07 July 2025 Market Close & Major Financial Headlines: Stocks Stumble on Fresh Tariff Threats Amid BRICS Tensions
Summary Of the Markets Today:
The Dow closed down 422 points or 0.94%,
NASDAQ closed down 189 points or 0.92%,
S&P 500 closed down 49 points or 0.79%,
Gold $3,350 up $6.7 or 0.20%,
WTI crude oil settled at $68 up $1.01 or 1.49%,
10-year U.S. Treasury 4.385 up 0.045 points or 1.037%,
USD index 97.46 up $0.28 or 0.29%,
Bitcoin $108,131 down $389 or 0.36%, (24 Hours),
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights – Market Summary
On July 8, 2025, stock markets were heavily influenced by renewed trade tensions as President Trump confirmed that new country-specific tariffs would be imposed starting August 1, especially targeting nations supporting BRICS' "anti-American policies" with an additional 10% tariff. This announcement, following criticism from major trading partners at the BRICS summit, heightened investor anxiety about escalating trade conflicts and led to declines across major U.S. indices: the Dow, S&P 500, and Nasdaq all opened lower, with tech stocks like Tesla falling further due to unrelated political developments involving CEO Elon Musk. The market downturn came after a period of record highs driven by a strong jobs report, but investors now fear abrupt policy shifts could trigger further volatility. Meanwhile, Amazon shares rose slightly ahead of its extended Prime Day sales event, which is expected to boost U.S. online spending by nearly 30% year-over-year, though competing retailers like Walmart and Target saw minor declines. In corporate news, Nvidia-backed CoreWeave’s $9 billion all-stock acquisition of Core Scientific caused both companies’ shares to drop sharply.
Read the June 2025 Economic Forecast: Recession Winds - Is the Glass Half Empty or Half Full
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
no releases today
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Third Waves Are the Ones You Want to Catch
"Third waves are wonders to behold. They are strong and broad.
They usually generate the greatest volume and price movement and are most often the extended wave in a series."
-- Elliott Wave Principle, Frost and Prechter, p. 78
Of the five waves in an Elliott impulse, the 3rd wave is the one you want to catch.
And you definitely don't want to be on the wrong side of one.
These idealized charts show you what I mean.
Every Elliott fan has a handful of favorite 3rd waves.
Mine? Bitcoin in 2020.
In April 2020 -- amid the COVID-19 panic -- Elliott Wave International's analysts told subscribers:
"Bitcoin (BTC) is in the very early stages of a wave (3) rally... keep the focus on higher."
Result: Bitcoin rocketed from 7,000 to nearly 65,000 in a year.
Not every 3rd wave is this dramatic, of course.
But some are.
Bitcoin in 2020 is an important reminder that 3rd waves are most often the longest and strongest move in an Elliott impulse.
Want to learn more about the Elliott Principle? This handy reference guide teaches you the basics in 30 minutes (it's free).
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Infographic of the Day from Visual Capitalist:
Statista Graphic of the Day:
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The headlines we are reading:
Weather Outlook for the United States and the World – Continuously Updated
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T-Bond Bottom Could Herald the Start of Trump’s ‘Golden Era’
We’re all waiting anxiously to see whether Trump’s bold initiatives usher in a golden economic era. If this is going to happen, we should see the Dow Industrial lurch toward 100,000 at any time. Just a few short weeks ago, you could have counted me among the skeptics. It is a habit that has become deeply ingrained in me after writing collapsitarian essays and editorials for the last 30 years. However, I have been so wrong about this for so many years that I would never, ever insist that such a seemingly outrageous rally is impossible. Skeptics aside, there are perhaps 80 to 100 million Americans rooting with all their might for the President to fall on his face. This is Trump Derangement Syndrome at its stupidest and most hateful, since a really bad year for the President could mean our children will have to suffer through a Second Great Depression.
Trump announces steep tariffs on five more countries starting Aug. 1
The United States will impose 25% blanket tariffs on imports from Japan and South Korea starting Aug. 1, President Donald Trump revealed.
