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Thursday, July 10

Noteworthy macro moves today: Copper +1.4%. 

Recent market movements are significantly influenced by escalating trade tensions, particularly following President Trump's announcement of a 50% tariff on imports from Brazil and proposed tariffs on copper products. This has led to increased volatility in U.S. equity markets, with major indices showing mixed performance as investors assess the potential economic impact of these measures.

In terms of economic data releases, initial jobless claims in the United States fell unexpectedly to 227,000 for early July—lower than anticipated increases—and this marks four consecutive weeks of decline. However, there is growing concern over rising continuing claims which reached their highest level since 2021 at nearly two million; this suggests that while new unemployment filings may be decreasing temporarily, broader labor market challenges persist.

Additionally, inflation rates across Europe show varied trends: Germany's annual inflation rate decreased slightly to 2%, aligning with expectations but indicating ongoing pressures within its economy due partly to falling energy prices. Meanwhile, industrial production in Italy declined more sharply than expected by 0.7% month-on-month for May after previously recording gains—a sign that manufacturing activity might be weakening amid global uncertainties related to trade policies and supply chain disruptions.

iShares MSCI Brazil ETF (EWZ) [-2.6%]
The iShares MSCI Brazil ETF (EWZ) is trading lower, reflecting a daily return drop of approximately 2.6%. This decline follows US President Donald Trump's announcement of a 50% tariff on all imports from Brazil, effective August 1. The tariff was revealed in a post on Truth Social and has garnered widespread media coverage. Such tariffs typically raise concerns about trade relations and the economic impact on Brazilian assets. Among the ETF's holdings, significant negative contributions came from Petrobras (PBR), which dropped notably, along with PBR.A, Banco Bradesco (BBD), and others, further amplifying the ETF's downward movement.

Global X Copper Miners ETF (COPX) [+1.6%]
President Donald Trump announced a 50% tariff on copper imports effective August 1, citing national security concerns. This decision may disrupt global supply chains and affect industries reliant on copper, potentially influencing the performance of the Global X Copper Miners ETF (COPX). On social media, discussions emerged regarding expectations for copper prices to reach $7, with mentions of U.S.-based producers and COPX. Among the ETF's holdings, significant contributors included BHP and GLNCY, both experiencing notable returns. BHP's Escondida copper mine in Chile faces scrutiny due to the new tariffs, which have led to increased U.S. copper imports and price hikes on the London Metal Exchange. Additionally, Southern Copper Corp (SCCO) has seen a year-to-date increase, while Chile's Codelco is seeking clarity on export impacts from the tariffs. Meanwhile, Australia may benefit from minimal copper exports to the U.S.

DAL | +13.6% | +5.0B
Delta Air Lines Inc | Passenger Airlines
Delta Air Lines reported its Q2 2025 financial results, showcasing a net income of $2.13 billion, a notable rise from $1.305 billion the prior year. The adjusted EPS reached $2.10, exceeding the consensus estimate of $2.03, while revenue hit $16.65 billion, surpassing expectations of $16.18 billion. The airline reinstated its FY2025 guidance, projecting adjusted EPS between $5.25 and $6.25 and free cash flow of $3 to $4 billion. Delta also announced a 25% increase in its quarterly dividend starting in Q3 and reported strong performance in premium and loyalty revenue, with increases of 5% and 8%, respectively. Following these announcements, Delta's shares surged by approximately 10%, leading the airline sector higher.

ADSK | -3.2% | -2.0B
Autodesk Inc | Application Software
Autodesk is reportedly evaluating a cash-and-stock buyout of PTC, as per a Bloomberg report. This potential acquisition has led to an immediate market impact, with PTC's shares surging significantly following the news, while Autodesk's stock dropped. Social media discussions have noted Autodesk's engagement with advisers regarding this acquisition. Conversations highlighted the implications of PTC's recent stock performance, which has seen notable gains over the past few days. In contrast, Autodesk's shares have declined, reflecting the mixed market response to the acquisition consideration. Additionally, PTC has experienced volatility, including a recent decline, which is noteworthy given its historical correlation with Autodesk.

FCX | +2.3% | +1.6B
Freeport-McMoRan Inc | Copper
Freeport-McMoRan Inc has experienced a price increase, moving higher alongside the Copper sector, which is also showing significant gains. Conversations on social media highlight the company's involvement in copper trading and its relation to tariffs, noting a test of the 9-day moving average on a daily chart. This discussion emerged after market hours yesterday. Additionally, MP Materials Corp has surged following the announcement of a public-private partnership with the U.S. Department of Defense to enhance the domestic rare earth magnet supply chain. This development, which includes substantial investment and production guarantees, may be contributing to Freeport-McMoRan's recent price movement, given their historical correlation in the market.

AMD | +2.6% | +5.9B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc. experienced a price increase following two key developments. Goldman Sachs initiated coverage with a Neutral rating and set a price target of 140, while shares closed at 138.41 before this announcement. Additionally, AMD's stock rallied after the company revealed details regarding its upcoming earnings report. Concurrently, HSBC analyst Frank Lee upgraded AMD from Hold to Buy, raising the price target significantly to 200 from a previous 100, with this news gaining traction on social media. Further discussions noted that Taiwan Semiconductor, a major supplier for AMD, reported Q2 sales of 31.9 billion, reflecting a substantial year-over-year increase that exceeded expectations. This context, along with Goldman Sachs' coverage reiterating positive sentiment, has contributed to AMD's recent market activity.

PTC | -3.5% | -851.2M
PTC Inc | Application Software
PTC Inc. has seen significant volatility recently, triggered by reports that Autodesk is evaluating a cash-and-stock buyout of the engineering software firm. Following the initial news, PTC's stock surged but later retreated, closing down in after-hours trading and continuing to decline in premarket trading. This morning, PTC's shares fell further, reflecting a mixed market response. Social media buzz has amplified discussions around Autodesk's potential acquisition, with users noting a notable uptrend in PTC's stock prior to the recent declines. Despite this, analysts have mixed sentiments on PTC, with a consensus average rating of "Hold." The company's market capitalization stands at $25.25 billion, following a strong quarterly performance that exceeded earnings expectations.

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