09 July 2025 Market Close & Major Financial Headlines: Copper Climbs, Stocks Rally As Tariff Threats and Nvidia’s Historic High Drive Market Moves

Gary Hall

and

Steven Hansen

Jul 09, 2025

The Dow closed up 218 points or 0.49%,
NASDAQ closed up 193 points or 0.94%, (New Historic high 20,645, Closed at 20,611)
S&P 500 closed up 38 points or 0.61%,
Gold $3,324 up $6.9 or 0.21%,
WTI crude oil settled at $68 down $0.07 or 0.10%,
10-year U.S. Treasury 4.340 down 0.077 points or 1.743%,
USD index 97.51 down $0.01 or 0.01%,
Bitcoin $111,717 up $3,067 or 2.77%, (24 Hours),

*Stock data, cryptocurrency, and commodity prices at the market closing

Today’s Highlights – Market Summary

On July 9, 2025, stock markets were shaped by escalating trade tensions and major corporate milestones. President Trump intensified trade disputes by unveiling new tariff letters targeting U.S. trading partners, announcing 20%-30% tariffs on several countries and a 50% levy on copper imports, with a firm August 1 implementation deadline and no further extensions. These moves drove volatility in commodity markets, with copper prices surging to record highs before retreating, and raised concerns about cost pressures across industries reliant on copper, such as technology and automotive. Despite these headwinds, U.S. equities edged higher, led by the tech sector, as Nvidia became the first company to reach a $4 trillion market capitalization, surpassing Apple’s previous record. Overall investor sentiment remained cautious amid the tariff uncertainty. In corporate news, Merck announced a $10 billion acquisition of Verona Pharma, boosting healthcare stocks. Globally, Asian and European markets displayed mixed results, with the U.S. dollar strengthening and investors closely monitoring further trade and Federal Reserve developments.

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:

May 2025 sales of merchant wholesalers were up 4.8% year-over-year (YoY). Total inventories of merchant wholesalers were up 1.4% YoY. The May inventories/sales ratio was 1.30. The May 2024 ratio was 1.34. Although I am suspicious this data set is accurate, there are no warning signs in the data.

At the Federal Reserve’s 17/18 June 2025 FOMC meeting, the meeting minutes show participants noted that the economy continued to grow solidly with low unemployment, though inflation, while significantly down from its 2022 peak, remained somewhat above the 2 percent target, and consumer and business sentiment, though improving slightly, stayed weak. Participants highlighted that while consumer spending and business investment were solid, uncertainty—driven by trade policy, government actions, and geopolitical risks—remained elevated but had lessened since the last meeting, though still capable of restraining private-sector activity. Inflation progress was described as uneven, with services inflation easing. Still, goods inflation rising, and concerns lingered that tariffs and geopolitical events, especially in the Middle East, could push prices higher. However, the timing and magnitude of such effects were uncertain and could be mitigated by trade deals, supply chain adjustments, or limited pass-through due to consumer resistance or competitive pressures. Long-term inflation expectations were seen as well anchored, but some participants worried that persistent inflation or elevated short-term expectations could eventually unanchor them, especially if tariffs proved more persistent in their impact. The labor market was judged solid and near maximum employment, though hiring had slowed and some softness was emerging, with immigration policies reducing labor supply and expectations that tariffs or policy uncertainty could further soften labor demand. Economic growth was expected to moderate, with some signs of consumer and business spending softening, especially among lower-income households, and business investment was proceeding cautiously amid uncertainty, though financing remained available and AI investment could boost productivity; manufacturing and agriculture faced specific challenges. In terms of monetary policy, all participants agreed to maintain the federal funds rate at 4.25–4.5%, continuing to reduce securities holdings, and felt the Committee was well positioned to wait for more clarity on inflation and growth before adjusting policy, with most expecting some rate cuts later in the year if inflation pressures from tariffs were modest and expectations remained anchored, though some preferred no cuts given recent inflation readings and resilient economic activity. Participants debated risks, agreeing that while both inflation and labor market risks had diminished, they remained elevated, and that the Committee should remain cautious and data-dependent, ready to adjust policy as needed to ensure inflation expectations stay anchored and to balance the dual mandate, especially if faced with persistent inflation alongside labor market weakening.

