4:16pm: New records
US stocks finished the week on a high, as a new trade deal between the US and Japan boosted optimism for more agreements.
Both the S&P 500 added 0.4% at 6,8388 points and the Nasdaq was up 0.2% at 21,108 points, representing record closing levels for both indexes. The Dow Jones added 0.5% at 44,901 points.
3:10pm: Proactive news headlines
- U.S. Global Investors: CEO Frank Holmes warns that a new wave of U.S. tariffs, potentially targeting pharmaceuticals, could raise prices and increase uncertainty for American consumers and investors.
- TNR Gold Corp: Analysts say TNR Gold is transitioning into a royalty-focused business and expects to begin receiving lithium royalty payments from the Mariana project by late 2025.
- Mirriad Advertising PLC: Mirriad shares rose 15% after signing a two-year exclusive virtual advertising deal with Middle East broadcaster MBC Group.
- Century Lithium Corp.: Century Lithium amended its financing plan under the LIFE exemption, now aiming to raise between $1 million and $5 million by selling units at $0.30 each.
- Ocean Power Technologies Inc.: OPT reported a 6% revenue increase to $5.9 million and a 155% rise in backlog to $12.5 million for the fiscal year ended April 2025.
- Algernon Pharmaceuticals Inc.: Algernon closed the second tranche of a private placement, raising a total of C$761,000, including C$90,000 from insiders.
1:45pm: Bitcoin at $200K?
Bitcoin could reach $135,000 by the year-end in a base case scenario or surge as much as $199,000 in a bullish case backed by increasing demand for spot exchange-traded funds (ETFs), according to Citi analysts.
In a bearish scenario, influenced by weaker macroeconomic conditions, the analysts project that Bitcoin could fall to around $64,000.
Citi’s forecast is driven by three main factors: user adoption, macroeconomic conditions, and ETF demand.
The analysts project a 20% increase in Bitcoin user growth, which on its own supports a price of approximately $75,000.
Macroeconomic factors, including soft equity and gold performance, subtract an estimated $3,200 from the price outlook.
Citi estimates that $15 billion in ETF inflows could contribute roughly $63,000 to the price. ETF demand now accounts for over 40% of Bitcoin's recent price variation.
12:40pm: Tariffs set to hit pharma
US customs duties have surpassed $100 billion this year for the first time, and a new wave of tariffs could soon pressure both pharmaceutical companies and American consumers, according to Frank Holmes, CEO of U.S. Global Investors.
With tariffs on drug imports possibly beginning August 1, Holmes warns the policy shift could raise costs on everything from medicine to everyday goods.
“Tariffs are clearly working as a revenue generator for the federal government,” he wrote. “But keep in mind that tariffs are taxes, paid by American businesses and passed on to consumers in many cases.”
June’s consumer price index rose to 2.7% annually, and Yale’s Budget Lab estimates this year’s tariffs will cost the average household $2,500. Holmes notes that while the S&P 500 recently hit a record high, nearly 90% of manufacturing executives report tariff-related uncertainty—posing risks to investment, hiring, and economic growth.
11:35am: Tesla rumored to launch Robotaxi in San Fran
Tesla Inc (NASDAQ:TSLA) is reportedly preparing to launch its robotaxi service in San Francisco, California, possibly as soon as this weekend.
According to a Business Insider report that referenced an internal company memo, the timeline for launch has been accelerated, with some Tesla owners expected to receive invitations to use the service.
The service area will reportedly cover much of the Bay Area, extending eastward and south to San Jose.
Tesla CEO Elon Musk said in the company’s quarterly earnings call earlier this week that its Robotaxis will be deployed with a safety operator in the front seat during the initial rollout in the Bay Area.
A spokesperson from the California Department of Motor Vehicles (DMV) told Business Insider it has engaged with Tesla but that the company is yet to apply for a permit for driverless vehicle deployment.
