OPENING CALL
Stock futures suggested shares would lose ground after Thursday's record close, as investors digested Trump's latest tariff moves .
Trump also signalled in a late interview with NBC News that he was planning to raise blanket tariffs to 15%-20% on most trading partners.
Meanwhile, the dollar rose and so too did Treasury yields.
Stocks to Watch
Boeing shares were down 0.3% as India's Aircraft Accident Investigation Bureau was expected to release a preliminary report on Air India flight 171.
Coinbase rose 2.2%, MicroStrategy gained 3.3%, and MARA Holdings gained 4.1% on the back of gains by Bitcoin.
Delta Air Lines traded 1% down after reporting quarterly earnings. United Airlines, meanwhile, fell 0.5% after it posted its largest daily percentage increase since April 9.
Levi Strauss shares rose 7.2% after posting its first-half results and raised its outlook.
Nvidia shares fell 0.7% after it set a record closing high on Thursday.
PriceSmart shares rose 7.1% after its fiscal third-quarter earnings rose.
Tesla slipped 0.3% after the company closed Thursday 4.7% higher.
Watch For:
Canada Labour Force Survey for June
Today's Top Headlines/Must Reads:
- Trump Doubles Down on Using Tariffs as Tool of American Power
- Global Oil Supply to Rise Faster Than Expected, IEA Says
- Banks Had a Blistering Rally. Earnings Are the Next Test.
- Air India Probe Puts Early Focus on Pilots' Actions and Plane's Fuel Switches
MARKET WRAPS
Forex:
The dollar edged higher against a basket of currencies as the market appeared to look past Trump's tariff threats.
The Canadian dollar fell against the U.S. dollar after hitting a two-week low against the currency.
The Canadian dollar faces turbulence ahead and traders ought to expect that Trump won't leave his northern neighbor alone, Commerzbank said.
Sterling fell against the dollar and against the euro after data showed the U.K. economy contracted in May.
The euro fell against the dollar. A potential trade deal with the U.S. was unlikely to have significant impact on the euro's direction as the exchange rate remained primarily driven by the Federal Reserve and U.S. economic data, ING said.
Bonds:
Bond markets were wary of economic uncertainty and the difficulty of quantifying the inflationary shock that tariffs will produce, OFI Invest Asset Management said, adding that investors were trying to dial down their exposure to the dollar and U.S. assets.
"Even so, we expect these fears to lessen in the medium term and believe that current yields are at the right level."
Treasury yields rose after the Treasury's 30-year bond auction on Thursday went "well enough," ING said, adding that the auction was helped by a cheapening process going into the event.
Metals:
Gold futures rose as the market weighed up tariff risks and the unclear outlook for monetary policy easing, MUFG said.
London copper prices fell , so too did three-month futures, amid Trump's 50% tariff on the metal.
The economic rationale for the levy was unclear and will likely be reversed, BMI analysts said, adding the timing of any reversals was uncertain.
Energy:
Oil prices rose on prospects of potential sanctions on Russian oil and reports that OPEC+ was considering pausing output hikes after August.
At the same time, n ew Houthi attacks on cargo vessels transiting the Red Sea were adding a risk premium, BMI said.
Brent will likely face pressure in the second half of 2025 and through 2026 as demand declines and as the market get oversupplied.
TODAY'S TOP HEADLINES
Nintendo's Use of a Rare-Earth Magnet for the Switch 2 Could Expose It to China's Whims
TOKYO-Nintendo's new Switch 2 videogame machine uses a rare-earth magnet to attach its hand-held controllers to the main console, according to a teardown, highlighting the company's vulnerability to potential Chinese supply-chain disruptions.
Nintendo's Switch 2, which starts at $450 in the U.S., has had a strong debut, with global sales surpassing 3.5 million units in the four days following its introduction in June. Nintendo's stock is up 37% this year.
Justice Department Won't Seek Injunction for T-Mobile Acquisition of U.S. Cellular
A major hurdle has been removed on the path to a deal between T-Mobile and U.S. Cellular.
The Justice Department on Thursday said its antitrust division won't seek an injunction to prevent T-Mobile from closing on its proposed acquisition of U.S. Cellular.
Eli Lilly Has Seized the Lead in Anti-Obesity Drugs. Next Up: a Pill.
CVS Health has a new feature for weight loss patients: less weight loss. The company's pharmacy benefit manager, Caremark, has made Wegovy its preferred obesity-fighter, and dropped coverage of Zepbound. This opposite-of-a-benefit started this month.
Shares of Indianapolis-based Eli Lilly, the company behind Zepbound, have fallen 16% over the past year, not counting dividends. But Denmark's Novo Nordisk, which makes Wegovy, is down 50%. That's because Zepbound is overwhelmingly considered the more effective of the two drugs. Even though Novo had a head start hitting the market, Zepbound now has a 60% share, including 75% of treatment starts.
Unilever Picks New Ben & Jerry's CEO, Escalating Dispute With Independent Board
Unilever has appointed a new CEO for Ben & Jerry's, stepping up a dispute with the ice-cream brand's independent board.
Jochanan Senf, a longtime Unilever executive who previously served as managing director of Ben & Jerry's Europe business, will start in the new role this month
ECB's Bar for Another Rate Cut Is High, Schnabel Says
The European Central Bank should refrain from lowering interest rates again after inflation in the 20-nation currency area hit the 2% target in June, rate setter Isabel Schnabel said Friday.
