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Stocks Hit a Wall as Trump’s Remarks Lift Copper | Closing Bell
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July 8, 2025
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10:29Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Sonali Basak, Emily Graffeo and Tim Stenovec.
Stocks failed to gain traction near all-time highs, with Donald Trump saying the August deadline for the start of reciprocal tariffs won’t be extended, despite hopes he’s open to trade talks. Copper surged as the US president called for a 50% tariff. Treasuries fell.
Following a torrid run from April lows, the S&P 500 barely budged as traders remained on guard for headline risk. Copper producer Freeport-McMoRan Inc. rallied. A gauge of drugmakers whipsawed as Trump indicated he could offer pharmaceutical manufacturers at least a year before applying a 200% tariff on foreign-made products. In megacaps, Tesla Inc. climbed while Amazon.com Inc. fell at the start of its Prime Day sales event.
As Treasuries slipped, 30-year yields approached 5%, following a rout in longer-dated Japanese bonds and German bunds. A $58 billion US sale of three-year notes drew soft demand. That was the first in a trio of auctions this week. The dollar wavered.
Trump signaled a renewed determination to push ahead with his plans to heavily tax foreign imports. He also told reporters that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days.
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