The declining dollar faces more headwinds after posting worst first-half return in 52 years
The U.S. dollar faces a variety of headwinds heading into the second half of the year that could have important investing implications.
Dow drops more than 400 points as Trump tariffs rattle markets: Live updates
Wall Street is coming off a holiday-shortened week during which the S&P 500 and Nasdaq Composite posted fresh all-time highs.
Tesla shares drop 7% after Elon Musk says he is launching a political party
Elon Musk said he would form a new political party called the "America Party."
Jack Dorsey launches a WhatsApp messaging rival built on Bluetooth
Block CEO Jack Dorsey has launched Bitchat, a new peer-to-peer messaging app that works entirely over Bluetooth mesh networks.
These stocks are on their way to becoming dividend aristocrats, Wolfe says
Monday's market tumult was a reminder that solid dividend paying stocks still have a place in investors' portfolios.
Waymo to begin testing in Philadelphia with safety drivers behind the wheel
Waymo said it will begin testing in Philadelphia as its seeks to expand into Northeastern cities.
CoreWeave, Core Scientific shares fall after firms confirm $9 billion deal: CNBC Crypto World
On today's episode of CNBC Crypto World, major cryptocurrencies trade lower along with stocks as traders weigh the latest developments on the trade front. Plus, AI hyperscaler CoreWeave confirms it will acquire Core Scientific, a leading data center infrastructure provider. And, Bit Digital CEO Sam Tabar discusses the firm's move to convert its entire treasury to ETH.
Trump advisor Navarro rips Apple's Tim Cook, saying he's not moving production out of China fast enough
President Donald Trump has ramped up pressure on Apple to make more of its products in the U.S.
Medical groups sue HHS, Robert F. Kennedy Jr. over vaccine policy
The plaintiffs include the American Academy of Pediatrics, American College of Physicians, American Public Health Association and Infectious Diseases Society of America.
'America's Deficit Reckoning': How the U.S. debt spiral could spark a crisis
CNBC interviewed a dozen experts, investors and former government officials to explore the consequences of America's fiscal path.
Tax changes under Trump’s 'big beautiful bill' — in one chart
These are some of the key tax changes in President Donald Trump’s "big beautiful bill" and how it compares to current law.
'F1' is Apple's highest-grossing theatrical film ever
Apple's "F1: The Movie" nears $300 million at the global box office, the highest-grossing haul of a film ever released by the studio.
Trade Crackdown: 12 More Countries To Receive Tariff Letters After Japan, South Korea
Update (1345ET):
White House Press Secretary Karoline Leavitt announced that, alongside Japan and South Korea, a dozen additional countries will soon receive similar trade warning letters, all of which will be publicly posted on President Trump's Truth Social account.
Leavitt also stated that the tariff implementation deadline has been moved from July 9 to August 1, giving the countries that receive letters a clear ultimatum: negotiate now.
Latest headlines:
LEAVITT: THERE WILL BE 12 OTHER COUNTRIES GETTING NOTIFICATION
LEAVITT: TRUMP TO SIGN ACTION TODAY DELAYING TARIFFS
LEAVITT: LETTERS WILL BE POSTED TO TRUTH SOCIAL
LEAVITT: TRUMP ALSO SIGNING ORDER DELAYING TARIFFS TO AUG 1
* * *
Update (1246ET):
U.S. main equity indexes, the S&P 500 and Nasdaq, fell to session lows after the Trump administration released tariff letters to a handful of countries, citing "persistent trade imbalances" and the failure to reach trade deals before the July 9 deadline. The tariffs are expected to take effect on August 1.
The first two trade letters were sent to South Korea and Japan, imposing a 25% tariff on all goods, effective August 1.
Here are the key points from the letter addressed to South Korea that was posted on President Trump's Truth Social page:
The U.S. vie ...
