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U.S. indices ended the first session of the new week slightly higher, hovering near local highs. At the time of publication, the US500 was up 0.56%, the US100 gained 0.80%, and the US2000 rose 0.32%.
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On the forex market, the U.S. dollar was the weakest currency, down roughly 0.3–0.6% on average. Meanwhile, the strongest performers were the euro (EUR) and Japanese yen (JPY). The EURUSD pair gained 0.53% to 1.16930.
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The earnings season is entering a critical phase. While today’s releases were not particularly significant, later in the week we’ll see reports from key Big Tech firms and legacy “old economy” giants such as Coca-Cola, Lockheed Martin, Philip Morris, SAP, Alphabet, Tesla, and Nestlé.
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The market also remains notably optimistic about trade negotiations approaching the key deadline of August 1st. Investors seem to be paying little attention to the growing uncertainty around U.S.–EU trade talks.
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U.S. Commerce Secretary Howard Lutnick emphasized on Sunday that tariffs would take effect unconditionally on August 1st. On the other hand, Treasury Secretary Scott Bessent, when asked about the timing, stated that “the quality of trade deals matters more than deadlines.”
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The European Union is preparing a retaliation plan against the U.S. With talks stalled, the EU plans to develop a rapid-response scenario in the coming days, including a potential tariff list worth up to €72 billion.
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Producer price data in Canada showed a surprising month-over-month increase of 0.4%, versus expectations of a -0.1% decline. The USDCAD pair continues to drop, approaching a short-term support level.
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Opendoor Technologies (OPEN.US) saw a sharp stock surge, gaining 178% over the past week and nearly 600% month-over-month. The rally was sparked by hedge fund manager Eric Jackson, who publicly backed Opendoor on social media, calling it a potential “100-bagger.”
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NATGAS futures are down 7.80% today despite forecasts for above-average temperatures across most of the United States. Note that futures contracts will roll over after the July 22 session. Currently, there is a slight contango between the August and September contracts.
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In the cryptocurrency market, euphoric investor sentiment continues. Bitcoin remains in consolidation between $117,000 and $118,000. Greater interest is being seen in Ethereum and altcoins.
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