Infographic of the Day from Visual Capitalist:

Statista Graphic of the Day:

Infographic: Where Does Trump Want to Send Deportees? | 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.

Trump sends more letters dictating high tariff rates around the world

Trump uses tariffs as a key tool to force changes to U.S. trade relationships, but his on-again, off-again approach has roiled markets and stoked uncertainty.

Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show

Federal Reserve officials diverged at their June meeting about how aggressively they would be willing to cut interest rates.

Linda Yaccarino steps down as CEO of Elon Musk's X

Yaccarino's departure comes one day after Musk's artificial intelligence chatbot Grok repeatedly made antisemitic comments.

Trump's next Fed chair pick already comes with a credibility problem

If leading the Federal Reserve isn't challenging enough, the next central bank chair will face an additional burden.

S&P 500 rebounds after 2 days of losses, Nvidia leads gain as it reaches $4 trillion market value: Live updates

The S&P 500 ended Tuesday marginally lower after President Donald Trump said that there would be no extensions on his new Aug. 1 tariff deadline.

These natural gas plays offer upside potential, TD Cowen says. They also pay dividends

A handful of pipeline stocks are ready to capitalize on growing demand for natural gas, TD Cowen said. They also pay attractive dividends.

XRP rises after Ripple selects BNY Mellon as custodian of firm's new stablecoin: CNBC Crypto World

On today's episode of CNBC Crypto World, Ripple selects Bank of New York Mellon as the primary custodian for the firm’s U.S. dollar-pegged stablecoin reserves. Plus, Swan Bitcoin CIO Ben Werkman explains why bitcoin is quickly becoming a more attractive treasury asset for companies.

Eli Manning says he's no longer interested in buying a piece of the NFL's Giants: 'It's too expensive for me'

Manning said he doesn't have interest in buying a stake in any other NFL team and that he believes the Giants are deserving of a $10 billion valuation.

Nvidia briefly touched $4 trillion market cap for first time

Nvidia topped a $4 trillion market cap for the first time as investors scooped stock in the tech giant building the hardware for the generative AI boom.

Trump administration targets Comey and Brennan with new investigation

The Justice Department confirmed an inquiry into two frequent Trump targets. The news comes as the DOJ faces scrutiny over its handling of the Jeffrey Epstein investigation.

Trump's 'big beautiful bill' slashes CFPB funding: What it means for you

A tax and spending package Trump signed July 4 nearly halves the watchdog's annual funding. Resources may be stretched to police consumer financial laws.

Photos show Altman, Iger and Cook arrive at 'summer camp for billionaires' in Sun Valley

Apple CEO Tim Cook, Walmart CEO Doug McMillon, Disney CEO Bob Iger and OpenAI CEO Sam Altman were pictured entering the lodge.

Elon Musk's Grok AI chatbot denies that it praised Hitler and made antisemitic comments

The backlash against the AI chatbot built by Elon Musk's xAI has escalated since the posts were made Tuesday, with the ADL condemning the "extremist" comments.

Surviving Crew Members Kidnapped By Houthis After Greek-Owned Cargo Ship Attacked

Update(1505ET): Things have gone from bad to worse regarding the situation of the Greek-owned cargo ship Eternity C, which was sunk in a deadly Houthi raid. The missing mariners aboard the ship are now confirmed kidnapped, after at least four were killed.

The US embassy accused Yemen's Iran-backed militants Wednesday of kidnapping crew members from the Eternity C in the Red Sea earlier this week - an attack which was carefully documented and filmed for the world to see by the attackers (see below).

"After killing their shipmates, sinking their ship and hampering rescue efforts, the Huthi terrorists have kidnapped many surviving crew members of the Eternity C. We call for their immediate and unconditional safe release," the embassy said in a statement on X.