Texas Flood Disaster: Death Toll Climbs To 90, Trump To Visit Later This Week
Update (1423ET):
Kerr County Sheriff Larry Leitha confirmed in a news conference that at least 90 people are dead and dozens are still missing after a 30-foot wall of water surged down the Guadalupe River late last week.
Of the fatalities so far, 75 have occurred in Kerr County, Leitha said, adding that the dead include 48 adults and 27 children, with 15 of the adults and nine of the children unidentified. Camp Mystic, located along the Guadalupe River in Hunt, Texas, confirmed that 27 children and counselors died in the flooding.
"Our hearts are broken alongside our families that are enduring this unimaginable tragedy. We are praying for them constantly," Camp Mystic wrote in a statement, adding, "We have been in communication with local and state authorities who are tirelessly deploying extensive resources to search for our missing girls. We are deeply grateful for the outpouring of support from the community, first responders, and officials at every level."
At least 10 Camp My ...
'Hit Us, Please' - America's Left Issues A 'Broken Arrow' Signal To Europe
Authored by Jonathan Turley,
“Broken arrow” is arguably the most chilling and desperate order that an American military commander can issue. When faced with an enemy about to overrun a surrounded force, a commander uses it to call in an air or artillery strike on his own position.
This month, many on the American left are issuing their own “broken arrow” signals, including calling on globalist allies to hit the U.S. with sanctions and other measures. They are seeking to achieve through sanctions what they could not achieve through elections.
The most recent
Russian Transport Minister Dies By Gunshot Hours After Getting Fired By Putin
Russian Transport Minister Roman Starovoit is reported to have died by suicide on Monday, a mere hours after being dismissed from his post by President Vladimir Putin, according to Kremlin officials.
Hours prior to Starovoit's death, Putin signed the order removing him from office, with the official decree having been quickly published on the Kremlin’s website. Deputy Minister Andrey Nikitin has been named as acting transport minister in the wake of the dismissal.
New U.S.-China Trade Framework Resets Rare Earth Logjam
Via Metal Miner The Rare Earths MMI (Monthly Metals Index) moved sideways, rising a modest 0.66%. Meanwhile, prices for rare earths may experience short-term stabilization in the upcoming months, primarily due to President Trump reaching an agreement with China to ease restrictions on critical mineral exports. U.S.China Strike Deal to End Export Freeze on Rare Earths In a recent developments, Beijing and Washington agreed to lift Chinas export curbs on rare earth minerals. The June 27 agreement will allow shipments of Chinese rare
Oil Climbs 2% as Houthi Rebels Hit Second Greek Vessel in Red Sea
A Greek-operated bulk carrier was attacked in the Red Sea on Monday in the second Houthi strike on commercial shipping in less than 24 hours, stoking fears of a renewed escalation in one of the worlds most critical oil transit corridors, Arab and Israel media report. The Eternity C, a Liberia-flagged vessel managed by Athens-based Cosmoship, was hit off Yemens Hodeidah coast using a combination of sea drones, rocket-propelled grenades, and small arms. Two seafarers were seriously injured and two more are missing, according to shipping
Iraq Lifts Oil Output by 80,000 bpd Across Three Key Fields
Iraqs Dhi Qar Oil Company has raised oil production by a combined 80,000 barrels per day across three strategic southern fields, Nasiriyah, Gharraf, and Saba, IraqiNews reported on Monday, marking one of the countrys most significant boosts this year as OPEC+ opens the door to higher member output. According to IraqiNews, seven new wells were drilled at the Nasiriyah field alone, lifting production from 52,000 bpd to 70,000 bpd. Additional volumes from Gharraf and Saba rounded out the total increase, though specific site figures were
Octopus Energy CEO Slams "Gaslighting" in UK Power Market Debate
Octopus Energy founder Greg Jackson has accused his opponents of gaslighting ahead of an imminent decision by ministers on whether to split up the UKs power market. Prime Minister Sir Keir Starmer is expected to draw a line under the zonal pricing debate as early as this week after months of increasingly fierce lobbying from both sides. It is understood the government is leaning towards keeping the status-quo in a victory for Jacksons opposition, which include Scottish renewable power giant SSE, the trade association
