Market Highlights

Relative calm enveloped Wall Street, with stocks rising as traders parsed a batch of corporate outlooks. Treasuries bounced from session lows as a $22 billion sale of 30-year bonds showed appetite for longer-term debt despite concerns about the US deficit and the impacts of tariffs. Just a few days ahead of the unofficial start of the earnings season that will bring results from big banks, an upbeat forecast from Delta Air Lines Inc. lifted the industry. The S&P 500 hit a record, approaching 6,300. Tesla Inc. jumped on plans to expand its Robotaxi service to California and Arizona. Nvidia Corp.’s value topped $4 trillion. The chipmaker’s chief Jensen Huang was said to meet with President Donald Trump before a planned trip to China.

A rally in several big techs spurred a rebound in stocks, with Nvidia Corp. briefly hitting $4 trillion. Treasuries climbed after a solid $39 billion sale. Brazil’s real tumbled as President Donald Trump said the US will impose a 50% tariff on imports from the South American nation. Equity traders brushed off trade angst to send the S&P 500 just a few points away from its record high. The CNN Fear & Greed Index is now signaling “extreme greed,” an indication of the market’s bullish momentum. A gauge of megacaps added 1.1%, with Nvidia extending this year’s surge to more than 20%. In another sign of risk appetite, Bitcoin topped $112,000 for the firsttime. US equity-index futures edged down along with the dollar after President Donald Trump dialed- up trade tensions once again with a 50% tariff on copper and issued a new round of letters imposing higher levies on countries.

Stocks failed to gain traction near all-time highs, with Donald Trump saying the August deadline for the start of reciprocal tariffs won’t be extended, despite hopes he’s open to trade talks. Copper surged as the US president called for a 50% tariff. Treasuries fell. Following a torrid run from April lows, the S&P 500 barely budged as traders remained on guard for headline risk. Copper producer Freeport-McMoRan Inc. rallied. A gauge of drugmakers whipsawed as Trump indicated he could offer pharmaceutical manufacturers at least a year before applying a 200% tariff on foreign-made products. In megacaps, Tesla Inc. climbed while Amazon.com Inc. fell at the start of its Prime Day sales event. Copper futures fell in London after President Donald Trump sowed chaos in metals markets by indicating the US would implement a higher-than-expected 50% tariff on imports of the commodity.

Stocks fell from all-time highs and the dollar climbed after President Donald Trump began unveiling his tariff plans, with the US setting levies for nations such as Japan, South Korea and South Africa starting in August — triggering a selloff in their currencies. The S&P 500 slid about 1%, with megacaps leading losses as Tesla Inc. tumbled nearly 7% after Elon Musk announced he’s formed a political party, raising concern about his company’s outlook. Treasuries dropped, with longer-dated bonds underperforming. Emerging markets got hit as Trump warned he’d add extra tariffs on countries aligning with “the Anti-American policies of BRICS.” Asian shares posted modest gains as President Donald Trump left the door open for additional trade talks, providing a reprieve to markets after imposing new tariff rates on several countries.

US stock futures retreated Friday as American trade partners pushed for concessions ahead of a July 9 deadline to finalizetrade deals with the Trump administration. Meanwhile OPEC+ delegates meeting tomorrow will consider an increase of more than 411,000 barrels a day in August. Contracts for the US benchmark fell 0.6% after the gauge ended the trading week at a fresh all- time high. US President Donald Trump dialed up trade tensions after Thursday’s close, warning partners he may start setting levies of as much as 70% unilaterally as soon as today. Stocks declined and the dollar gained in a risk-averse start to the week, as President Donald Trump dialed up trade tensions saying the US will start issuing tariff letters to countries as soon as Monday.

Treasuries fell and the dollar rose as stronger-than-forecast employment growth soothed concern the US economy is poised to slow, stanching speculation the Federal Reserve will need to cut interest rates any time soon. Stocks hit fresh all-time highs. Short-dated bonds underperformed, with two-year yields up eight basis points to 3.87%. Money markets showed traders saw almost zero chance for a Fed reduction in July, compared with the roughly 25% probability seen before the report. The chance of a move in September was reduced to about 75%. The S&P 500 rose for the fifth time in six days.

A rally in several big techs fueled gains in stocks, with the market extending its advance as President Donald Trump said he reached a trade deal with Vietnam. Treasuries fell as a selloff in UK bonds underscored deficit worries. The dollar was steady. Following earlier losses driven by weak jobs data, the S&P 500 rose to fresh all-time highs. Nike Inc. climbed alongside other apparel and footwear companies amid hopes the latest US trade deal will avert a potential supply-chain catastrophe. Tech megacaps led gains, with Tesla Inc. jumping 5% as a drop in sales was seen as better than feared. Marvell Technology Inc. slid about 2.5% on a report that Microsoft Corp. is scaling back its ambitions for AI chips to overcome delays. Bonds steadied after Wednesday’s selloff and Asian shares fluctuatedahead of a US jobs report as new data signaled President Donald Trump’s trade war was hurting employment.

A rally that drove stocks to all-time highs lost steam and bond yields rose as an unexpected increase in job openings dimmed the outlook for Federal Reserve rate cuts, with Chair Jerome Powell reiterating his wait-and-see stance amid the threat of tariffs. Following back-to-back record closes, the S&P 500 edged lower. That’s after the gauge hit its most-overbought level in a year, with a recent increase in bullish flowsraising profit-taking risks. Megacaps led losses, with TeslaInc. down 5% after President Donald Trump threatened to withdraw government subsidies from Elon Musk’s companies and examine the billionaire’s immigration status.

Wall Street’s bulls drove stocks to all-time highs at the end of a solid quarter amid hopes the US is moving closer to reaching concrete deals with its top trading partners. Bets the Federal Reserve will resume rate cuts powered the best first-half stretch for Treasuries in fiveyears. The dollar saw its longest monthly slide since 2017. Following a roughly 25% surge from its April lows, the S&P 500 notched its best quarter since December 2023. The US equity benchmark topped the 6,200 milestone on Monday, with technology shares leading the charge. Apple Inc. climbed the most among megacaps. Oracle Corp. jumped on a cloud-services deal worth $30 billion a year. Big banks gained after passing the Fed’s annual stress test, setting the stage for payouts. Stocks kicked off the second half by building on a record-breaking rally as expectations grow that the US economy will withstand uncertainties from President Donald Trump’s tariff agenda.

The market for Additional Tier 1 bonds has become so overheated that one of the world’s top holders of the risky bank debt is considering pulling back. Algebris Investments, which holds about 􀉲12billion ($14 billion) AT1s within its Financial Credit Fund, has been skipping a number of new offerings as it sees little juice at current spreads. In some cases, the asset manager might look to replace existing issues that are being repaid with safer types of debt like Tier 2 bonds and senior debt. Stock-index futures for the US and Europe advanced as progress in several trade negotiations boosted sentiment.