Opening Comment — Friday, July 11, 2025
DJIA: 44,650.64, up 192.34
S&P 500: 6,280.46, up 17.20
NASDAQ: 20,630.66, up 19.32
Stocks lower following further tariff news
Stock futures are lower Friday morning following President Donald Trump announcing an increase on the tariff for Canadian imports that do not fall under the United States-Mexico-Canada-Agreement from 25% to 35% starting August 1. President Trump also mentioned a potential increase in the global minimum tariff from 10% to either 15% or 20%. As of 7:18 AM ET, the Dow is decreasing 0.7%, while the S&P 500 is down 0.6%. The Nasdaq 100 is falling 0.5% relative to fair value on the GLOBEX.
U.S. equities were higher on Thursday as markets digested the copper and Brazil tariff news. Initial jobless claims fell, though continuing claims picked up. The Dow was up 0.4%, while the tech-heavy Nasdaq Composite rose 0.1%. The S&P 500 increased 0.3% with nine of 11 sectors finishing in positive territory. The Consumer Discretionary sector was the top performer, rising 1.0%, while the Communication Services sector was the bottom performer, falling 0.5%.
Technical analysis
None at this time.
On the data front, the U.S. federal budget balance for June is expected to show a deficit of $30.0 billion versus the prior month’s $316.0 billion.
Across the pond, European stocks are lower in mid-day trading as the U.K.’s gross domestic product declined by 0.1% month-over-month (MOM) in May. The country’s May industrial production declined by 0.9% MOM and 0.3% year-over-year while the trade deficit narrowed less than expected in May.
Overnight in Asia, stocks were mixed as South Korean trade data for the fist 10 days of July showed a pickup in exports and a slowing in imports.
In FOREX trading, the dollar is slightly higher following the recent tariff announcements.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.7% higher at $67.03/barrel following investors considering a less optimistic forecast from the International Energy Agency.
In the metals complex, gold is 1.0% higher at $3,359.30/ounce despite a strengthening dollar.