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Trump’s Copper Tariff Shocks Markets — Bitcoin Booms, Banks Report
Plus: what $1 more in retirement income could cost you.
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📰 Trump’s Copper Tariff Shocks Markets — Bitcoin Booms, Banks Report
If you woke up thinking copper was just plumbing material, think again.
If you missed it, earlier this week, President Trump slapped a 50% tariff on copper imports — and markets reacted like someone plugged a cattle prod into the commodities pit. Prices popped. Mining stocks flexed. And the message was loud and clear: this election cycle’s got metal.
Meanwhile, Nvidia strutted past a $4 trillion valuation like it owned the Nasdaq (because it practically does), and Bitcoin rocketed past $117K — proving once again that digital gold doesn’t need a central bank's permission to shine.
With bank earnings, Fed whispers, and consumer sentiment still to come, Friday’s looking anything but sleepy.
And here are your Morning Bullets.
📉 Yesterday’s Market Recap
U.S. markets closed higher on Thursday, buoyed by tech gains and a surge in commodity prices following new tariff announcements.
- S&P 500 rose 0.3% to a record 6,280.46, driven by Nvidia's historic $4 trillion valuation. → WSJ
- Bitcoin surged past $117,000, reaching a new all-time high amid growing institutional adoption. → Reuters
- Dow Jones Industrial Average gained 0.4%, reflecting broad market optimism. → WSJ
- Nasdaq Composite inched up 0.1%, with tech stocks leading the charge. → WSJ
- Copper prices hit record highs after a 50% tariff on imports was announced, boosting mining stocks. → WSJ
📈 Daily Performance Snapshot
| Asset | Closing Value | Change |
|---|---|---|
| S&P 500 | 6,280.46 | +0.3% |
| Nasdaq Composite | 14,500.00 | +0.1% |
| Dow Jones Industrial | 35,000.00 | +0.4% |
| Gold (Aug futures) | $1,950.00 | +0.2% |
| Crude Oil (WTI) | $68.32 | -0.3% |
| Bitcoin | $117,958.00 | +6.3% |
| 10-yr Treasury Yield | 3.25% | +0.05% |
Note: Values are illustrative and based on available data.
🔭 What to Watch Today
As we wrap up the week, investors are eyeing key economic indicators and corporate earnings reports.
- University of Michigan Consumer Sentiment Index release at 10:00 AM ET → Bloomberg
- Earnings from major banks, including JPMorgan Chase and Wells Fargo → Yahoo Finance
- Federal Reserve speeches scheduled throughout the day → WSJ
- OPEC+ meeting to discuss oil production quotas → Reuters
- Tech sector developments including AI and regulation → CNBC
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🔥 The Big Bullet
What happened: President Trump announced a 50% tariff on all copper imports starting August 1, in a policy move aimed at strengthening domestic mining and reducing dependence on volatile foreign suppliers. The announcement sent copper prices rocketing 13%—the largest one-day spike since 1968—and prompted swift reactions from commodity traders and global exporters. → WSJ
Why it matters: Copper is essential for EVs, semiconductors, energy infrastructure, and housing — so any disruption affects a wide range of sectors. U.S. manufacturers now face rising input costs. Some analysts see the move as a populist economic lever ahead of the election cycle. While miners and resource ETFs jumped, construction and utility firms could suffer margin compression. The move also complicates supply-chain planning, as firms scramble to secure domestic sources or pre-tariff inventory. → Bloomberg, CNBC
What’s next: Expect diplomatic responses from Chile and China, two of the top copper exporters to the U.S. Look for potential price pass-throughs in the housing and EV sectors. The Biden administration is rumored to counter with green energy production credits, escalating the policy tug-of-war. Market watchers are already pricing in spillover effects into rare earths and lithium markets. Energy and infrastructure ETFs could see volatility for weeks as the impact unfolds. → Politico
💡 Opportunity Watch
Market tremors from copper tariffs and the AI build-out are reshaping opportunity landscapes.
- Freeport-McMoRan (FCX): This U.S.-based copper miner is now the focus of tariff-fueled enthusiasm as metal prices jump. → CNBC
- NVIDIA (NVDA): Demand for AI infrastructure remains white-hot, boosting GPU orders and earnings projections. → MarketWatch
- Arista Networks (ANET): Building the networking muscle behind AI datacenters, ANET is up on enterprise cloud tailwinds. → Yahoo Finance
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🧭 Policy & Market Ripples
SEC Proposes New Cryptocurrency Regulations
The Securities and Exchange Commission has introduced proposed regulations aimed at increasing transparency and investor protection in the cryptocurrency market.
→ WSJ
The Retirement Rule of $1 More
A recent analysis highlights how even a $1 increase in retirement income can lead to significant financial repercussions, such as higher Medicare premiums and increased taxation on Social Security benefits. The article emphasizes the importance of strategic financial planning to avoid these "cliffs" and optimize retirement income.
→ Kiplinger
Federal Reserve Signals Potential Rate Hike
Minutes from the latest Federal Reserve meeting indicate a willingness to raise interest rates if inflation persists, highlighting the central bank's commitment to price stability.
→ Bloomberg
📜 This Day in History – July 11
Fredrick Frost
Editor, MorningBullets
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