Market Snapshot for Wednesday 7-9-2025
Dow Jones – 44,458.30 (+0.49%)
NASDAQ – 20,611.34 (+0.94%)
S&P 500 – 6,263.26 (+0.61%)
Market Performance
Stocks Close Higher as Tariff News Lifts Utilities and Tech
Equity markets ended Wednesday in positive territory following President Trump’s announcement of new tariffs targeting seven countries. Utility and technology stocks led the gains, while consumer staples and energy sectors underperformed.
Nvidia (NVDA) shares jumped to a fresh all-time high, with the AI chip maker becoming the first company to ever cross a $4 trillion market cap.
The Dow Jones Industrial Average rose nearly 0.5%, while the S&P 500 gained 0.6%. The tech-heavy Nasdaq Composite rose 0.9% to close at a fresh record of 20,611.34.
Overseas, Asian markets delivered a mixed performance. In China, consumer inflation edged up to 0.1% year-over-year in June, surpassing expectations for a flat reading.
Economic Takeaways –
- The U.S. dollar weakened against major global currencies.
- On Wednesday morning, Trump unveiled more notices with tariff rates ranging from 20%-30% to countries such as the Philippines, Libya, Algeria, and Iraq ahead of an Aug. 1 deadline.
- US copper prices retreated after soaring to a record on Tuesday as Trump said he expects toput a 50% tariff on copper and threatened to place 200% duties on pharmaceuticals.
- US Treasury yields decreased across the board. The 10-year Treasury yield fell by almost 8 basis points to 4.342%, and the 30-year bond yield was down 7 basis points to 4.873%.
- The CME FedWatch Tool showed the probability of a July rate cut remains low at under 5%, though markets are pricing in a 66% chance of at least one rate cut by September.
- U.S. copper prices (HG=F) fell 3% on Wednesday, pulling back from record highs set in the previous session as traders reacted to President Trump’s proposed 50% tariff on copper imports.
- President Trump’s hunt for a potential replacement for Federal Reserve Chair Jerome Powell is gaining momentum, with several candidates stepping up their criticism of the central bank’s policies in an effort to stand out. According to The Wall Street Journal, National Economic Council Director Kevin Hassett has emerged as a serious contender for the role.
Gold –
- Gold holds firmly above $3,300 an ounce as the Fed remains in wait-and-see mode.
- Gold, as well as silver and platinum are all poised for further gains in H2 2025 according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. “Most notably, the prospect of lower U.S. interest rates could reignite demand, especially for metal-backed ETFs by reducing the opportunity cost of holding non-yielding assets like precious metals, compared to short-dated government bonds,” he said.
Oil –
- Crude Oil rose to 68.33 USD/Bbl on July 9, 2025, up 0.22% from the previous day. Over the past month, Crude Oil’s price has risen 5.16%.
Crypto –
- Bitcoin hit a high above $112,000 on Wednesday, its first record high since May.
- The cryptocurrency is now up roughly 20% on the year.
- Crypto exchange Coinbase Global (COIN) and bitcoin treasury company Strategy (MSTR) were both up roughly 5% on the day.
Fed Minutes Reveal Growing Support for Rate Cuts, But Inflation Concerns Persist
The Federal Reserve minutes from their June meeting, released on Wednesday, revealed a divided committee on the pace of future interest rate adjustments.
The minutes from the latest U.S. Federal Reserve meeting, released Wednesday, indicate that most officials believe it would be appropriate to cut interest rates later this year, though some remain hesitant due to lingering inflation risks.
According to the minutes, officials generally maintained a cautious stance on changing rates. The Federal Open Market Committee (FOMC) unanimously voted to keep the central bank’s benchmark interest rate steady in the 4.25% to 4.5% range — where it has stood since December.
“Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate, noting that upward pressure on inflation from tariffs may be temporary or modest, that medium- and longer-term inflation expectations had remained well anchored, or that some weakening of economic activity and labor market conditions could occur,” the minutes stated.
The discussion revealed some divergence among committee members. “A couple” of officials said they would be open to lowering rates as early as the next meeting if economic data aligns with their expectations.
However, “some” participants believed the most likely path would be to keep rates unchanged through 2025. Their concerns were based on inflation continuing to exceed the Fed’s 2% target, elevated short-term inflation expectations among households and businesses, and a still-resilient economy.
“Several” officials noted that the current policy rate may be near its neutral level — a sign that future moves may depend heavily on incoming economic data.
“Participants agreed that although uncertainty about inflation and the economic outlook had decreased, it remained appropriate to take a careful approach in adjusting monetary policy,” the minutes said.
Trump Tariff Update: 50% Tariff on Brazil Over Bolsonaro Trial, More Trade Penalties Loom
President Trump has once again escalated his trade offensive, issuing a fresh round of tariff threats via letters to world leaders, with new duties set to take effect in August.
The most striking move came in a letter to Brazilian President Luiz Inácio Lula da Silva, in which Trump announced a 50% tariff on Brazilian imports. He justified the move by condemning Brazil’s treatment of former President Jair Bolsonaro, who is currently facing trial in the country’s Supreme Court over allegations of plotting a 2022 coup.
“This Trial should not be taking place,” Trump wrote. “It is a Witch Hunt that should end IMMEDIATELY!”
Earlier Wednesday, Trump also outlined new tariff rates in letters to leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya, with duties ranging from 20% to 30%. These largely mirrored the tariffs proposed during April’s “Liberation Day” rollout.
