07 July 2025 Market Close & Major Financial Headlines: Stocks Stumble on Fresh Tariff Threats Amid BRICS Tensions

Gary Hall

and

Steven Hansen

Jul 07, 2025

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

Infographic of the Day from Visual Capitalist:

This infographic shows U.S. dependence on pharmaceutical drug imports from China for common medicines like ibuprofen and acetaminophen.

Statista Graphic of the Day:

Infographic: Climate Change: No. 1 Problem of No Nation? | Statista

You will find more infographics at Statista

The headlines we are reading:

Weather Outlook for the United States and the World – Continuously Updated

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks (up to four weeks) and three- and six-day World weather outlooks, which can be very useful for travelers and understanding World News Events. We also provide continual coverage of world tropical events and special coverage for such events and other special weather situations impacting or likely to impact the United States. To get your local forecast plus active alerts and warnings, click HERE and enter your city, state or zip code in the upper left corner.

T-Bond Bottom Could Herald the Start of Trump’s ‘Golden Era’

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Jack Dorsey launches a WhatsApp messaging rival built on Bluetooth

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These stocks are on their way to becoming dividend aristocrats, Wolfe says

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Waymo to begin testing in Philadelphia with safety drivers behind the wheel

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Medical groups sue HHS, Robert F. Kennedy Jr. over vaccine policy

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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

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