Below is more from the Houthi statement, claiming the captive and surviving crew members are 'safe'... will President Trump get involved? It appears at least 15 have been taken.

The Houthis claim responsibility for the attack against the Eternity C. They appear to have taken some crew members to a "safe place" (hostages?) pic.twitter.com/FYlSg5nfTm

— Michael A. Horowitz (@michaelh992) July 9, 2025

* * *

Waste Of The Day: Puerto Rico, Guam, Others In Debt

Authored by Jeremy Portnoy via RealClearWire,

Topline: The five inhabited U.S. territories are collectively $57.8 billion in debt and have issues with their financial statements that “can lead to poor financial decisions and lost access to capital markets,” according to a new report from the Government Accountability Office.

Key facts: The GAO suggested that the territories may struggle to repay their debt even more than the 50 U.S. states. The territories have high energy and import costs, extreme weather, economies that rely on just a few industries, and had a population decrease from 2010 to 2020.

Puerto Rico holds the most debt by far with $52.8 billion as of 2022, which is 47% of its gross domestic product. Guam ($2.5 billion of debt as of 2023), the Virgin Islands ($2.2 billi ...

Trump Says BRICS Members Will Get Additional 10% Tariffs Over De-Dollarization Attempt

Authored by Lily Zhou via The Epoch Times,

President Donald Trump on Tuesday reiterated a previous warning to BRICS nations that he would be imposing an additional 10 percent tariff on them, saying the bloc was created to replace the U.S. dollar as the dominant currency for international trade.

Speaking to journalists during a meeting with Cabinet officials at the White House, Trump said: “If they’re a member of BRICS, they’re going to have to pay 10 percent tariff just for that one thing. And they won’t be a member long.”

The president said that while he doesn’t see the bloc as “a serious threat,” it was set up to “destroy the dollar so that another country can take over and be t ...

FOMC Minutes Show 'Divided' Fed Fears Stagflation, Clueless On Actual Tariff Impact

Since the last FOMC meeting (June 18th), which saw a hawkish tilt to the dots (with Fed members notably divided - nearly as many participants anticipated no rate cuts this year as expected two), we have seen stronger-than-expected jobs data, constant diatribes from the president that 'too late' Powell should be cutting rates, and some tariff developments that supported Powell's pause.

Source: Bloomberg

Stocks have melted up since the FOMC meeting (even as macro has weakened - bad news is good news)...

Pakistan is Walking a Geopolitical Tightrope

As Pakistan’s military leaders met recently with US President Donald Trump, Secretary of State Marco Rubio, and special envoy Steve Witkoff at the White House, its regional ally Iran was being hit with a missile barrage from Israel -- Islamabad's main regional adversary and a staunch American ally. Amid escalating regional tensions, the two events highlighted the complex diplomatic chessboard Pakistan faces as it balances relations with rival powers, strained sectarian ties, and strategic interests in a region fraught with shifting alliances,

Reuters: Saudi Aramco in U.S. Supply Talks with Commonwealth LNG

Saudi Aramco is in advanced talks to acquire 2 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) from the U.S.-based Commonwealth LNG terminal in Cameron, Louisiana, according to an exclusive Reuters reported on Wednesday. The potential deal would further cement Aramco’s push into the global LNG market as it accelerates efforts to diversify beyond crude oil exports. According to unnamed sources briefed on the matter and cited by Reuters, the proposed offtake agreement would bring Commonwealth’s contracted volume to 7 Mtpa

Global Copper Stocks Dwindle On Tariff Concerns

The Copper Monthly Metals Index (MMI) moved sideways with an upside bias, rising 2.69% from June to July. Comex Copper Prices Nearing All-Time High on 50% Tariff Reports Comex copper prices resumed their uptrend, ending a brief pause witnessed in early June. As of July 7, the price of copper on the exchange stood $266/mt short of its all-time high from late March. This marks an almost 23% rise since the early April low. However, Comex prices aren’t alone. While LME prices remain far short of the all-time high reached in May 2024, they have

