On Friday, July 11, 2025, U.S. stock markets closed higher as investor sentiment remained strong ahead of next week’s earnings season. Despite concerns surrounding tariffs and fiscal imbalances, the solid demand for a $22 billion 30-year bond auction supported the bond market and helped push equities toward record highs. Sector rotation was clearly visible, with previously underperforming names gaining traction while earlier winners cooled off.
Overview
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나스닥종합
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S&P 500
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다우존스
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원달러 환율
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Date: Friday, July 11, 2025 (U.S. Market Close – July 10, Thursday local time)
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Market Trend: U.S. stocks ended higher
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Key Themes:
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Optimism ahead of earnings season
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Strong demand in the Treasury auction
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Continued tariff uncertainty
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Clear sector rotation
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Mixed signals from Fed officials
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Key News
1. Earnings optimism lifts sentiment
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Markets rallied on growing optimism ahead of Q2 earnings season.
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Delta Air Lines posted strong results, boosting airline and travel stocks broadly.
2. Tech leaders surge
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Nvidia reclaimed the $4 trillion market cap milestone.
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Tesla soared on news it will expand its robotaxi services to California and Arizona.
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MP Materials surged after announcing a $2 billion contract with the U.S. Department of Defense.
3. Jobless claims and data distortion
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Weekly jobless claims came in at 227,000, slightly below expectations.
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However, the data may have been distorted by the Independence Day holiday.
4. Tariff concerns persist, but muted market reaction
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Former President Trump issued renewed tariff warnings via social media while pressuring the Fed to cut rates.
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Unlike April’s reaction to previous tariff threats, the market largely shrugged off the noise, focusing instead on the August 1 negotiation deadline.
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JPMorgan cautioned that markets may be too complacent about tariff risks.
5. Fed officials split on outlook
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James Bullard (St. Louis Fed): Inflation risks remain to the upside; tariff impacts could be long-lasting.
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Mary Daly (San Francisco Fed): Supports two potential rate cuts this year; sees limited inflation impact from tariffs.
U.S. Economic Calendar
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Time (KST) |
Indicator/Event |
Description |
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09:00 |
USDA World Agricultural Supply and Demand Report |
Key global grain supply-demand outlook |
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02:00 |
Baker Hughes U.S. Rig Count |
Weekly energy market and drilling activity |
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02:00 |
U.S. June Federal Budget Balance |
Tracks fiscal surplus or deficit trends |
Insight & Commentary
In my view, this week’s rally reflects a combination of healthy risk appetite, resilient investor psychology, and optimism for the upcoming earnings season. Bond markets stabilized thanks to solid long-duration demand, which also eased rate-related fears. While tariff threats persist, investors are currently more focused on the August 1 negotiation deadline rather than the rhetoric itself. Sector rotation is becoming evident, suggesting it’s time to diversify portfolios rather than chase recent winners. With Fed officials diverging in tone, the path to a potential September rate cut remains uncertain, but inflation and geopolitical factors will be key catalysts going forward.
