Market Recap 7/10/25

The stock market rebounded from opening losses, with the S&P 500 and Nasdaq Composite climbing to new record highs in today’s session.

Although there was some early selling off of yesterday’s bullish action, the market displayed a positive growth outlook, reflected in the outperformance of small-cap and mid-cap stocks, cyclical sectors, and gains in nine of the 11 S&P 500 sectors.

Small-cap and mid-cap stocks led the recovery from session lows this morning, as did “other” stocks in the S&P 500. That trend continued throughout the day. The Russell 2000 finished with a gain of 0.5%, as did the S&P MidCap 400. The equal-weighted S&P 500 closed 0.6% higher. The market cap-weighted S&P 500 rose 0.3%.

Additionally, Tesla (TSLA 309.87, +13.99, +4.7%) traded sharply higher amid reports that the company is awaiting approval for a Robotaxi service in San Francisco, while also planning an expansion into Arizona, according to a Bloomberg report.

President Trump announced new tariffs on copper and other imports, stirring trade uncertainty.

The Federal Reserve minutes revealed that only a couple of officials support rate cuts this month, suggesting a cautious stance.

Bitcoin hit a new high of $112,000 before pulling back slightly.

Gold edged up to $3,330/oz, while crude oil slipped to $67.70/barrel.

The 10-year Treasury yield held steady at 4.34%.

No new news going into Friday. The market is somewhat extended, but also appears to be consolidating those gains well.

Looking at TLT as a new long play into year-end. Keep you posted on that and others.

See you in the morning.