4:15pm: Muted close
Stocks ended Tuesday slightly lower as investors digested a flurry of trade headlines and economic crosscurrents.
The Dow Jones slipped 166 points to close at 44,241, a 0.4% drop, while the S&P 500 edged down 4 points to 6,226 in largely directionless trading. The Nasdaq Composite managed to squeeze out a 6-point gain, finishing at 20,418, buoyed by a steady performance from tech stocks. Small caps stood out, with the Russell 2000 climbing 0.7% to 2,229 amid renewed investor interest in domestically focused names.
Trade tensions resurfaced after President Trump announced sweeping tariff plans, including a 50% levy on copper imports and potential 200% duties on pharmaceuticals.
Copper futures surged as much as 17%, their biggest intraday jump since 1988, sending shares of major producers like Freeport-McMoRan up 3.8% and Rio Tinto 2.2% higher.
Trump said drugmakers could have up to 18 months to move production stateside before the new tariffs hit, part of a broader push to use Section 232 powers to support domestic manufacturing.
Meanwhile, investors are bracing for a quiet stretch on the data front, with Fed minutes due Wednesday and Delta Air Lines kicking off earnings season on Thursday.
3:45pm: Proactive news headlines
- Norsk Titanium announced new contracts with two U.S. government contractors in the Industrial and Defense sectors, expected to generate revenue in the second half of 2025.
- SharpLink Gaming shares climbed after the company boosted its Ethereum holdings to 205,634 ETH with a recent $19.2 million purchase.
- HIVE Digital Technologies reported an 18% rise in Bitcoin production in June, attributed to progress at its new 100 MW facility in Paraguay.
- Century Lithium congratulated First Phosphate for producing commercial-grade LFP battery cells using lithium carbonate from Century’s Angel Island project.
- Medicus Pharma submitted a request to the FDA for a Type C meeting to advance its dissolvable microneedle cancer treatment for basal cell carcinoma.
- Standard Uranium launched its 2025 exploration program at the Corvo project in Saskatchewan, aiming for a maiden drill campaign in early 2026.
- Nextech3D.ai made a series of strategic hires ahead of its July 29 earnings release, reinforcing its commitment to a long-term turnaround strategy.
- Nano One Materials reaffirmed its push to scale up localized LFP battery material production to capture market share and reduce reliance on Chinese supply chains.
- Gunnison Copper announced plans to raise up to C$5 million through a private placement to fund pre-feasibility work at its Arizona copper project.
- Celebrus Technologies shares surged 12% after winning two contracts that added $1.1 million to annual recurring revenue, bringing ARR close to $20 million.
3:10pm: More tariff threats
Trump also said Tuesday he plans to impose steep tariffs on imported pharmaceuticals, potentially as high as 200%, as part of a broader effort to bolster domestic manufacturing and address what he called unfair trade practices.
“We're going to give people about a year, a year and a half to come in,” Trump said during a Cabinet meeting, referring to drugmakers relocating production to the US. “After that, they're going to be tariffed... at a very, very high rate, like 200%.”
The president did not provide a firm timeline for when the tariffs would take effect but emphasized that the phase-in period would give pharmaceutical companies time to adjust. “We'll give them a certain period of time to get their act together,” he added.
2:55pm: Stocks on the move
- Freeport-McMoRan shares rose 3.8% after President Trump proposed a 50% tariff on copper, triggering a surge in copper futures.
- Amazon saw shares fall as Prime Day sales dropped nearly 14% in the first four hours compared to last year, despite extending the event from two to four days.
- SharpLink Gaming shares jumped after the company disclosed it had acquired 7,689 ETH, bringing its total Ethereum holdings to about 205,634 tokens.
- HIVE Digital Technologies reported an 18% increase in Bitcoin production in June, driven by progress at its new Paraguay facility.
- Medicus Pharma submitted a request to the FDA for a Type C meeting to discuss fast-tracking its microneedle cancer treatment for basal cell carcinoma.
- Nextech3D.ai expanded its leadership team ahead of its upcoming earnings release, signaling a continued focus on turnaround efforts and growth.
