Friday

• US markets hit record levels with the S&P 500 and Nasdaq reaching new highs, supported by strong corporate earnings and trade deal optimism. US futures moved higher.
• European markets saw moderate declines while awaiting US-EU trade agreements, and the ECB maintained current interest rates amid ongoing monitoring of trade and inflation.
• Asian markets broadly declined, with Japan’s Nikkei dropping 0.88% despite the recent US trade deal.

Thursday

• President Trump is establishing a new standard tariff rate as the U.S. finalizes a trade agreement with Japan and moves closer to a similar deal with the European Union. He stated that reciprocal tariffs on U.S. trading partners would fall between 15% and 50%, with higher rates applied to countries the administration considers uncooperative.
• The US and Japan finalized a trade agreement setting 15% tariffs, with similar EU negotiations advancing. Japanese markets responded strongly, with the Nikkei reaching a one-year high and Topix hitting record levels.
• Gold prices fell from recent peaks as improving trade relations decreased safe-haven demand. President Trump’s scheduled Federal Reserve visit is drawing market attention amid continued pressure for rate cuts.

Wednesday

• The US and Japan reached a trade agreement featuring a reduced 15% tariff rate on Japanese imports and a $550 billion Japanese investment commitment to the US economy.
• Japanese markets responded strongly, with the Nikkei surging 3.5% and automotive companies like Toyota seeing gains of 14%.
• DJI increased around 0.5%, S&P 500 moved up 0.3%, Nasdaq Composite stalled around 0.2%, in a mixed morning for equities.

Tuesday

• U.S. stock futures paused on Tuesday after reaching new record highs, as investors awaited the next round of corporate earnings to gauge momentum and assess the effects of President Trump’s tariffs
• Futures tied to the S&P 500 dipped 0.1%, while Nasdaq 100 futures declined 0.3%, with enthusiasm for growth stocks beginning to wane ahead of the first Big Tech earnings reports. Meanwhile, Dow Jones Industrial Average futures hovered near unchanged.
• Trump Media revealed it had acquired $2 billion worth of bitcoin and related assets as part of its broader bitcoin-focused treasury strategy.

Monday

• Major banks posted strong Q2 earnings with CEOs noting consumer resilience despite emerging signs of credit stress. Retail sales increased 0.6% in June, breaking a three-month decline streak.
• The industrial sector leads 2025 market gains with a 15% increase, primarily due to aerospace and defense stocks benefiting from military spending and infrastructure reshoring. Federal Reserve Governor Christopher Waller advocated for a July rate cut, though markets anticipate the first reduction in September.
• The dollar retreated while maintaining weekly gains as traders evaluated mixed inflation and monetary policy signals. European shares remained steady and Asian markets trended higher despite looming U.S. tariffs scheduled for August 1.