Pre-Market Pulse 10th July – Stocks back to record as Whitehouse becomes white noise

Overnight – Stocks back to record as Whitehouse becomes white noise

Stocks hit fresh records overnight shrugging off President Donald Trump’s latest tariff blitz as Nvidia rallied to top $4T in value for the first time, pushing the broader tech sector higher.

President Trump has reaffirmed that there will be no further extensions to the new U.S. tariff deadline, which has now been set for August 1. This decision means that countries unable to reach new trade agreements with the United States by that date will face sharply increased tariffs, including significant levies on major Asian and African economies such as South Korea, Japan, Malaysia, and South Africa. The administration has also announced a steep 50% tariff on imported copper, with additional duties on semiconductors and pharmaceuticals expected soon. Interestingly, India and the European Union were excluded from the latest round of tariff threats, fueling speculation that trade agreements with these regions may be close to completion.

Financial markets have responded to these developments with a mix of caution and resilience. U.S. stock indices, including the Dow Jones and S&P 500, experienced only modest declines, while the Nasdaq managed a slight gain. Global markets, particularly in Europe and Asia, showed modest gains as well, reflecting investor optimism that last-minute negotiations could still avert a full-blown trade war. The Japanese yen weakened against the dollar due to Japan’s exposure to the new tariffs, while the Australian dollar strengthened after the country’s central bank decided to keep interest rates steady. Overall, while the threat of a trade war looms, many investors believe that Trump may show flexibility if market volatility increases.

In the corporate world, Amazon has launched its longest-ever Prime Day event, extending the sales period to four days in response to customer demand for more time to shop. Expectations are high for record digital sales, building on last year’s strong performance. Meanwhile, SoFi Technologies saw its stock reach new highs after the company announced it would offer retail investors expanded access to private market investments in high-growth sectors such as artificial intelligence and space technology. Additionally, Hershey Co. made headlines by appointing Wendy’s Kirk Tanner as its new CEO, marking a significant leadership change after more than two decades under Michele Buck.

Looking ahead, investor attention is turning to the Federal Reserve, which is maintaining a cautious, wait-and-see approach to interest rates as it monitors the potential economic impact of the new tariffs. The minutes from the Fed’s June meeting are expected soon and could provide further insight into the central bank’s outlook. Meanwhile, both oil prices and U.S. Treasury yields have edged higher, signaling ongoing uncertainty and vigilance in global markets as participants await further developments in trade policy and upcoming economic data releases.