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S&P 500 Halts Record-Breaking Run as Bonds Slide | Closing Bell
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July 11, 2025
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11:31Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Norah Mulinda and Tim Stenovec.
Stocks fell from all-time highs as Donald Trump intensified his trade offensive, sending the dollar to its best week since February. Concerns about the potential inflationary impacts of tariffs weighed on Treasuries while oil traders braced for US efforts to crimp Russian energy exports.
Following a rally that drove the S&P 500 to its fifth record in nine trading days, equity bulls took a breather. While almost 400 shares in the benchmark retreated, gains in most big techs pushed the market away from session lows. Kraft Heinz Co. jumped on news reports that the company is preparing to break itself up. The six biggest US banks are set to report earnings next week, with analysts predicting trading-revenue increases.
Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric. The US president told NBC News he’s also eyeing blanket tariffs of 15% to 20% on most trading partners. The current global baseline minimum tariff rate for nearly all US trading partners is 10%.
“The stock market is looking lower due to President Trump’s more hawkish stance on tariffs,” said Matt Maley at Miller Tabak. “With the market overbought and very expensive, the market is getting ripe for some sort of a pullback.”
Longer-dated Treasuries led declines Friday, with the bond market seeing a second week of losses. The greenback rose against most major currencies. Bitcoin topped $118,000 for the first time.
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