Why Europe's Wind Energy Edge is at Risk

Henrik Andersen, CEO of Danish wind turbine giant Vestas Wind Systems A/S, has issued a stark warning to European policymakers: without stronger and more cohesive industrial strategies, Europe may lose its edge in renewable energy manufacturing to the U.S. and other regions. Wind is largely a European creation born in our universities, tested on our sites, Andersen told Bloomberg News. If we don’t protect and support what weve built, companies like ours will eventually move out of Europe. Its that

Standard Chartered Dismisses Phantom Barrel Theory, Sees No Hidden Surplus

Standard Chartered has shot down a rising Wall Street narrative that global oil markets are sitting on a hidden cushion of non-OECD crude, so-called phantom barrels. In its latest Commodity Roadmap released this week, the bank states there is nothing in trade flows, time structure, or data flow to support claims of invisible inventory builds, particularly in China or South Africa. The rejection puts StanChart at odds with macro-driven oil bears who argue that low OECD stockpiles are masking oversupply elsewhere. Instead, the banks

Western And Eastern Firms Eye Up New Egyptian Gas Exploration Opportunities

Egypt remains a focus of the Wests strategy to find gas supplies to substitute for those that came from Russia following the 24 February 2022 invasion of Ukraine. Its appeal is further enhanced by its key geographical location that gives it enormous influence over vital hydrocarbons transit routes. On top of these considerations, the country also occupies a unique leadership position in the Arab world. It is little wonder, then, that any new hydrocarbons exploration opportunities there excite huge interest from top Western firms, and from

Baghdad-KRG Oil Deal Stalls Despite Reports of Breakthrough

The long-running oil export dispute between Baghdad and the Kurdistan Regional Government (KRG) in Erbil over oil exports and public-sector salaries has now deepened, as Iraqs Cabinet failed to address the issue in its latest session, just a day after media outlets reported that a resolution was near. According to Rudaw, the Council of Ministers on July 8 did not place the oil and salary file on its agenda, dealing a blow to expectations of imminent agreement. This comes despite reports on July 7 that negotiations had reached the final

Oil Price Cap Debate Stalls EU-Russia Sanctions

The European Union is edging closer to finally adopting its latest sanctions package, the 18th since the full-scale Russian invasion of Ukraine over three years ago. But two items still remain to be negotiated. Firstly, the price cap on Russian oil. Its still in the draft proposal seen by RFE/RL, but there is a question whether it will remain there. Secondly, there's a Slovak veto on an issue that is related to the sanctions though not directly part of the package. When the European Commission presented the proposed package to EU member

Turkish Firms to Launch Oil and Gas Exploration Offshore Pakistan

Turkish energy firms will explore for oil and gas offshore Pakistan under agreements with local companies, Turkish Foreign Minister Hakan Fidan said during a visit to Pakistan on Wednesday. This is one of the outcomes of the more institutionalized approach we are working to establish, Fidan said, without elaborating on the exploration drilling plans and activities. Turkey and Pakistan are also evaluating potential cooperation in oil and gas exploration and production, mining, and rare earth elements, the minister added. Earlier this

EIA Backs up API With Shocking Rise of US Crude Oil Inventories

Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year. Crude prices were trading down ahead of the report, after the American Petroleum Institute (API) on Tuesday estimated a surprise 7.1-million-barrel build for the week ending July 4 after analysts had estimated a 2.8-million-barrel

UK Set to Ditch Controversial Plan for Zonal Power Pricing

The UK government is set to drop plans to introduce zonal pricing in the countrys wholesale electricity market, following a backlash from industry saying that splitting the market into geographical areas would damage investments in renewable energy projects, the Guardian reports, citing sources. In one of the most controversial power market reforms considered in the country, the UK government has been considering the so-called zonal pricing for electricity prices in Britain to replace a nationwide pricing system. Under the proposed reform,

Trump's Tariff Talk Keeps Markets on Edge

The FTSE 100 opened 22 points up this morning, despite threats of pharma and metals tariffs with stark implications for major stocks on the blue chip index. President Trump has said that an announcement is coming very soon on pharmaceutical tariffs with a possible 200 per cent rate landing in about a year. Major FTSE 100 pharma stocks have stayed roughly steady at market open following the news overnight. Astrazeneca (AZ) stocks were down 0.37 per cent, while GSK was down 0.11 per cent.

