Stocks Hit a Wall as Trump’s Remarks Lift Copper: Markets Wrap

Containers next to gantry cranes at a shipping terminal in Yokohama, Japan, on Tuesday, April 15, 2025. Japan is scheduled to release trade figures on April 17.Photographer: Toru Hanai/Bloomberg

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By Rita Nazareth

July 7, 2025 at 10:32 PM UTC

Updated on

July 8, 2025 at 9:00 PM UTC

Stocks failed to gain traction near all-time highs, with Donald Trump saying the August deadline for the start of reciprocal tariffs won’t be extended, despite hopes he’s open to trade talks. Copper surged as the US president called for a 50% tariff. Treasuries fell.

Following a torrid run from April lows, the S&P 500 barely budged as traders remained on guard for headline risk. Copper producer Freeport-McMoRan Inc. rallied. A gauge of drugmakers whipsawed as Trump indicated he could offer pharmaceutical manufacturers at least a year before applying a 200% tariff on foreign-made products. In megacaps, Tesla Inc. climbed while Amazon.com Inc. fell at the start of its Prime Day sales event.