Global markets experienced a significant rally today, with the S&P 500 surging past the 6,300 mark for the first time in history. The historic climb was primarily fueled by a robust performance in the technology and cryptocurrency sectors, despite ongoing concerns about tariffs and mixed macroeconomic signals. The S&P 500 (SPX) rose 0.51% to 6,300.84, while the Nasdaq (NDX) saw a more substantial gain of 0.94% to 20,833.63. The Dow Jones (DJI) also edged up 0.02% to 44,466.41 after market open.
Tech and Crypto Lead the Charge
Technology giants were among the day's top performers, with NVIDIA (NVDA) shares jumping 4.5% at the open and AMD (AMD) shares rising 6.3%. The broader tech-led rally contributed significantly to the S&P 500's record-breaking performance. In a notable development for the digital asset space, the U.S. House of Representatives passed a Bitcoin (BTC) and crypto market structure bill for debate, signaling potential progress in cryptocurrency regulation.
Mixed Bag for Financials
The financial sector presented a mixed picture following Q2 earnings reports. State Street (STT) shares fell 4.2% after its results, and BlackRock (BLK) shares also declined by 3.6% after their Q2 figures. Wells Fargo (WFC) saw a 3.8% drop after the bank cut its annual net interest income forecast. Conversely, Citigroup (C) shares rose 3.2% after its Q2 results, and JPMorgan Chase (JPM) shares increased by 0.8%.
Commodities and Tariff Tensions
In the commodities market, Goldman Sachs (GS) anticipates a short-term dip in copper prices despite a tariff-driven surge. The investment bank has raised its expected U.S. import tariff on copper to 50% from an earlier baseline of 25%, heightening incentives for front-loaded shipments before the August 1 deadline. Broader tariff concerns continue to weigh on investor sentiment, with July's rise in ZEW investor confidence in Germany beating forecasts, though most analysts responded to the survey before the announcement of 30% Trump Tariffs on the EU. Japan's Ishiba is reportedly seeking tariff talks with the U.S. Treasury Chief on Friday.
Geopolitical Developments and European Politics
Geopolitical events also captured headlines. The European Council announced it has imposed restrictive measures against seven individuals and three entities deemed responsible for destabilizing Moldova.
In Eastern Europe, Slovak Prime Minister Fico stated that the best solution for Slovakia would be an exemption allowing the country to maintain its contract with Gazprom until 2034. He also indicated that a Slovak representative is tasked with requesting a delay in the vote on a new sanctions package on Russia.
Meanwhile, in a significant development concerning the conflict in Ukraine, President Trump is expected to authorize Ukraine to employ the 18 U.S.-supplied ATACMS missiles in-country at their full operational range of 300 km, according to sources cited by The Washington Post.
Currency Market Movements
The currency market saw notable shifts, with the U.S. Dollar (USD) increasing by 0.5% against the Japanese Yen (JPY), reaching 148.47. The Yen slid to session lows against the U.S. dollar, weighed down by weak Bank of Japan policy expectations and political uncertainty. The Dollar broadly firmed on strong U.S. data and safe-haven flows, while the Euro (EUR) turned red.
In France, Prime Minister Bayrou is expected to propose the elimination of two public holidays, a plan that could have economic implications.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.