2:25pm: Trump proposes 50% copper tariff
US President Donald Trump said Tuesday he plans to impose a 50% tariff on copper as part of a sweeping set of sector-specific trade measures targeting metals, semiconductors, and pharmaceuticals. Copper futures in New York surged as much as 17% following the remarks, marking the largest intraday gain since at least 1988.
Shares of major copper producers rallied on the news, with Freeport-McMoRan up 3.8% and Rio Tinto’s US-listed stock rising 2.2%.
Freeport-McMoRan is by far the dominant US copper producer, with its Arizona operations accounting for the majority of the country’s output.
Speaking during a Cabinet meeting, Trump also said pharmaceutical companies could have up to 18 months to shift production to the U.S. before facing import tariffs of up to 200%. “We’ll give them a certain period of time to get their act together,” he said.
The proposed levies come as Trump pursues investigations under Section 232 of the Trade Expansion Act, citing national security concerns tied to foreign imports. A separate round of country-specific tariffs is expected to take effect in early August.
1:30pm: Amazon Prime spending slows
Sales during the first four hours of Amazon.com Inc (NASDAQ:AMZN)'s annual Prime Day shopping event dropped nearly 14% from the same period last year, according to a report from retail data firm Momentum Commerce, weighing on the e-commerce giant’s shares on Tuesday.
Amazon extended this year’s event to four days from the usual two, a move that may be dispersing spending over a longer period.
Momentum Commerce, which manages brands such as Crocs on the platform, said fewer early deals could have also slowed shopper urgency in the opening hours.
Shares of Amazon were down about 1.5% in afternoon trading.
12:35pm: Markets mixed amid tariff talk
Markets are mostly flat midday Tuesday as investors weigh fresh political rhetoric, mixed sector performance, and a light economic calendar.
Former President Trump made headlines this morning by ruling out any extension to the looming August 1 deadline for new tariffs. “There will be no extension,” he said, as his administration continues notifying foreign officials of the import rates. That puts pressure on global markets, especially as investors had been clinging to the so-called "TACO" trade — short for “Trump always chickens out” — in hopes he might walk back the threat.
The Dow Jones Industrial Average is down 0.2%, as investors digest recent economic data and brace for a low-volume trading week. The S&P 500 is treading water, up just 0.1%, with strength in tech and consumer discretionary names helping to offset weakness in energy and industrials. The Nasdaq Composite is in the lead with a 0.2% gain, powered by large-cap tech resilience.
In stock news, Amazon shares dipped about 2% as its Prime Day sales event kicked off. The shopping bonanza has been extended to four days this year, but investors are wary that tariff-related cost pressures could weigh on consumer response and margins.
With little on the calendar, the focus shifts to the release of the Fed’s June meeting minutes on Wednesday, which could offer clues on the central bank’s policy trajectory. Earnings season also kicks off later this week with Delta Air Lines set to report Thursday.
11:50am: Small biz optimism slips
The NFIB Small Business Optimism Index dipped to 98.6 in June from 98.8 in May, reflecting modestly weakening sentiment as firms grapple with concerns over evolving trade and immigration policies.
Businesses reported rising selling prices, reduced capital spending, and ongoing hiring challenges, while economic growth expectations declined for the second straight month.
Although optimism remains above 2022–2024 averages, the broader trend has softened after a post-election surge. Meanwhile, uncertainty is gradually improving, with the NFIB’s uncertainty index easing to 89 in June, though it remains elevated by historical standards.
“The modest dip in sentiment and pullback in expectations are consistent with our forecast for a cooling but still-growing economy,” Wells Fargo said.
11:10am: Exxon: expect lower Q2 earnings
Exxon Mobil Corp (NYSE:XOM, ETR:XONA) warned on Monday that lower oil and gas prices may result in a $1.5 billion drop in second quarter earnings compared to the previous quarter.
In a regulatory filing with the US Securities and Exchange Commission (SEC), Exxon Mobil said it expects a profit impact from falling liquids prices between $800 million and $1.2 billion.