Saudi Chemicals Giant SABIC Weighs Listing of Industrial Gas Unit

Saudi Basic Industries Corp (SABIC) is considering listing National Industrial Gases Company (GAS) as part of a review into the strategic options for its unit, the Saudi chemicals giant said on Wednesday. The study and evaluation of certain strategic options concerning the National Industrial Gases Company is in line with SABICs priorities of optimizing its portfolio and focusing on its core business, said the company, which is 70% owned by Saudi state oil giant Aramco. The options under consideration for National Industrial Gases Company

India Launches Largest-Ever Offshore Exploration Tender

India is looking to strengthen its domestic oil and gas exploration and supply with the biggest-ever acreage up for grabs under the Open Acreage Licensing Programme (OALP) Round X. The focus is clearly on further enhancing and strengthening domestic E&P efforts, Minister of Petroleum and Natural Gas, Hardeep Singh Puri, posted on X while visiting an offshore industry event in Bergen, Norway. Indias energy journey offers engagement opportunities with Indian companies across multiple areas, including joint participation

Uganda in Search of JV Partner to Explore Oil Block

Uganda National Oil Company (UNOC) is on the lookout for a joint venture partner to help it explore and develop an oil block in the western part of the African country, a spokesperson for the state-owned oil firm told Reuters on Wednesday. UNOC signed in 2023 a two-year production sharing agreement with Ugandas government for the Kasuruban exploration block. The agreement could be renewed twice for two years, and the state oil firm renewed the deal in March. Now UNOC wants to develop the block, but is seeking a partner to do so, company

Bullying, anorexia, trauma: how the Post Office scandal hurt children

The children of wrongly-accused subpostmasters faced trauma and hardship but are now being promised compensation.

Heathrow to pipe 'sounds of an airport' around airport

The airport has commissioned a soundtrack recorded on site to reflect the "excitement" of waiting to board a flight.

Mortgage rules change could help first-time buyers

TheBank of England has recommended a looser cap on riskier lending.

India has staggering 80% market share in global index, stock options: Uday Kotak

Uday Kotak highlighted that India accounts for 80% of global index and stock options contracts, amid concerns over high retail losses and market manipulation flagged by SEBI. His remarks follow SEBI’s study showing 91% of retail traders lost money in FY25.

Smartworks raises Rs 173.64 cr from anchor investors ahead of IPO

Smartworks Coworking Spaces has raised Rs 173.64 crore from anchor investors ahead of its initial public offer (IPO).

Nithin Kamath slams 'Dark Patterns' in finance apps, tells how Zerodha remains clean

Zerodha CEO Nithin Kamath criticized financial apps for using manipulative 'dark patterns' that mislead users into actions not in their best interest. He emphasized Zerodha’s ethical stance, avoiding such practices to build long-term user trust.

This shipping stock should get a boost from Trump’s tariffs, says analyst

Global Ship Lease is seeing ‘tremendous demand’ for its smaller ships as customers seek flexibility amid tariff uncertainties.

Can Royal Caribbean’s stock keep rising? Here’s what Wall Street’s new top bull says.

Royal Caribbean’s stock still has a lot more upside, according to Wall Street’s new most bullish analyst.

TikTok is reportedly readying a stand-alone U.S. app. It could set the stage for a long-awaited spinoff.

An app just for U.S. users, which looks set to run on an algorithm and data system that’s separate from TikTok’s global platform, could pave the way for a possible sale.

Disclaimer

Nothing in this EconCurrents newsletter is financial, investment, legal, or any other type of professional advice. Anything provided in any newsletter is for informational purposes only and is not meant to be an endorsement of any type of activity or any particular market or product.