U.S. equities ended higher after softer inflation data helped push the S&P 500 to another record close, with the Nasdaq and Dow also advancing. July producer prices cooled to 4.7% year over year from 5.5% in June, while the market lifted the odds of the Federal Reserve holding rates steady in September to around 65%. Even so, the long end of the Treasury market sent a different signal: the 30-year bond auction cleared at 5.216%, the highest since 2001, and indirect bidding weakened, pointing to growing concern over fiscal supply and term premium. Sector leadership was narrow. SanDisk surged after issuing aggressive long-term targets at its 2026 investor day, lifting Western Digital, SK Hynix, Seagate, Micron and the Roundhill storage ETF. Workday also jumped on a Reuters report that Silver Lake had held acquisition talks for months. In contrast, optical networking names and parts of the AI hardware trade reversed lower, while Cisco fell despite record quarterly revenue as investors focused on margin concerns. Oil prices retreated after both the IEA and OPEC lowered demand expectations, and Donald Trump signed a proclamation imposing 10% to 100% tariffs on imported drones and related parts on national security grounds.

U.S. copper futures climbed to a record $6.90 per pound, driven by a mix of supply shocks and stronger long-term demand. On the supply side, severe winter snowstorms in Chile forced several major mining companies to halt operations, adding to concerns about refined copper shortages as inventories continue to fall. London Metal Exchange copper stockpiles have dropped about 40% since mid-April, pointing to rapid drawdowns in the physical market. Demand has also strengthened, with AI data center construction, the global energy transition, and power grid upgrades all lifting copper consumption. In China, grid investment rose 13% in the first half of the year, and the country recently announced a roughly $574 billion grid modernization plan. Chinese smelters competing for copper concentrate and scrap have also pushed import premiums to their highest level since 2022. Market concerns over potential U.S. tariffs on imported metals and broader geopolitical risks have added another layer of pressure, encouraging strategic stockpiling and arbitrage trades. Bank of America said copper market volatility is likely to remain elevated in the near term as supply chain stress and policy risks overlap.

Global equities are running into a sharper stress test this summer as three pressures land at once: crude oil has climbed above $100 a barrel, tariff risks have returned, and investors are starting to question whether massive AI spending can keep delivering market-friendly results. Brent crude moved above $100 this week as disruptions across the Middle East and Red Sea hit shipping routes, while former President Donald Trump proposed tariffs of 10% to 12.5% on roughly 60 economies. Together, those moves pushed inflation expectations higher and lifted the 10-year U.S. Treasury yield to 4.66%. Technology shares were hit as well. Alphabet posted strong operating numbers, with cloud revenue up 82% year over year and search up 17%, but its decision to raise 2026 capital expenditure guidance by 8% to $195 billion-$205 billion rattled investors. The stock fell about 8% for the week. Tesla dropped nearly 20% after second-quarter non-GAAP EPS missed expectations because of weaker margins and concerns over the rollout pace of its AI products. Wall Street firms including Barclays, Goldman Sachs and HSBC have all shifted toward a more defensive tactical stance as the pillars of the rally — resilient earnings, tame inflation and ever-rising AI investment — come under pressure.

Standard Chartered analyst Geoff Kendrick says ETH and Bitmine Immersion offer attractive risk/reward into the weekend, citing record Ethereum activity after the Fusaka upgrade, continued corporate buying, and a more supportive macro backdrop.

Trump said tariffs cut the U.S. trade deficit by 78%, but official data still points to a full-year deficit above $800 billion. Markets reacted quickly, with Bitcoin slipping to $65,900 before recovering near $67,000.

Donald Trump’s support for a new Russia sanctions bill has pushed geopolitical risk back into markets. The proposal could impose tariffs of up to 500% on countries buying Russian energy, while crypto fell 2.87% and Bitcoin slid to about $89,900.

Nick Timiraos notes key indicators—inflation, employment, growth—are all flashing green. Yet core PCE near 3% and tariff risks cloud the rate-cut path, while labor market shows structural weakness.

Bitcoin experienced a rollercoaster session on Monday, plunging to $74K before reclaiming $78K amid Trump's tariff turmoil. Trading volume surged 582%, and a closed-door Fed meeting sparked rate cut speculation.