US OPEN: Indices hold steady after another tariff delay (08.07.2025)

5:34 pm 8 July 2025

Wall Street is waiting on its toes for updates regarding president Trump’s tariff policy, with major indices posting little-to-no change, as traders digest the negotiations' deadline delay. S&P 500 and Nasdaq hold steady in the early trading, Dow Jones loses 0.2%, while small-cap Russell 2000 adds 0.5%.

Tariff tensions escalated after Trump issued unilateral tariff declarations to 14 countries, including potential 25% duties on South Korea and Japan starting in August, with some rates as high as 40%. While the administration hinted at pending trade deals, few have materialized, raising concerns of a near-term trade escalation.

Sector performance is mixed, with energy, healthcare, and IT leading the rebound from yesterday’s losses. Most consumer goods stocks are in the red; negative sentiment weighs also on solar and wind-related companies after Trump called for stricter enforcement of tax incentives in the sector.

Performance of S&P 500 sectors. Source: Bloomberg Finance LP

 

US500 (H1)

S&P 500 futures have been trading flat for a while due to lack of conclusiveness regarding US trade policy. The index has been trading above the 6260 mark, having recently rebounded from a longer 120-period EMA (dark purple). The relatively low RSI around 40 reflects staggering momentum in the face of further uncertainty, although hopes for trade deals prevent the index from following below its July’s starting point.

Source: xStation5

 

Company news:

  • Circle Internet shares dip 1.2% after Mizuho initiates with a sell rating, citing overestimated USDC growth and interest rate risks. Analyst sees 25–30% downside to 2027 revenue consensus, sets $85 PT (59% downside). Notes Coinbase captures most USDC economics; estimates 2027 revenue at $3.3B vs. Street’s $4.5B.

  • Merit Medical rises 4.2% after prelim Q2 revenue of $380–384M beat estimates ($372.3M), up 12–14% YoY. The company named Martha Aronson (ex-Medtronic) as CEO, effective Oct. 3. Founder Fred Lampropoulos to remain chairman. Raymond James says Aronson has big shoes to fill after Lampropoulos’ decades of leadership.

  • US clean energy stocks fall after Trump calls for stricter enforcement of tax incentive rules for solar and wind projects (Enphase -4.2%, SolarEdge -5.8%, Sunrun -11.2%, First Solar -4%, NEXTracker -4.6%)

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