OP Wire 7/11 (OP – Lite)

By Steve

🗞️ Friday Market Rundown – Trade War Heats Up, NVDA Hits $4T, Bitcoin Soars

1. Trump Escalates Global Tariff War

President Donald Trump intensified his aggressive trade agenda Thursday night, announcing a 35% tariff on all Canadian imports, set to take effect August 1. In a letter posted on his social platform addressed to Canadian PM Mark Carney, Trump warned the rate would climb higher if Canada retaliates.

This marks an increase from the prior 25% rate, though goods under the USMCA are expected to remain exempt. Energy and fertilizer tariffs (10%) will also remain unchanged.

Trump also indicated plans for blanket tariffs of 15%–20% on most other trading partners, further widening his trade war. Recent targets include Japan, South Korea, and a new 50% tariff on copper imports.

2. U.S. Futures Dip on Trade Jitters

U.S. stock futures pulled back Friday morning, pressured by fresh concerns over global economic fallout from Trump’s tariff threats.

While the S&P 500 and Nasdaq closed at all-time highs Thursday, futures are now retreating. The Dow is flat on the week, and the S&P and Nasdaq are barely positive.

Traders are now watching closely to see if the EU will strike a deal with the U.S. before the August 1 deadline to avoid becoming Trump’s next target.

3. Nvidia Breaks $4 Trillion Barrier 🚀

Nvidia closed Thursday with a historic $4.004 trillion market cap, making it the first company ever to end a session above the $4T mark.

The AI chip giant has gained 89% since April lows, fueled by relentless demand for artificial intelligence technologies.

“We reinvented computing for the first time since the ‘60s,” CEO Jensen Huang said Thursday on MSNBC. “Over the last five years, it really took off.”

4. Bitcoin Blasts to $118K 🟠💥

Bitcoin surged to an all-time high of $118,320 Friday, driven by institutional demand, favorable Trump-era policy, and bullish ETF inflows.

At 03:20 ET, BTC was up 5.6% to $117,670. U.S. spot bitcoin ETFs saw $1.18B in inflows Thursday — their sixth straight day of major gains.

The Trump administration’s recent approval of a Bitcoin reserve and China’s new digital currency discussions have created a globally supportive environment for crypto.

5. Oil Rebounds on Russia Sanction Speculation

Crude prices rebounded slightly Friday after dropping over 2% Thursday. Markets are pricing in the potential for new sanctions against Russia as tensions grow over Ukraine.

At 03:20 ET:

Brent up 0.4% to $68.94
WTI up 0.6% to $66.96

Tariff fears and rising OPEC+ production remain a ceiling, but geopolitical concerns are adding some lift.

📊 Market Snapshot

$QQQ (Nasdaq 100 ETF) closed Thursday at 555.45 (-0.14%), less than 1% from its all-time intraday high of 557.63.
Key support zones to watch into the weekend: 550 and 540
Bitcoin holds euphoric levels at ~$118K
Gold hovers near $3,350/oz

📅 Today’s Key Economic Data

🇺🇸 IEA Monthly Report – 4AM ET
🇺🇸 WASDE Agricultural Report – 12PM ET
🇺🇸 Baker Hughes Oil & Rig Counts – 1PM ET
🇺🇸 Federal Budget Balance (June) – 2PM ET

See you all in Chat — let’s stack into the weekend! 🟢💰

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