TL;DR

Trump sets 50% copper tariff; S&P 500 targets raised; Robinhood launches tokenized U.S. stocks in EU.

Highlights

• Trump announces 50% tariff on imported copper; copper futures spike 17% to record highs1.
• Trump threatens 200% tariffs on imported pharmaceuticals, with a 1–1.5 year transition period1.
• 10% tariff threatened on all BRICS nations; August 1 deadline set for new tariffs on 14 countries, including Japan and South Korea, with no extensions23.
• U.S. bans Chinese nationals from buying farmland; plans to reclaim existing holdings and tighten disclosure rules5.
• Goldman Sachs and BofA raise S&P 500 targets (Goldman: 6,900 in 12 months) on Fed cut optimism and strong mega-cap performance11.
• U.S. Treasury 3-year note auction tails for second consecutive time; yield at 3.891% with softer demand9.
• U.S. consumer credit growth slows sharply in May; revolving credit contracts10.
• Trump signals possible new Russia sanctions, approves unspecified defensive weapons shipment to Ukraine; U.S. Patriot missile stocks fall to 25% of target, pausing further Ukraine transfers6716.
• Robinhood launches tokenized U.S. stocks (including SpaceX, OpenAI) in EU; shares jump 8% on 24/7 trading optimism18.
• SpaceX targets $400 billion valuation in insider share sale, driven by Starlink growth and large launch backlog14.
• Tesla board urged by Wedbush’s Dan Ives to impose guardrails on Musk after political activity triggers stock volatility12.
• OpenSea acquires Rally wallet to expand mobile NFT trading capabilities20.

Commentary

Trade policy is the dominant theme as the Trump administration ratchets up tariffs across multiple fronts. The 50% copper tariff sent futures to record highs, immediately benefiting U.S. copper miners but raising concerns about downstream costs in manufacturing, construction, and EV supply chains1. The threat of 200% duties on imported pharmaceuticals and a 10% blanket tariff on BRICS nations further expands the scope of U.S. protectionism13. With the August 1 deadline for new tariffs on 14 countries now confirmed, global supply chains and exporters face increased uncertainty, especially in sectors exposed to metals, electronics, and healthcare inputs24.

Equities have shown resilience, supported by bullish S&P 500 target upgrades from Goldman Sachs and Bank of America, both citing expectations for earlier Fed rate cuts and continued strength in mega-cap tech11. However, the macro picture is mixed: U.S. consumer credit growth slowed sharply in May, with revolving credit actually contracting, hinting at more cautious consumer behavior10. Treasury auctions are seeing softer demand, with the 3-year note tailing for a second time, suggesting some investor hesitation at current yields and amid fiscal and policy uncertainty9.

Geopolitics remains active. The U.S. is preparing potential new sanctions on Russia and has approved fresh defensive weapons for Ukraine616, but depleted Patriot missile stocks have forced a pause in further air-defense transfers7. The U.S. move to ban Chinese nationals from buying farmland and reclaim existing holdings underscores ongoing efforts to tighten national security around critical assets5.

In digital assets, Robinhood ’s launch of tokenized U.S. stocks in the EU and SpaceX’s $400 billion insider share sale signal growing investor interest in both tokenization and private tech, while regulatory scrutiny remains a risk1418. Tesla ’s governance is again in focus after recent stock volatility tied to CEO Musk’s political ambitions, with calls for the board to tighten oversight12. OpenSea’s acquisition of Rally wallet highlights continued competition and innovation in mobile NFT trading20.

Traders should closely monitor industrials, materials, and exporters for tariff-driven volatility, watch for further signals from the Fed and Treasury auctions, and stay alert to regulatory and governance headlines in both tech and digital assets.