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The S&P 500 Index rose by +0.66% today, with the Dow Jones up +0.64% and the Nasdaq 100 up +0.83%. September E-mini S&P futures increased by +0.56% while E-mini Nasdaq futures gained +0.68%. This market movement comes as President Trump announced he would update the trade status of seven countries, with further announcements expected later today.
Treasury yields fell slightly, with the 10-year T-note yield down -0.6 bp. However, gains are tempered by Trump’s confirmation of impending tariffs, including a 50% tariff on imported copper products, and a 10% tariff on goods from India. U.S. MBA mortgage applications increased by +9.4% for the week ending July 4, with the average 30-year fixed mortgage rate decreasing to 6.77% from 6.79%.
China reported a -3.6% year-over-year decline in producer prices for June, the largest in nearly two years, while consumer prices unexpectedly rose +0.1%. The upcoming earnings season is projected to show a meager +2.8% increase in S&P 500 earnings year-over-year, with only six out of eleven sectors expected to report earnings growth.
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