"Our interest rates are also in a good place, and the bar for another rate cut is very high," Schnabel said in an interview with Econostream Media.
Trump Doubles Down on Using Tariffs as Tool of American Power
President Trump's threat for a 50% tariff on Brazilian imports expanded his use of punitive duties over matters that have nothing to do with trade, breaking with more than a half-century of global economic precedent.
Trump cited the trial of the president's close political ally, former Brazilian President Jair Bolsonaro, as the rationale for new tariffs set to take effect Aug. 1 on imports from the largest economy in Latin America.
Taiwan Resists China With Military Displays and History Lessons
HSINCHU, Taiwan-The island democracy of Taiwan is demonstrating its fortitude against the threat of Chinese invasion with an annual defense exercise that is twice as long and far bigger than in the past.
The expanding event, which opened Wednesday, parallels what security officials describe as the growing menace of China's armed forces as they muscle in on territorial claims and try to prevent the U.S. and its partners from challenging Beijing's influence in its own neighborhood.
Rubio Cites New Path to Ukraine Peace Talks After Meeting Russia's Lavrov
KUALA LUMPUR, Malaysia-Secretary of State Marco Rubio said he discussed new ideas for Ukraine peace talks with Russian Foreign Minister Sergei Lavrov while conveying the White House's "disappointment and frustration" at the intensifying war.
After a 50-minute conversation with Lavrov on the sidelines of the Association of Southeast Asian Nations forum in Malaysia, Rubio said he would tell President Trump about "a new and different approach" to peace talks raised in the meeting.
Write to pierre.bertrand@wsj.com
TODAY IN CANADA
Earnings:
MTY Food Group Inc. 2Q
Economic Indicators $(ET)$:
0830 Labour Force Survey for June
0830 Building Permits for May
Stocks to Watch:
Endeavour Silver Announces At-the-Market Offering of Up to $60M
Euro Sun Mining Enters Into Facility and Offtake Agreements; Changes Address
MAG Silver Hldrs Approve the Proposed Acquisition by Pan American Silver
Velan 1Q Sales $72.2M; EPS $3.58; EPS Cont Ops 83c; Adjusted EPS 0c
Market Talk:
The Canadian dollar weakened sharply after Trump ramped up the threat of higher tariffs against Canada, but it recouped losses after the exemption for Canadian imports in compliance with the existing USMCA trade pact would remain in place.
Expected Major Events for Friday
06:00/UK: May Index of production
06:00/UK: May UK trade
06:00/UK: May Index of services
06:00/UK: May Monthly GDP estimates
06:00/GER: Jun WPI
06:45/FRA: Jun CPI
08:00/FRA: Jul IEA Oil Market Report
11:30/UK: Jun NIESR Monthly GDP Tracker
12:30/CAN: Jun Labour Force Survey
12:30/CAN: May Building permits
16:00/US: World Agricultural Supply & Demand Estimates (WASDE)
16:59/GER: May Balance of Payments
18:00/US: Jun Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Barnes & Noble Education Inc $(BNED)$ is expected to report for 4Q.
CCA Industries Inc (CAWW) is expected to report for 2Q.
Cryo-Cell International Inc $(CCEL)$ is expected to report $-0.05 for 2Q.
Encision Inc $(ECIA)$ is expected to report for 4Q.
Nurix Therapeutics Inc (NRIX) is expected to report $-0.73 for 2Q.
Ocean Biomedical Inc (OCEA) is expected to report for 4Q.
Tel Instrument Electronics Corp (TIKK) is expected to report for 4Q.
Unity Bancorp Inc (UNTY) is expected to report $1.18 for 2Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
Advanced Micro Devices Raised to Buy From Hold by HSBC
Carlyle Group Raised to Buy From Neutral by Citigroup
Centene Cut to Equal-Weight From Overweight by Morgan Stanley
Cheesecake Factory Cut to Neutral From Buy by Goldman Sachs
Coinbase Cut to Sell From Buy by HC Wainwright & Co.
Columbia Banking System Cut to Equal-Weight From Overweight by Wells Fargo
Comstock Resources Cut to Sell From Neutral by UBS
Core Scientific Cut to Hold From Buy by Needham
Core Scientific Cut to Neutral From Outperform by Macquarie
CoreWeave Cut to Hold From Buy by Needham
CrowdStrike Holdings Cut to Hold From Buy by CFRA
Huntington Ingalls Raised to Buy From Hold by TD Cowen
Lockheed Martin Cut to Hold From Buy by TD Cowen
McDonald's Raised to Buy From Neutral by Goldman Sachs
MFA Financial Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Molina Health Cut to Equal-Weight From Overweight by Morgan Stanley
National Health Investors Raised to Overweight From Sector Weight by Keybanc
Oracle Corp Raised to Overweight From Neutral by Piper Sandler
Oracle Raised to Overweight From Neutral by Piper Sandler
Piper Sandler Raised to Outperform From Peer Perform by Wolfe Research
Redwood Trust Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Roku Raised to Overweight From Sector Weight by Keybanc
RxSight Cut to Hold From Buy by Jefferies
Synovus Raised to Overweight From Equal-Weight by Wells Fargo
Trex Co Raised to Outperform From Neutral by Baird
UWM Holdings Cut to Market Perform From Outperform by Keefe, Bruyette & Woods
Warby Parker Cut to Market Perform From Market Outperform by JMP Securities
Workday Cut to Underweight From Neutral by Piper Sandler
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
July 11, 2025 06:15 ET (10:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments