Evening Market Recap

Sophia Reyes · July 7, 2025 5:44 PM

Market Snapshot for Monday 7-7-2025

Dow Jones – 44,406.36 (-0.94%)
NASDAQ – 20,412.52 (-0.92%)
S&P 500 – 6,229.98 (-0.79%)

Market Performance

Stocks fell sharply on Monday as President Trump reignited trade tensions, threatening new tariffs on key U.S. trading partners. The Dow Jones Industrial Average (^DJI) dropped over 400 points, nearly 1%, while the S&P 500 (^GSPC) declined 0.8%. The Nasdaq Composite (^IXIC) slid around 0.9%, with Tesla (TSLA) shares under pressure amid market jitters over CEO Elon Musk’s political ambitions.

The pullback comes as markets retreat from recent record highs, with investors eyeing Trump’s latest tariff ultimatum. On social media, Trump shared letters to the leaders of South Korea and Japan, warning that the U.S. will implement 25% tariffs on imports from both countries starting August 1. He followed with similar posts addressed to leaders in South Africa, Malaysia, and others, outlining tariff plans ranging from 25% to 40%.

Overseas, Asian markets ended mixed, and European shares are climbing after Eurozone retail sales rose 1.8% year-over-year in May—surpassing expectations for a sharper slowdown.

Economic Takeaways –

• The U.S. dollar is strengthening against major global currencies.
• Uranium futures have risen more than 8.2% in the last month and 22% from their March low.
• Treasury yields are ticking up, with the 10-year yield rising to 4.37%.
• Treasury Secretary Scott Bessent told CNBC several deal announcements are ahead. Bessent noted that countries may now have until August 1—an extension from the original Wednesday deadline—but warned that this leaves limited time for dozens of nations to finalize agreements before potentially facing steep tariffs.
• The tax and spending-cut bill adds an estimated $3.3 trillion to the national debt, according to the non-partisan Congressional Budget Office.
• June saw a surge in initial public offerings (IPOs), with five tech companies successfully launching their public market debuts.
• Following last week’s stronger-than-expected job numbers, the probability of a July rate cut dropped below 5% early Monday, according to the CME FedWatch Tool. The chance of at least one rate cut by September fell to just under 70%, down from nearly 100% on Thursday morning.

Gold –

• Having initially slid more than 1% on a strong U.S. dollar, spot gold recovered to be down 0.1% at $3,332.62 an ounce by 0149 p.m. EDT.

Oil –

• OPEC cited lower global oil inventories as a reason to boost output in August by 548,000 barrels per day.
• Oil prices are expected to drop to under $60 on increasing OPEC+ supply.
• As of Monday, West Texas Intermediate crude was trading above $67 per barrel, and Brent crude, the international benchmark, was above $69 per barrel.

Crypto –

• The price of Bitcoin continued to settle under $108,000.
• Elon Musk says his new proposed political party will support bitcoin.
• Robinhood (HOOD) tokens face EU regulator probe after OpenAI warning.

Trade Update

Late Sunday, President Trump warned that any country aligning with the “anti-American policies of BRICS” would face an additional 10% tariff, declaring on social media, “There will be no exceptions to this policy.” The announcement followed public criticism of Trump’s trade agenda by the BRICS bloc—comprised of Brazil, Russia, India, China, and South Africa—during its summit over the weekend. Notably, China and India remain key U.S. trading partners.

The statement escalates already-heightened trade tensions, as nations scramble to finalize deals before Trump’s July 9 deadline—when the 90-day suspension of sweeping tariffs imposed in April is set to expire. So far, only the United Kingdom and Vietnam have signed new agreements, with a tentative framework also in place with China.

On Sunday, both President Trump and Treasury Secretary Scott Bessent confirmed that formal tariff notifications would be sent this week. However, the new duties will not take effect until August 1.

Earlier Monday, President Trump began rolling out his “UNITED STATES TARIFF Letters,” announcing 25% tariffs on imports from both South Korea and Japan.

The announcements come just days ahead of Trump’s July 9 deadline, when a temporary pause on broad tariffs is set to expire. In the lead-up, the U.S. has secured a trade framework with China and finalized agreements with the United Kingdom and Vietnam.

Amazon Shares Tick Up Ahead of Extended Prime Day Event

Amazon (AMZN) shares rose on Monday as the company prepares to launch its expanded four-day Prime Day sales event.

According to Adobe Analytics, online spending across U.S. retailers is expected to reach $23.8 billion during the July 8–11 window—a 28.4% increase over the same period last year. Amazon extended Prime Day from its usual two days to four, following last year’s $14.2 billion haul during the shorter event.

“This is equivalent to two Black Fridays,” Adobe noted.

Meanwhile, shares of Walmart (WMT) and Target (TGT), which are holding rival sales promotions, dipped slightly in early trading.

Jack Dorsey Builds Bluetooth Messaging App Called Bitchat

Block CEO and Twitter co-founder Jack Dorsey revealed in a post on X Sunday night that he spent the weekend building a new app called Bitchat—a name he clarified is likely a blend of “bit” and “chat,” despite its appearance.

