Daily Summary: Apple drives stock market gains; tariffs back in focus 🔎

The U.S. stock market continued its rebound today, supported by a significant increase in Apple’s market capitalization. At the time of writing, the US100 is up 1.30%, while the US500 has gained 0.70%. The rally is once again fueled by Big Tech, whereas smaller-cap companies are underperforming amid rising trade tensions—US2000 is down 0.30%.

The maintenance of high tariffs on Switzerland and new tariff hikes on India have weighed on the U.S. dollar, making it the second-weakest G10 currency today after the Swiss franc (CHF). The USD Index (USDIDX) is down 0.50%, while the franc is losing between 0.50%–0.60%, pressured by the failure to reach a trade deal with the U.S. and continued tariff pressure.

Apple (AAPL) rose 5.90% on Wednesday, reaching USD 215 per share after President Donald Trump announced the company would invest an additional USD 100 billion in U.S. production. This brings Apple’s total domestic commitment to USD 600 billion over four years.

The investment pledge comes amid growing pressure on Apple to reduce its dependence on overseas manufacturing and avoid punitive tariffs. Apple plans to focus its U.S. investments on premium products and AI infrastructure, rather than mass device production.

Oil pulled back from its daily highs after Trump announced an additional 25% tariff on Indian goods, in response to India’s continued purchases of Russian oil. With Russia showing no sign of agreeing to a ceasefire in Ukraine, the U.S. is targeting both Russia and its trade partners.

The new rate—an additional 25% on top of the existing 25%—makes India one of the most heavily targeted U.S. trade partners. India called the decision "unfair and irrational," stressing that its oil purchases are based on market needs and energy security. The tariffs are set to take effect in 21 days.

Swiss President Viola Amherd left Washington without reaching a tariff agreement. Trump maintained a steep 39% tariff on Swiss goods, citing the country’s USD 40 billion trade surplus.

McDonald’s posted its Q2 2025 results, which were mostly better than consensus expectations. Sales growth was driven in part by new partnerships, including a campaign tied to the Minecraft movie, which helped revive consumer interest in the fast-food chain.

Snap Inc. (SNAP.US) shares plunged approximately 21% following disappointing quarterly results and technical issues with its ad platform, which slowed ad revenue growth. The company reported a year-over-year revenue increase of just 8.7%, significantly lower than prior quarters that featured double-digit growth.

In Europe, retail sales in the eurozone rebounded, although the monthly figures slightly missed expectations. Actual: +0.3% m/m; Forecast: +0.4% m/m; Previous: –0.3% m/m