10:45am: Trade clarity approaches
Progress in trade negotiations between Japan and the US this week has reduced some global trade uncertainty and sparked speculation that the Bank of Japan could raise interest rates later this year. Market expectations for an October rate hike have jumped to 40%, up from 25% earlier in the week, boosting the yen slightly, though the dollar remains strong.
“There’s a little more clarity around trade risks, which is giving the yen some breathing room, but the dollar still has the upper hand for now,” said Kathleen Brooks, research director at XTB.
Hopes remain for an EU-US trade agreement ahead of the August 1 deadline, with reports pointing to a potential 15% tariff across multiple sectors. However, with no confirmation from Washington and uncertainty around pharmaceutical tariffs, European markets could face pressure if no deal is reached by Monday.
Meanwhile, US stocks are trending higher, buoyed by progress on trade talks and reassurance that Federal Reserve Chair Jerome Powell will remain in his role. US equities are on track to outperform European peers this week, with the exception of the FTSE 100, which leads global indices.
9:50am: Earnings stir Wall Street
US stocks opened slightly higher on Friday, holding near record levels as investors sift through a whirlwind of earnings, economic data, and political headlines.
The Dow Jones inched up 63 points, or 0.1%, to 44,757, while the S&P 500 gained 0.2% and the Nasdaq added 0.1%. The Russell 2000 also posted a modest 0.1% rise.
All eyes this morning are on Paramount Global, which rose 2.5% in premarket trading after finally securing approval for its long-awaited merger with Skydance Media. The $8.4 billion deal marks the end of the Redstone era and hands the reins to David Ellison, who aims to steer the combined company into the streaming age with support from former NBCUniversal CEO Jeff Shell.
On the economic front, durable goods orders for June fell 9.3%, a shallower drop than expected, while core orders excluding transportation rose 0.2%, pointing to some resilience in business spending.
Meanwhile, President Trump’s visit to the Federal Reserve stirred political intrigue, though he confirmed he would not remove Fed Chair Jerome Powell, despite recent tensions.
In corporate news, Intel (INTC) shares slipped after delivering mixed earnings and guidance, while Deckers Outdoor (DECK) surged on strong results thanks to booming demand for its Hoka and Ugg brands. Across the Atlantic, Puma (PUMA) shares tumbled following a profit warning, adding to global retail jitters.
The tone heading into the weekend is cautious optimism—with investors balancing blockbuster deals and earnings wins against a backdrop of political theatrics and economic crosscurrents.
8am: Mixed open expected
Wall Street futures are mixed ahead of Friday's opening bell, with the S&P 500 set to continue its winning streak into a fifth day.
S&P 500 futures are up 0.1%, with Dow Jones futures up by the same margin, while those for the Nasdaq are down 0.1%.
The S&P closed higher for a fourth day on Thursday, up 0.1% as tech earnings boosted sentiment and reports of a potential trade deal between the US and the European Union boosted sentiment. The Nasdaq ended 0.2% higher, but the Dow fell 0.7%.
"The S&P 500 and Nasdaq climbed to record closes on Thursday but the Dow Jones fell as IBM, Honeywell and UnitedHealth all dropped sharply," commented Saxo UK's Neil Wilson.
"Gains were held in check by Tesla as the broad market rose just 0.07%, while Intel shed almost 5% as it missed on EPS, but we got tailwinds from Alphabet and a positive underpinning of the AI narrative that is the key to this market, with Nvidia up almost 2%."
Markets are mostly lower in Europe this morning, with London's FTSE 100 falling 0.35%, after record closes in the previous two sessions. Frankfurt's DAX is down 0.6% and the Paris CAC 40 is flat.
In Asia, Tokyo's Nikkei 225 shed 0.9%, Hong Kong's Hang Seng dropped 1.1% and Shanghai's SSE Composite ended 0.3% down. In Mumbai, the BSE Sensex closed 0.9% weaker.