24/07/2025 Daily Reports
• Nasdaq 100 futures rose 0.4%, boosted by strong results from Google-parent Alphabet.
• Tesla shares dropped after Q2 earnings missed expectations and CEO Elon Musk warned about “a few rough quarters” due to Trump’s new tax-and-spend package.
• President Trump revealed tariff rates could range from 15% to 50%, a sharp increase from earlier estimates.
• S&P 500 and Dow futures wavered, with the Dow falling 0.3% as investor sentiment turned cautious.
• American Eagle stock soared 25% in after-hours trading following a meme-driven rally fueled by an ad campaign featuring Sydney Sweeney.
• Chipotle and IBM disappointed, the former with declining sales, and the latter with weak software revenue despite a profit beat.
• Oil prices climbed, lifted by progress in U.S. trade talks and a surprise draw in U.S. crude stockpiles.
• Trump’s $550 billion Japan trade pact helped lift market spirits, although concerns remain over U.S.–EU and U.S.–China negotiations.
What’s Next?
• While Alphabet’s aggressive AI investments are helping lift the Nasdaq, Tesla’s warning of “a few rough quarters” due to the end of EV tax credits could weigh on auto stocks. Trump’s tariff hike—especially if they land at 15–50%—might trigger a broad re-pricing across tech and auto sectors. If the US secures a trade deal with the EU, we could see a short-term relief rally. However, the upcoming Fed capital framework conference may hint at tighter rules, which could limit further upside.
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Trump Sets New Tariff Floor at 15% Ahead of August 1 Deadline
U.S. President Donald Trump announced that the new “reciprocal tariffs” set to take effect on August 1 will have a minimum rate of 15%. Speaking at an AI summit in Washington, Trump said the tariffs will range between 15% and 50%, with the highest rates reserved for countries the U.S. is “not getting along with.”
In April, Trump initially introduced a universal 10% tariff on nearly all countries. However, he has since shifted toward a more aggressive approach, aiming to impose higher duties on almost all U.S. trading partners.
In recent weeks, letters were reportedly sent to over 150 countries outlining tariff rates of either 10% or 15%. Commerce Secretary Howard Lutnick stated that smaller nations including those in Latin America, the Caribbean, and Africa would face a baseline rate of 10%.
While the original goal was to reach multiple trade agreements, Trump now refers to the tariff letters themselves as “deals” and has shown little interest in traditional negotiations. Still, he has left the door open for countries to negotiate special agreements that could lower their tariff rates.
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