New highs, almost no news

7월 10, 2025

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Trading Day

Making sense of the forces driving global markets

By Alden Bentley, Americas Finance and Markets Breaking News Editor

Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on why two benchmark stock indexes, and bitcoin, reached new records. I'd love to hear from you so please feel free to reach out at Alden.Bentley@thomsonreuters.com

Data refreshes every time you open this email. For more U.S. market news, click here. Please send any feedback to morningbid@thomsonreuters.com.

Today's Key Market Moves

The S&P 500 closed up 0.27% and the Nasdaq rose 0.09%
The dollar slipped fractionally against the yen but rose against the euro
The 10-year Treasury yield fell 0.6 basis points
US crude oil futures fell about 2.2% to $66.88/barrel
Gold bullion rose about 0.4% to 3,325.25

Today's key reads

New highs, almost no news

This week, the default reflex on Wall Street, without any economic data or major market news to react to, and even with now-routine White House tariff edicts, was to buy. Thursday confirmed the pattern with a new set of records in two of three main indexes, with an all-time bitcoin high thrown as a bonus.

Graphics are provided by Reuters.

U.S. President Donald Trump's latest trade salvo was a 50% tariff on goods from Brazil. That sent its currency, the real, tumbling more than 2%, enabling another day of dollar steadiness above last week's three-to-four-year lows.

Like Wednesday's levies on copper imports, the Brazil headline didn't stop the S&P 500 or Nasdaq from closing at all-time peaks, with the Dow rising close to its December record.

The week has been very light on scheduled events. It started with the focus on Trump's well-advertised July 9 tariff deadline. That came and went and somewhere in the blizzard of new tariff headlines, actual new tariffs and cajoling of trade partners to negotiate is an August 1 cut-off date for markets to wait for.

Next week, JP Morgan and other major banks kick off the second quarter earnings season on Tuesday so investors will have headlines more in their comfort zone. Included in that category is the June Consumer Price Index report due on Tuesday.

Treasury yields ticked up on the back of weekly jobless claims data that showed a surprise drop in those seeking unemployment benefits.

Bitcoin's price first moved above $100,000 in December and it has traded sideways since crossing $110,000 in May, until renewing its upthrust above $113,000 on Thursday. New Bitcoin exchange-traded funds have made it easy for big and small investors to jump in, while Trump seeks to establish a strategic cryptocurrency reserve and has appointed several crypto-friendly individuals like Securities and Exchange Commissioner Paul Atkins and White House AI czar David Sacks.

What could move markets tomorrow?

No major U.S. data, Fed speakers or other events

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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