Weekly Market Update – July 14, 2025

Price Return Last Week

S&P 500 (0.3%) S&P Mid Cap (0.6%) Russell 2000 (0.6%)

MSCI EAFE (0.4%) MSCI EM (0.6%)

10 Yr US Treasury Rate – rose from 4.34% to 4.42%

Source: Refinitiv Eikon

---

Recent News

U.S. Trade Deadline Extended – President Trump delayed the implementation of his proposed “reciprocal tariffs” to August 1 to allow more time to work out trade deals.  The increased tariffs were originally set to take effect at 12:01 a.m. Wednesday.  The administration has agreed to frameworks for trade deals with two countries, Britain and Vietnam, since the original reciprocal tariffs were announced on April 2.

Source: The Wall Street Journal, Thomson Reuters

Copper Tariffs – In addition to the potential for increased country-specific tariffs in the coming weeks, President Trump also announced a 50% tariff on all copper imports.  The new tariff rate is set to occur on August 1.  More sector-specific tariffs are expected to be rolled out in the next few months after Section 232 investigations are concluded.  The lumber, pharmaceutical, critical mineral, semiconductor, truck, and aircraft sectors are currently under investigation by the Department of Commerce.  Findings are expected to be released within the next seven months.

Source:  Thomson Reuters, Strategas

Q2 Earnings Season – Earnings season kicks off this week with nearly 10% of companies within the S&P 500 reporting their quarterly earnings.  Over 50% of companies scheduled to report are in the financials sector.  The estimated blended earnings growth rate for the S&P 500 in Q2 is 4.8%, but actual earnings growth will likely surpass this estimate, as 37 of the last 40 quarters have exceeded estimates.

Source:  Refinitiv Eikon, FactSet

Groovy Firewall – Cybersecurity company, Cloudflare, has a unique security feature to help them with encryption.  In the lobby of their headquarters, they have arranged 100 lava lamps on the wall with a camera pointed at the lamps.  The camera regularly takes photos of the lamps and converts the images into a series of numbers with each pixel having its own value.  Since lava lamps are consistently random with the lava never taking the same exact shape twice, Cloudflare is able to generate consistently random number strings to be used for encryption and cybersecurity.

Source: Cloudflare

---

Upcoming Events

7/15 – CPI, Notable Earnings Reports: Bank of New York, Wells Fargo, State Street, BlackRock, Citigroup, JPMorgan Chase

7/16 – Notable Earnings Reports: Morgan Stanley, Goldman Sachs, Johnson & Johnson, Bank of America, PNC, United Airlines

7/17 – Retail Sales, Notable Earnings Reports: Abbott Laboratories, GE, PepsiCo, Netflix

7/18 – Consumer Sentiment, Notable Earnings Reports: American Express, Charles Schwab, 3M

Source: Refinitiv Eikon