TL;DR

Trump floats blanket import tariffs; EU secures 15% U.S. tariff cap; AMD, Nike, S&P 500 targets rise.

Highlights

• Trump proposes a blanket tariff on all U.S. imports; Chile seeks exemption from a 50% copper tariff set for Aug. 1 112.
• U.S. and China hold third round of tariff talks in Stockholm; no breakthroughs yet 2.
• Senate Democrats urge Commerce to maintain AI chip export bans to China amid industry lobbying 5.
• EU pledges $750B in U.S. energy buys and $600B in investment, securing a 15% U.S. tariff cap on most EU goods; skepticism over actual follow-through 313.
• French PM criticizes EU-U.S. tariff deal, but markets rally; STOXX 600 hits four-month high 13.
• OPEC+ keeps oil output policy unchanged; next review scheduled for October 1 6.
• AMD hikes MI350 AI chip price to $25,000; shares hit 52-week high on bullish outlook 7.
• PayPal to let U.S. merchants accept 100+ cryptocurrencies; Interactive Brokers considers launching a stablecoin for 24/7 funding 89.
• MicroStrategy pauses Bitcoin purchases; Cantor raises price target to $680 10.
• JPMorgan upgrades Nike to Overweight, lifts price target to $93; shares rise 4% 11.
• Oppenheimer and Morgan Stanley raise S&P 500 targets (7,100 for 2025, 7,200 by mid-2026) on trade progress and earnings optimism 1718.
• EssilorLuxottica beats sales estimates but warns U.S. tariffs are pressuring profits; supply chain and pricing adjustments underway 19.

Commentary

Trade policy remains a key market driver as Trump’s proposed blanket tariff on all imports 1 and the looming 50% copper tariff create uncertainty for global supply chains and commodity markets. With Chile seeking an exemption 12 and U.S.-China talks ongoing but yielding no progress 2, traders should remain alert for volatility in basic materials, industrials, and related sectors. The Senate push to keep AI chip export bans in place further complicates the outlook for the semiconductor industry 5, even as AMD ’s price hike and strong share performance highlight robust demand for AI hardware 7.

The EU’s headline $750B energy purchase and $600B investment pledge, in exchange for a 15% U.S. tariff cap on most EU goods, has provided near-term relief to equities, despite skepticism about the feasibility of these commitments 313. The STOXX 600 rally and upgrades to S&P 500 targets by Oppenheimer and Morgan Stanley reflect optimism that recent trade agreements may limit further escalation 1718. However, the French government’s criticism and the lack of enforceable details suggest the risk of renewed friction remains 13.

In commodities, OPEC+ holding output steady keeps oil supply expectations unchanged 6, but the copper market faces potential disruption if U.S. tariffs on Chilean copper proceed as planned 12. Companies like EssilorLuxottica are already reporting profit pressure from U.S. tariffs and are moving to diversify supply chains and raise prices 19. Energy and materials names may see increased volatility as policy headlines evolve.

On the fintech and crypto front, PayPal ’s move to enable crypto payments for U.S. merchants 8 and Interactive Brokers ’ stablecoin deliberations point to ongoing digital asset adoption 9. MicroStrategy ’s pause in Bitcoin accumulation hasn’t dampened bullish analyst sentiment, with Cantor raising its price target 10. These developments could support crypto-related equities, especially if regulatory conditions remain favorable.

Into the close, traders should focus on tariff developments, copper and energy price moves, and follow-through in AI, fintech, and consumer names like Nike 11. Headline risk from trade and geopolitics remains high, so position accordingly.