On Monday, Trump sent similar letters to 14 additional countries — including South Africa, Malaysia, and Thailand — imposing tariffs between 25% and 40%.
Faulkender Says He Hopes Powell Will Step Down from Fed Board After Chair Term Ends
A senior Treasury official signaled on Wednesday that he hopes Federal Reserve Chair Jerome Powell will step down from the Fed’s Board of Governors once his term as chair concludes next May.
“It has traditionally been the case that when a Fed chairman term ends, and they’re no longer going to be chairman, that they don’t stay on the Board of Governors,” said Deputy Treasury Secretary Michael Faulkender in an interview with Yahoo Finance.
“I would hope that Chairman Powell follows tradition along those lines.”
Faulkender’s remarks reflect growing interest from the Trump administration in seeing Powell exit the central bank entirely, as it weighs candidates to reshape the Fed’s leadership and influence future monetary policy.
One upcoming opportunity to influence the Fed’s direction comes as Fed Governor Adriana Kugler is expected to leave her post on Jan. 31, opening a 14-year seat on the Board. The administration is currently reviewing potential nominees to replace her and anticipates an additional seat may become available if Powell steps down entirely in May.
However, Powell has not yet publicly indicated whether he plans to vacate the board once his chairmanship ends.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- Rhythm Pharmaceuticals (RYTM) moved higher 36.63%
- Verona Pharma plc (VRNA) soared by 20.62%
- The AES Corp. (AES) exploded 19.78%
- Bloom Energy Corp. (BE) surged 18.15%
- PTC Inc. (PTC) rose 17.65%
- Newegg Commerce, Inc. (NEGG) moved up 16.09%
- Crinetics Pharmaceuticals (CRNX) rose 10.08%
- CRISPR Therapeutics AG (CRSP) spiked 9.60%
- Lyell Immunopharma, Inc. (LYEL) moved up 9.37%
- Telephone and Data Systems, Inc. (TDS) surged 9.21%
Top Losers
The top US stock losers today, based on percentage change included:
- Bitmine Immersion Technologies (BMNR) moved lower 40.16%
- WPP plc (WPP) moved down 18.09%
- Mobileeye Global Inc. (MBLY) sank 7.08%
- Fair Isaac Corp. (FICO) fell 6.54%
- Dave Inc. (DAVE) was down 6.52%
- AST SpaceMobile, Inc. (ASTS) sank 6.51%
- Uranium Energy Corp. (UEC) 6.33%
- Cinemark Holdings, Inc. (CNK) moved down 5.97%
- Pampa Energia S.A. (PAM) slumped 5.61%
- Eve Holding, Inc. (EVEX) dragged 5.14%
Notables
- Shares of WK Kellogg — the company behind Froot Loops and Frosted Flakes — surged about 55% in extended trading, after the Wall Street Journal on Wednesday reported that Ferrero is wanting to buy the cereal maker.
- Amazon (AMNZ) sales plunged 41% on Tuesday when compared with the start of Prime Day last year.
- Earlier this week, Mercedes reportedsecond quarter global car sales fell 9% to 453,700 units, with US sales down 12% compared to a year ago.
- Shares of Uber (UBER) are up more than 60% YTD.
- Starbucks (SBUX) stock jumped as much as 2% at the market open Wednesday after a report from CNBC suggested that the company has had multiple offers for its China business.
- Apple (AAPL) announced on Wednesday that COO Jeff Williams, the company’s No. 2 executive, will be stepping down from his role this month and retiring later this year.
- Microsoft (MSFT) rose after Oppenheimer upgraded the stock to Outperform from Perform, citing ongoing strength in the company’s Azure cloud business.
- Verona Pharma (VRNA) soared following news that it will be acquired by Merck (MRK) in a deal valued at roughly $10 billion, fueling a rally in biotech.
- Freeport-McMoRan (FCX) gained as copper futures surged to record highs after President Trump announced 50% tariffs on copper imports. The move is seen as a boon for domestic miners but could pose challenges for copper-reliant manufacturers.
- Hershey (HSY) was flat in early trading Wednesday, after falling 3% the previous session. The decline followed the announcement that Kirk Tanner, former CEO of Wendy’s (WEN), will take over as Hershey’s CEO on August 18, succeeding Michele Buck.
- Moderna (MRNA) added more gains after a 9% surge Tuesday. The stock has been buoyed by recent U.S. budget legislation that allows companies to immediately expense domestic R&D costs, according to Barron’s.
- Intel (INTC) slipped, retracing some of yesterday’s 7% gain. Bloomberg reported another 500 job cuts at the company, part of a broader cost-cutting initiative that could eventually affect 20% of Intel’s workforce. Microsoft recently announced about 9,000 layoffs as major tech and chip firms continue ramping up investments in AI.
- Wynn Resorts (WYNN) fell after Citi downgraded the stock to Neutral from Buy, citing expectations of short-term market share loss in Macau.
- T-Mobile U.S. (TMUS) declined following a downgrade to Underweight from Sector Weight at KeyBanc, which pointed to near-term competitive pressures.
- Caterpillar (CAT) gained after Melius Research upgraded the stock to Buy from Hold, citing a potential uptick in engine demand tied to expanding data center capacity.
- AES Corp. (AES) surged after Bloomberg reported the utility company is weighing strategic options, including a potential sale.
What to Watch Ahead
Delta’s (DAL) highly anticipated earnings results are tomorrow morning.
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