Morning Preview: July 10, 2025
Early Look
On Thursday, July 10, 2025, stock futures showed a slight decline as Wall Street reacted to recent tariff announcements from President Donald Trump. This comes after a significant rally led by Nvidia, which propelled the Nasdaq Composite to a record closing high. The Nasdaq reached an all-time high on Wednesday, closing at 20,611.34, while Bitcoin also hit a new high of $112,152. The S&P 500 remained strong, just 0.3% off its recent all-time highs, and the Dow is approximately 1.5% from its record highs. The CBOE Volatility Index (VIX) has dropped to its lowest level since late February, indicating a continued bullish sentiment in the market.
Market Overview
In trade news, copper stocks experienced an uptick following Trump's announcement of a new 50% tariff on copper, effective August 1. Additionally, a 50% tariff was placed on Brazil, affecting various sectors including energy, which led to declines in stocks such as EWV, ERJ, and NU. In Asian markets, the Nikkei Index fell by 174 points, while the Shanghai Index and Hang Seng Index saw slight gains. European markets also showed positive movement, with the German DAX and FTSE 100 both rising.
Market Closing Prices from Previous Day
- S&P 500 Index: +37.74 points (0.61%) to 6,263.26
- Dow Jones Industrial Average: +217.54 points (0.49%) to 44,458.30
- Nasdaq Composite: +192.87 points (0.95%) to 20,611.34
- Russell 2000 Index: +23.75 points (1.07%) to 2,252.49
Economic Calendar for Today
- 8:30 AM ET: Weekly Jobless Claims (est. 235K)
- 8:30 AM ET: Continuing Claims (est. 1.974M)
- 10:30 AM ET: Weekly EIA Natural Gas Inventory Data
- 1:00 PM ET: U.S. Treasury to sell $22B in 30-year notes
Earnings Calendar
Earnings Before the Open: CAG, DAL, HELE, NTIC, SMPL
Earnings After the Close: ETWO, LEVI, PSMT, WDFC
Sector News Breakdown
Consumer
Kellogg (KLG) shares surged after reports of a potential $3 billion acquisition by Ferrero. Costco (COST) reported a significant increase in net sales for June, while Dollar Tree (DLTR) announced a $2.5 billion share buyback.
Energy, Industrials, and Materials
Agco (AGCO) announced a $1 billion share repurchase program. APA Corp. (APA) reported a reduction in natural gas production due to weak prices. Delta Air Lines (DAL) exceeded earnings expectations and raised its guidance for the fiscal year.
Financials
Cohen & Steers, Inc. (CNS) reported an increase in assets under management. Coinbase (COIN) was downgraded to Sell due to valuation concerns, while Synovus (SNV) received an upgrade to Overweight.
Healthcare
Nurix Therapeutics (NRIX) shares rose significantly after reporting strong quarterly revenues. Rhythm Pharmaceuticals (RYTM) announced a public offering, while Ultragenyx (RARE) faced declines following trial updates.
Technology, Media & Telecom
Amazon (AMZN) is considering a significant investment in AI firm Anthropic. Oracle (ORCL) received an upgrade based on improved growth prospects, while PTC shares surged amid acquisition rumors.
Conclusion
The market is currently navigating through a mix of positive earnings reports and geopolitical developments, particularly regarding tariffs. Investors are closely monitoring these factors as they influence market sentiment and stock performance.