Market Indexes Retreat from Recent Highs
The major U.S. stock indexes are pulling back in premarket trading on Monday, July 7, 2025, as investors grow cautious ahead of President Trump’s tariff deadline. The S&P 500 futures are down 0.40% to 6,254 points, retreating from the all-time high of 6,287 reached last week.
This pullback comes after a strong performance last week when all three major indexes closed higher on Thursday before the Independence Day holiday. The Dow had advanced 344.11 points (0.77%) to 44,828.53, while the S&P 500 added 0.83% to close at 6,279.35, and the Nasdaq gained 1.02% to end at 20,601.10.
Tariff Uncertainty Weighs on Markets
The primary concern for markets today appears to be the approaching deadline for President Trump’s 90-day tariff pause, which is set to expire this week. According to market analysts, Trump’s “reciprocal tariff” pause is creating significant uncertainty among investors and businesses.
After announcing a trade agreement with Vietnam last week, investors are closely watching for any additional deal announcements before potential new tariffs are implemented. The administration recently indicated that tariffs will take effect on August 1, providing a slight extension to the original early July deadline.
“We will see a real tariff impact for a lot of businesses, but the market is going to digest that without too much trouble,” said Jed Ellerbroek, portfolio manager at Argent Capital Management, in a recent interview with CNBC.
Upcoming Economic Events and Earnings
This week brings several significant earnings reports that could impact market sentiment. Delta Air Lines (DAL) is scheduled to report its Q2 results on Thursday, July 10, with analysts expecting earnings per share of $1.99 on revenue of $15.36 billion.
Also reporting on Thursday is Conagra Foods (CAG), with forecasted EPS of $0.60 on revenue of $2.87 billion for its Q4 results.
Friday will see earnings from AEON (8267:JP), while Monday brings reports from Fastenal (FAST) and FB Financial (FBK).
Premarket Movers: EV and Biotech Stocks Lead the Way
Despite the broader market weakness, several stocks are showing significant premarket movement:
Mullen Automotive (MULN) is the standout performer, surging over 80% to $0.40 in premarket trading on massive volume of more than 88 million shares.
Sonnet BioTherapeutics (SONN) is another big gainer, up more than 60% to $6.31 in premarket activity on nearly 7 million shares traded.
Other notable premarket gainers include:
– MediaCo Holding (MDIA): +28.18% to $1.41
– Inno Holdings (INHD): +27.12% to $1.50
– Northern Dynasty Minerals (NAK): +22.14% to $1.71
– Apogee Therapeutics (APGE): +50% to $71.19 after announcing positive 16-week data from its Phase 2 APEX clinical trial for APG777, an anti-IL-13 antibody for atopic dermatitis
On the downside, several stocks are showing significant premarket losses:
– MingZhu Logistics Holdings (YGMZ): -18.60% to $0.83
– Lixte Biotechnology Holdings (LIXT): -18.02% to $2.32
– Bitmine Immersion Technologies (BMNR): -17.47% to $111.42
Jobs Data Continues to Support Economic Optimism
Last week’s stronger-than-expected jobs report continues to influence market sentiment. The U.S. economy added 147,000 jobs in June, above the Dow Jones forecast of 110,000, while the unemployment rate fell to 4.1%.
“The biggest implication from the employment report would seem to be there’s no way the Fed’s cutting rates in July, and it’s a question mark as to whether rates are cut at all this year,” noted Jed Ellerbroek of Argent Capital Management.
Looking Ahead: Market Outlook
As premarket movers indicate, today’s trading session is likely to see significant volatility in specific sectors, particularly electric vehicles and biotechnology, while the broader market grapples with tariff uncertainty.
Analysts suggest that while the S&P 500 has steadily recovered to new all-time highs, it’s only 6% higher for the year through last week. “In contrast, most global markets have posted gains of 15% to 20%. Among major indices, only a few have underperformed the S&P, placing it well below the global average,” according to researchers at S3 Partners.
Short interest in both the S&P 500 and Nasdaq-100 “has been rising alongside the rally, suggesting a reversal strategy — investors selling into strength, possibly as a hedge or due to skepticism about the recovery,” the S3 Partners team added.
As the week progresses, market news today suggests investors will be closely monitoring any developments related to trade policy, particularly as the August 1 tariff implementation date approaches, while also digesting the upcoming earnings reports for signs of corporate health amid economic and policy uncertainty.
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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.