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<img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==" alt="NASDAQ sign at times square at night by Lucky-photographer via iStock" loading="eager" height="640" width="960" class="yf-1gfnohs loader"/>
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NASDAQ sign at times square at night by Lucky-photographer via iStock
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On Wednesday, the S&P 500 Index ($SPX) (SPY) rose by +0.61%, the Dow Jones Industrials Index ($DOWI) (DIA) increased by +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) gained +0.72%. Meanwhile, September E-mini S&P futures (ESU25) were up by +0.57%, and September E-mini Nasdaq futures (NQU25) increased by +0.66%.
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Stocks experienced an upward trend on Wednesday, with the Nasdaq 100 achieving a new all-time high. The strong performance of the top seven technology stocks contributed to the overall market gains. President Trump announced new tariffs on various countries, which did not dampen the market’s positive sentiment. Additionally, a drop in bond yields benefited stocks, with the 10-year T-note yield decreasing by -6 basis points to 4.34%.
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Bitcoin's price (^BTSUSD) surged over +2% on Wednesday, hitting a new record high, which led to a rally among stocks linked to cryptocurrencies.
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Despite stock gains, there are limitations as President Trump emphasized his intention to maintain his aggressive tariff policies, indicating no further extensions for country-specific tariffs effective August 1. He stated that a 50% tariff will apply to imported copper products, and drug companies might face tariffs up to 200% if they do not relocate production to the US in the next year. While he claimed progress on a trade deal with India, he still plans a 10% tariff on Indian goods due to their involvement in BRICS, which he described as detrimental to the US.
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In other economic news, US mortgage applications rose by +9.4% for the week ending July 4, with the purchase mortgage sub-index hitting a nearly 2.5-year high. The average 30-year fixed rate mortgage dropped slightly to 6.77%. However, wholesale trade sales unexpectedly dipped -0.3% month-on-month in May, which was below predictions.
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The June FOMC meeting minutes revealed a mildly hawkish tone, indicating concerns that tariffs could result in more prolonged inflation impacts. Meanwhile, external economic indicators from China showed sluggish demand, with June’s producer price index declining -3.6% year-on-year, marking the largest drop in almost two years.
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This week's market focus remains on trade developments and new tariffs. Thursday will see the release of initial unemployment claims, along with addresses by St. Louis Fed President Musalem and San Francisco Fed President Daly regarding the economy and monetary policy. Federal funds futures prices currently reflect only a 7% probability of a -25 basis point rate cut at the upcoming FOMC meeting on July 29-30.
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