The app uses Bluetooth mesh networking to allow users to send messages without relying on Wi-Fi or cellular networks. Typically, Bluetooth-based messaging apps are limited to about 100 meters in range. However, Dorsey says Bitchat pushes beyond that constraint, using peer-to-peer relays to extend communication distances up to 300 meters, or 984 feet.

The tool could prove especially useful in low-signal environments like crowded music festivals, where traditional connectivity is often unreliable.

Top Gainers

Several stocks experienced significant gains. Some of the top gainers included:

• Enovix Corp. (ENVX) moved higher 14.40%
• WNS (Holdings) Limited (WNS) soared by 14.26%
• Rocket Lab Corp. (RKLB) exploded 9.03%
• Bilibili, Inc. (BILI) surged 7.66%
• Unity Software, Inc. (U) rose 6.62%
• Globalstar, Inc. (GSAT) moved up 6.42%
• Sandstorm Gold, Ltd. (SAND) rose 6.33%
• Frontline plc. (FRO) spiked 6.25%
• Sunrun, Inc. (RUN) moved up 5.81%
• PureCycle Technologies (PCT) surged 5.60%

Top Losers

The top US stock losers today, based on percentage change included:

• Bitmine Immersion Technologies (BMNR) moved lower 20.39%
• Core Scientific, Inc. (CORZ) moved down 17.61%
• Apogee Therapeutics, Inc. (APGE) sank 17.32%
• Silicon Laboratories, Inc. (SLAB) fell 8.95%
• ATS Corp. (ATS) was down 8.77%
• Summit Therapeutics, Inc. (SMMT) sank 7.90%
• SK Telecom Co., Ltd. (SKM) dragged 7.76%
• Applied Digital Corp. (APLD) moved down 7.56%
• CleanSpark, Inc. (CLSK) slumped 7.51%
• Ingram Micro Holding (INGM) dragged 6.76%

Notables

• Morgan Stanley on Monday initiated coverage of Chime with a bullish rating and a price target implying over 20% upside.
• Planet Hollywood is suing Miami-based BankUnited for allegedly turning a pandemic lifeline into a mountain of debt.
• Baxter International (BAX) on Monday named Andrew Hider, chief executive of Canadian automation solutions firm ATS Corp., its new CEO.
• Fincantieri Marine Group (FMG), the U.S. subsidiary of Europe’s largest shipbuilder, announced a significant leadership change, appointing George A. Moutafis as its new chief executive officer, effective July 1.
• Tesla (TSLA) dropped after CEO Elon Musk announced plans to launch a new political party and faced fresh criticism from former President Trump. Adding to the pressure, William Blair downgraded Tesla from Outperform to Market Perform, citing demand challenges and the removal of tax and regulatory credits in the recent budget bill that previously benefited the company.
• Microsoft (MSFT) edged higher, eyeing a test of technical resistance around the $500 level following modest gains in Thursday’s shortened session. The software giant also revealed plans to cut 9,000 jobs, bringing total layoffs over the past two months to 15,000—just under 4% of its workforce.
• Nvidia (NVDA) slipped after closing at a record high Thursday, up 1.3%. The chipmaker is on track to surpass Apple (AAPL) as the world’s most valuable company, with a market cap of $3.89 trillion compared to Apple’s $3.915 trillion. Citi lifted its price target for Nvidia stock, citing the expanding AI market.
• Tripadvisor (TRIP) fell after surging nearly 17% on Thursday to its highest level since February, following hedge fund Starboard Value’s disclosure of a stake exceeding 9% in the online travel platform.
• Renewable energy stocks including First Solar (FSLR) and Enphase Energy (ENPH) each dipped after gains on Thursday. The latest, and likely final, version of President Trump’s major bill removed a proposed tax on solar and wind companies during Senate revisions last week.
• Constellation Brands (STZ) climbed following a Jefferies upgrade from Hold to Buy, citing the company’s “solid” balance sheet among key factors.
• Shell PLC (SHEL) declined after the company reported profit headwinds from weakness in its gas trading division and losses in chemicals and products units, according to Reuters.

What to Watch Ahead

• Tuesday (7/8): Consumer Credit and earnings from Immersion Corp. (IMMR), Kura Sushi USA Inc. (KRUS), Penguin Solutions (PENG), Aehr Test Systems (AEHR), and Quantum Corp. (QMCO).
• Wednesday (7/9): EIA Crude Oil Inventories, MBA Mortgage Applications Index, Wholesale Inventories and earnings from AZZ Inc. (AZZ), and Bassett Furniture Industries Inc. (BSET).

• Thursday (7/10): Continuing Claims, EIA Natural Gas Inventories, Initial Claims and earnings from Delta Airlines Inc. (DAL), Conagra Brands Inc. (CAG), Simply Good Foods Co. (SMPL), Helen of Troy Ltd. (HELE), Levi Strauss & Co. (LEVI), Vista Energy SAB de CV (VIST), PriceSmart Inc. (PSMT), and WD-40 Co. (WDFC)

• Friday (7/11): Treasury Budget.