OPEC Production Increase Misguides Markets
Global oil markets are again showing the impact of emotions and misinterpretation. The so-called surprise production increase taken by eight (8) leading members of OPEC is, in principle, not relevant for fundamentals or market stability, as it is only an indication. The presented production increase is based on raising the OPEC production ceilingnot to be taken as opening the valves to flood markets. At the same time, international media are again treating the situation as set in stone, while most headlines indicate that it is a strategic
Cyprus Confirms 350-Meter Gas Column in ExxonMobils Pegasus-1 Well
The government of Cyprus has confirmed a new natural gas discovery in the Pegasus-1 well located in Block 10, operated by ExxonMobil and its partner QatarEnergy. The well intersected approximately 350 meters of gas-bearing reservoir at a depth of 1.9 kilometers, according to government spokesperson Konstantinos Letymbiotis. Drilling was carried out by the Stena Forth drillship and concluded in late June. While ExxonMobil has not issued a public statement, the Cypriot presidency said further technical evaluation will be required to assess the well's
Creaky Grid Will Get Creakier
Back in the dark days of Covid, we wrote a paper that said the electricity industry was spending only a fraction of what it needed to spend to modernize plant and get ready for climate change. Now, more than six years later, industry spending is getting closer to the required number set back then but prices have risen at least one third since then, so necessary capital spending is still far behind. Since then, prospects for new loads have improved, making another reason to worry. Waking up after two decades of torpor and catching up doesnt
'Planeloads of Russians' Touch Down in Iraq as Moscow Eyes Oil, Nuclear Deals
The dull dirgeful drone of Russian has been gutturally resonating around various governmental departments in southern Iraq in the past few weeks, particularly since the U.S. and Israel grew tired of the game of nuclear Whac-A-Mole being played by Baghdads leading sponsor Iran. So, what could all these heavy-set monobrowed gentlemen be discussing in a country that historically has been used as a front and conduit for all sorts of unpleasant Iranian exports destined to cause trouble of one sort or another around the world? At the top of the
UK Fund Invests Millions in Carbon Capture Project
A government -backed fund is pledging more than 2 for a carbon capture project. Energy secretary Ed Miliband has said that workers in Britains manufacturing heartlands will benefit from the investment in the Peak Cluster works. Peak Cluster is working towards a pipeline that will take carbon emissions from cement and lime companies in the Peak District and store them below the Irish Sea. The 28.6 million is coming from the National Wealth Fund (NWF) a body announced by the government last year with 27.8bn
Top Indian Refiner Sees Oil Prices Stabilizing in the $65-70 Range
State-owned Indian Oil Corporation, the biggest refiner in India, expects international crude oil prices to stabilize in the $65 to $70 per barrel range for the rest of the fiscal year, with potential dips below $65 a barrel, IndianOil chairman AS Sahney told the NDTV Profit outlet on Monday. There is still some room for it to go downwards. What I see is very much near to $65, plus or minus one or two dollars, is the right place where we will be comfortable, Sahney told NDTV Profit. The market is oversupplied today and there is also
U.S. Energy Giants Set to Sign $34 Billion Worth of Deals With Indonesia
U.S. supermajors ExxonMobil and Chevron, Indonesias state energy firm Pertamina, and other companies from the two countries are expected to sign later on Monday a memorandum of understanding for commodity purchases by Indonesia for a massive $34 billion, an Indonesian official told Reuters. Apart from energy deals and investments, the memorandum will include Indonesian pledges to buy U.S. soybeans, corn, and cotton, Pujo Setio, a senior official at Indonesias Ministry for Economic Affairs, told Reuters. ExxonMobil, which has more
OPEC+ to Complete Unwinding of Oil Output Cuts With Big September Hike