Lower natural gas prices are expected to reduce Exxon Mobil’s profit by between $300 million and $700 million. The company reported earnings of $7.71 billion for Q1, with these declines representing a significant earnings hit.
The price of benchmark Brent Crude has dropped about 11% since Q1, averaging $66.71 per barrel during Q2, driven by increased production from OPEC+ and US suppliers. Natural gas prices are down 9% quarter-over-quarter.
However, Exxon Mobil expects refining margins to partially offset these challenges, potentially boosting earnings by about $300 million.
10:30am: Markets ignore trade risks
Markets are reacting with "suspiciously optimistic" behavior despite mounting risks from renewed US tariffs, according to Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank.
Ozkardeskaya cautioned that investors are overlooking the implications for supply chains, earnings, inflation, and growth.
“Assuming everything will be magically resolved in the next three weeks is like seeing unicorns in the sky,” she said.
While countries like the UK and possibly the EU may face only 10% tariffs, others such as South Korea, Japan, Malaysia, and South Africa are contending with much steeper rates.
Ozkardeskaya warned that the extended negotiation deadline to August 1 only adds uncertainty, and tariff policy will likely remain fluid, used “as a go-to threat in every situation.”
9.55am: Stocks start flat
There were slightly mixed signals from Wall Street in early Tuesday trading, with a flattish start to the day.
The Dow Jones was sitting 39 points to the bad, while the S&P 500 was even flatter.
The tech-powered Nasdaq was up just 0.1%, while the small and mid-cap Russell 2000 gained 0.5%.
Tesla, Oracle, Eli Lilly and AMD were all up over 1% among the largest companies, with fallers including Datadog, down 4%, and Palantir Technologies, down 1.3%.
8.15am: S&P and Nasdaq set to rise, but Dow flat as tariff talks eyed
Wall Street futures were pointing to a mixed rebound on Tuesday, after President Donald Trump’s sudden announcement of new tariffs had knocked confidence the day before.
Dow Jones futures were just above flat, while S&P 500 and Nasdaq 100 futures were indicating gains of 0.1% and 0.3% respectively.
This followed a 0.9% decline for the Dow and Nasdaq at the start of the week, with a 0.8% fall for the S&P and 1.6% sell-off for the Russell 2000 in response to the President unveiling a fresh 25% tariff on Japan and extending 'reciprocal' tariff measures to 13 countries, including South Korea and South Africa, of between 25% and 40%, separate from existing sectoral tariffs (e.g., on autos, steel, or aluminum) and are intended to address trade deficits
The pullback in the S&P cut the top off a 5% gain over the previous two weeks and almost 7% rise since the start of the year, though the VIX volatility gauge showed little sign of concern.
President Trump also signed an executive order extending the reciprocal tariff deadline to August 1, citing fresh recommendations from senior officials.
The secretary general of the International Chamber of Commerce said it hoped the letters being sent by the US to trading partners this week "will fire the starting gun for a concerted effort secure win-win deals", and that the White House's indication that smaller economies will have their tariffs fixed at the baseline 10% rate is "extremely welcome".
The size of the pullback by stock indexes suggested that markets were interpreting the latest announcements as a negotiation tactic from the White House.
With US stock index futures showing signs of stabilisation, this "is further evidence that investors are prepared to look past the latest round of tariff threats for now," said market analyst David Morrison at Trade Nation.
"With the deadline for trade negotiations pushed out an additional three weeks, investors seem confident that the Trump administration will continue to be flexible when it comes to its tariff timetable.
"That suggests that the US will work to avoid a situation which could trigger a significant sell-off across risk assets. That means the markets can concentrate on the earnings season which kicks off properly early next week."
Goldman Sachs has lifted its three-month forecast for the S&P 500 index to 6,400 points, roughly a 3% improvement from the last close, with an 11% gain forecast for the coming 12 months to 6,900.
The bank said: "Earlier and deeper Fed easing and lower bond yields than we previously expected, continued fundamental strength of the largest stocks, and investors’ willingness to look through likely near-term earnings weakness support our revised S&P 500 forward P/E forecast of 22x (from 20.4x)."