Markets are reacting to the latest twist in global trade developments, with the July 9 deadline for higher trade duties looming. U.S. Treasury Secretary Scott Bessent has confirmed that several trade-related announcements will be made in the next 48 hours, fuelling market fears of a more aggressive trade policy. Trump's decision to delay the tariff deadline to August 1st and to slap high tariffs on 14 more nations adds more uncertainty to market outlook. 

These tariff-related developments will further dampen sentiment, particularly in export-focused sectors and trade-dependent markets. The current trade conflict and uncertainty over the imposition of these tariffs are echoed in the subdued futures market. Investors are circumspect, balancing the worldwide effect of these tensions, which may affect economic growth expectations and corporate profits. The uneven performance in U.S. futures also indicates the market's confusion regarding the prospects of trade policies. As there is no significant economic data due for release today, the market continues to monitor these geopolitical concerns, sustaining their influence on investor sentiment and pressure on risk appetite.

US Stock Market Performance 

U.S. equities have continued to build their April low rebound, though overall continues to exhibit sharp pressure. In spite of recovery since April 8th, closer inspection and analysis point toward continuing and persistent drawdown and fluctuation of performance among sectors and indexes

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S&P 500: BROAD RALLY, WHILE CENTRAL WEAKNESS CONTINUES

S&P 500: 7% YTD | 26% recovery from April bottom | -19% below YTD high | Typical member: -24%. The index is also known as US 500 CFD 

The S&P 500 is 26% higher than its April 8th low and its YTD return sits at 7%. It is -19% below its YTD high and its average member -24% below its high, reflecting a spotty and not terribly widespread rally among a select group of leaders.

NASDAQ: LOUDEST RALLY, SADDEST FEELING RUNNIN' UNDERGROUND

NASDAQ: +7% YTD | +35% on top of April low | -24% below YTD peak | Avg. member: -45%. The index is also known as US 100 tech index among CFD brokers. 

The NASDAQ is again at the forefront, with a +35% bounce back from its April low driving a +7% YTD advance. Yet it still carries the -24% decline from its highs, with the typical NASDAQ stock off -45%, and therefore shows that high-growth issues still lag the general market as it recovers.

RUSSELL 2000: SMALL-CAP BLUES PERSIST FOLLOWING RALLY

Russell 2000: 1% YTD | 28% from April bottom | -24% vs YTD high | Av. member: -36%

The Russell 2000 is ahead by +1% YTD, its own +28% rebound from April lows though still -24% off its YTD peak. Small-cap shares on average are off -36%, which alone is reflection on ongoing jitters within the small-cap universe despite budgets constraining and prevailing economic anxiety.

DOW JONES: LEAST VOLATILE INDEX, BUT RISKY AS WELL.

Dow Jones: 5% YTD | 19% since April bottom | Down 16% from YTD high | Avg. member: -23% The Dow Jones has been fairly solid, ascending by +5% YTD and by +19% from its April lows. Though the Dow has only declined by -16% from its YTD peak, the average Dow stock, however, is down -23%, a reminder defensive positions haven't been immune system-wide headwinds. 

While the market has mainly bounced back from bottoming in April, the path forward is rough with widespread market weakness indicating selective rebound coupled with caution and sector strength. Conservative investors should exercise caution and switch into sectors and companies that are strong while economic uncertainty remains. Ongoing monitoring of changing market dynamics will drive everything as future risks can push the rally to its limits at infancy.

GOLD PRICE ANALYSIS: EFFECT OF TRUMP'S REMARKS AND MARKET MOOD

Gold's spot price on July 8, 2025, at $3,334.11 an ounce was down a fraction from a close of $3,334.53 on an earlier day. That fraction drop was against a bewildering set of economic and geopolitical forces that have been shaping investor attitudes. President Trump's most recent words—threatening additional tariffs against nations trending toward BRICS policy and setting a deadline on new China negotiations until August 1—called on market risk-off logic and are driving investors toward safe-haven assets such as gold.

Gold has gathered momentum under such geopolitical tensions, stoking fears of possible economic disruptions and international trade volatility. Trade relationship uncertainty and its ongoing prolongation have increased demand for gold as a store of value, especially by investors as a market and inflation volatility hedge. Trump's harsh trade rhetoric and a possible extended time of uncertainty in trade negotiations have stoked fear and made a most popular protective asset out of gold.

Since no significant economic activity is on the agenda for today, markets are pinned by ongoing developments in politics and trade and therefore hedges into a safe-haven commodity like gold during uncertain times. Unless new economic data is announced, investors have been given a free hand to concentrate on a maximum amount of foreign tension and, more importantly, on President Trump's trade policies and geopolitical tensions. Such ongoing concerns are the cause of a bullish trend into gold. In ongoing geopolitical uncertainty, a prized commodity for saving wealth would still be gold, and any further uptick in trade tensions or risk in politics can send prices into a bullish trend. Such a situation justifies the time-tried place of gold as a best commodity for saving wealth during uncertain market times.