned about economic slowdown impacting loan growth, bank stocks slumped, with JPMorgan Chase down over 2%, Bank of America and Wells Fargo each dropping more than 3%.  

 

Thierry Wizman, global forex and rates strategist at Macquarie Group, said: “What we’re seeing is investor concern over growth, hitting at a time when market valuations are already very high. This is somewhat typical ‘late-summer growth panic,’ and it also suggests the FOMC’s doves might be right, further supporting the ‘Fed is late’ narrative.”  

 

Weak employment data boosted expectations for an early Fed rate cut. CME data shows traders now see an 86% chance of a September rate cut following the latest jobs report.  

 

Earlier this week, Fed Chair Powell hinted at delaying a cut until the impact of tariffs on inflation is assessed, causing a sharp drop in rate-cut expectations.  

 

Meanwhile, Trump announced adjusted tariffs ranging from 10% to 41%, adding pressure on market sentiment.  

 

Joseph Cusick, portfolio expert at Calamos Investments, said: “As tech earnings hype fades, macro risks mount, and seasonal weakness sets in, traders are taking profits. Market breadth narrows, valuations stretch, and defensive positions are quietly building.”  

Global Hotspots  

Trump: Powell Must Cut Rates or Fed Board Takes Over  

 

Reports indicate that on Friday local time, U.S. President Trump posted on social media, demanding Fed Chair Powell lower rates or the Fed Board take control, intensifying attacks as a September cut looks remote.  

 

Trump Orders Firing of BLS Chief Over Revised Jobs Data  

 

On August 1 local time, President Trump posted on Truth Social, accusing BLS Chief Erica Groshen of “artificially inflating” jobs data before the 2024 election, ordering her immediate dismissal and replacement with a “more capable” candidate.  

 

Trump Admin Freezes CDC Public Health Funding  

 

On August 1 local time, the Trump administration halted funding for several CDC public health projects previously approved by Congress. Insiders reveal a footnote in this week’s OMB memo issued the freeze, leaving multiple CDC initiatives underfunded.  

 

Zelensky Pushes for Swift Peace Talks at Leader Level  

 

Ukrainian President Zelensky, in his Friday evening address, said Ukraine is ready for rapid peace moves, advocating for a high-level leaders’ meeting.  

 

Thailand Hosts Diplomats to Assess Thai-Cambodian Border Post-Conflict  

 

Thailand organized a visit for 11 resident ambassadors, 23 military attachés, and various foreign media to Ubon Ratchathani and Sisaket provinces along the Thai-Cambodian border to review post-conflict conditions.  

 

U.S. Dragon Spaceship Launches New Crew to ISS 

 

SpaceX’s Dragon spacecraft launched from Florida on August 1, carrying four astronauts from the U.S., Japan, and Russia to the International Space Station.  

Company News  

OpenAI Raises $8.3B, Valued at $300B 

 

Media citing insiders report AI startup OpenAI secured $8.3 billion in funding, boosting its valuation to $300 billion as part of a $40 billion 2025 plan. Sources say annualized recurring revenue jumped from $10 billion in June to $13 billion, eyeing $20 billion by year-end.  

 

Roblox Q2 Call: Targets 10% of $180B Global Gaming Market  

 

Roblox held its Q2 2025 earnings call, reporting $1.1 billion in revenue, up 21%. The company aims for a 10% share of the $180 billion global gaming market, with Q3 guidance assuming a return to base growth for viral content engagement, and Q4 noting uncertainties due to late-quarter bookings.  

 

Nintendo Q2 Revenue Soars 132%, Switch 2 Shines 

 

On Friday (August 1), Nintendo released Q2 2026 (Q1 fiscal) results, with revenue doubling to ¥572.3 billion (~$38 billion) driven by Switch 2’s hot sales, beating expectations of ¥471.1 billion and up 132.1% from ¥246.6 billion last year. Launched June 5, Switch 2’s less-than-monthly sales powered the surge.  

 

Chevron Q2 2025 Revenue $44.82B  

 

Chevron reported Q2 2025 revenue of $44.82 billion, above the $43.73 billion estimate but down from $51.181 billion last year; adjusted EPS was $1.77, beating the $1.71 forecast.  

Forex & Commodities  

WTI crude futures fell 2.79% to $67.33/barrel. Brent crude dropped 2.83% to $69.67/barrel.  

 

COMEX gold futures rose 2.01% to $3,416/oz. COMEX silver gained 1.07% to $37.105/oz.  

 

At New York close, the dollar index fell 1.38% to 98.68, up 1.04% for the week.  

Key Events  

Goldman Advised Copper Long Before Price Crash  

 

Goldman Sachs sales staff urged hedge fund clients to bet on a U.S. copper price surge in a Tuesday call, anticipating Trump’s 50% tariff continuation and suggesting short-term call options for an 11% gain.

 

However, Trump’s limited tariffs Wednesday, exempting major copper trade forms, caused a 22% drop in New York copper prices within hours. That night, Goldman’s commodity team emailed clients titled “No Copper Tariffs, We Were Wrong.”  

Cryptocurrency  

Major digital assets fell Friday.  

 

The CoinDesk Market Index, tracking dozens of assets including Bitcoin, shed 3.6% in 24 hours.  

 

Bitcoin dropped 3% to $113,375, with 24-hour volume up 41.9% to $91.88 billion.  

 

Ethereum (ETH-USD) fell 5.8% to $3,521.  

 

XRP (XRP-USD) lost 1.2%, BNB (BNB-USD) declined 4.2%, Solana (SOL-USD) fell 5.1%.  

 

Dogecoin (DOGE-USD) shed 2.4%, Cardano (ADA-USD) dropped 2.6%.  

 

The crypto market’s total value declined 3.4% to $3.7 trillion, with volume up 32.2% to $209.14 billion.  

Key Events  

Citi: Bitcoin May Hit $135K by Year-End, $199K in Optimistic Case  

 

Citi’s recent crypto market outlook predicts Bitcoin could reach $135,000 by December 2025, driven by strong U.S. spot Bitcoin ETF demand, steady adoption growth, and improving global macro conditions.

 

The report notes multiple variables: in an optimistic scenario with sustained ETF inflows and accelerated adoption, it could soar to $199,000; in a pessimistic case with tougher regulations or economic instability, it might fall to $64,000.