Market Summary - July 11, 2025
On July 11, 2025, U.S. markets experienced a pullback after a strong performance earlier in the week. The Dow Jones Industrial Average fell by 263.57 points (0.59%) to 44,388, while the S&P 500 decreased by 24.14 points (0.38%) to 6,256. The Nasdaq Composite dropped 29.71 points (0.15%) to 20,600, and the Russell 2000 index fell by 16.61 points (0.73%) to 2,246.
Market Influences
The decline in the markets was primarily influenced by recent trade and tariff announcements from President Trump. In a post on Truth Social, Trump indicated that Canadian goods imported to the U.S. would face a 35% tariff starting in August, an increase from the previously announced 25%. Additionally, he suggested the possibility of implementing blanket tariffs of 15% to 20% on most trading partners, which is higher than the current 10% level. This news contributed to a negative sentiment in the markets, particularly affecting futures overnight and causing weakness in European and Emerging markets.
Sector Performance
All eleven S&P sectors opened in the red, with materials and financials leading the decline. The focus of the week has been on the whirlwind of tariff announcements affecting over 20 countries, which are set to take effect on August 1 unless trade agreements are reached sooner.
Macro Indicators
- WTI Crude: +1.10 to $67.67
- Brent: +1.04 to $69.68
- Gold: +39.70 to $3,365.40
- EUR/USD: -0.0015 to 1.1685
- JPY/USD: +1.19 to 147.44
- 10-Year Note: +0.061 to 4.407%
Sector Movers
Transports
Ryder Systems (R) raised its quarterly dividend by 12% to $0.91. GXO was upgraded to Buy from Hold at Truist, while EXPD was downgraded from Neutral to Underperform at Bank of America.
Chemicals
WDFC reported positive Q2 results and raised its FY25 EPS outlook. Nutrien (NTR) was downgraded to Hold at Jefferies, and Covestro (COVTY) cut its full-year EBITDA outlook.
Life Science and Tools
TMO was upgraded to Outperform at Scotia, while ILMN was downgraded to Sector Perform due to valuation concerns.
REITs
MAA was downgraded from Buy to Neutral at Goldman Sachs, and ADC and FVR were downgraded at Morgan Stanley.
Stock Highlights
Gainers
- AMC: +8% after an upgrade from Wedbush.
- LEVI: +8% following strong earnings.
- MSTR: +2% as Bitcoin reaches new highs.
- RCAT: +23% amid gains in drone stocks.
Laggards
- ALB: -5% after a downgrade at UBS.
- CAPR: -28% following FDA rejection of a therapy.
- DOW: -2% as chemical stocks decline.
- META: -2% amid potential EU charges.
The market's focus remains on the evolving trade landscape and its implications for various sectors, particularly as tariff discussions continue to unfold.