The eight OPEC+ producers withholding supply to the market are set to complete the unwinding of their 2.2 million barrels per day (bpd) production cuts from 2023 with another supersized output hike of 550,000 bpd for September, five sources with knowledge of the alliances discussions told Reuters on Monday. Since starting to unwind the cuts earlier this year, OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman made a small output increase of 138,000 bpd in April and then began to aggressively raise production
China's Refiners Face a Major Jet Fuel Glut
The bad news for Chinas refiners doesnt seem to endfaced with weaker road transportation fuel demand, plants have churned more jet fuel to meet growing aviation demand. But the pivot to jet fuel has created an oversupply that the rising aviation fuel demand cannot absorb. As a result, Chinese oil refiners continue to see weak refining margins and look to export markets to alleviate the domestic oversupply. Chinas state-controlled energy giants have started to admit that the so-called new energy vehicles the ones
Shell Expects Weaker Trading and Lower Natural Gas Output in Q2
Shell expects to have booked significantly lower trading and optimization results for the second quarter compared to the prior quarter, while it also slightly reduced the range of its natural gas and LNG production for the April-June period. Trading and optimization in the integrated gas division is expected to be significantly lower than in the first quarter, Shell said on Monday in an update note on the Q2 results. Marketing adjusted earnings are expected to be higher than in Q1, but trading and optimization in the chemicals and
Goldman Sachs Expects Another OPEC+ Superhike in September
The OPEC+ producers are expected in August to agree on another superhike in production for September that would complete the unwinding of the 2.2 million barrels per day (bpd) output cuts, Goldman Sachs said after the alliance surprised the market with a larger-than-forecast boost for August. The OPEC+ group is set to unwind the last 550,000 bpd of the 2.2-million-bpd cut in September, the investment bank said in a weekend note. On Saturday, the eight OPEC+ producers withholding supply to the market decided to ramp up oil production more aggressively
Trump announces 25% tariffs on South Korea and Japan
But Trump says US will start collecting the tariffs on 1 August - delaying his Liberation Day tariffs again.
Post Office scandal victim: 'I need someone to be punished'
Sub-postmasters look forward to the first part of a report into the Horizon IT scandal being published.
Trump threatens extra 10% tariff on nations siding with 'anti-American policies'
The president said the levy will apply to "any country aligning themselves with the Anti-American policies of Brics".
Nithin Kamath on why Zerodha has intentionally held back on enabling AI-driven order placement
Zerodha CEO Nithin Kamath revealed the firm has intentionally avoided AI-driven order placement. Instead, it’s focused on backend upgrades to stay relevant in an automated fintech future where brokers risk becoming invisible infrastructure.
Sebi proposes allowing AMCs to advise pooled funds
India's markets regulator on Monday said it was proposing a rule change that would allow asset management companies to offer investment management and advisory services to pooled, non-broad-based funds.
91% of individual F&O traders lost money in FY25 despite Sebi curbs: Study
Market regulator SEBI analyzed trading activity in the equity derivatives segment. The analysis revealed that most individual traders faced net losses in FY25. Index options turnover saw a year-on-year decrease. However, it increased compared to two years prior. The number of individual investors trading in equity derivatives also declined year-on-year.
Ulta Beauty is starting to separate itself from the competition, analyst says
Over recent months, cosmetics chain Ulta Beauty Inc. has faced competition from retail giants like Amazon.com Inc., Walmart Inc. and Target Corp., and some analysts on Wall Street have said its shelf selection leaned too heavily on older brands.
‘She’s in a shaky marriage that could soon end’: Will my daughter’s husband get my IRA when I die?
“I’m 84 and widowed. My daughter is the beneficiary of my IRA and the successor trustee for my revocable living trust.”
Trump’s tariff letters are hitting. Here’s how they differ from his earlier threats.
President Donald Trump sent out tariff letters to U.S. trading partners on Monday as he had promised, starting with missives to Japan and South Korea before targeting Malaysia, South Africa and other countries.
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