WEEKLY MARKET RECAP – JULY 11, 2025

The S&P 500 and NASDAQ posted slight declines for the week, pulling back from record highs reached the week prior. The dip followed two consecutive weeks of strong gains that had lifted the S&P 500 by more than 5%.

The Trump administration postponed its plan to raise tariffs on dozens of trade partners, pushing the start date from July 9 to August 1. Officials cited ongoing negotiations with several countries, even as they announced new tariff plans targeting imports from nations such as Canada and Brazil.

As the second-quarter earnings season approaches, analysts expect companies in the S&P 500 to report average earnings growth of 4.8%, according to FactSet. If accurate, this would mark the slowest pace of earnings growth since Q4 2023.

Copper prices soared 13% to a new all-time high on Tuesday following news of a 50% tariff on copper imports into the U.S. Silver also saw a strong rally, gaining approximately 6% for the week and reaching its highest level since mid-2011.

U.S. Treasury yields fell midweek after minutes from the latest Federal Reserve meeting boosted hopes for rate cuts later this year. However, yields reversed course on Friday as trade tensions escalated. The 10-year Treasury yield rose to 4.42% by Friday afternoon, up from 4.35% the previous week.

Dividend growth among U.S. companies slowed notably in the second quarter. S&P 500 firms posted $7.4 billion in net dividend increases—less than half the $15.3 billion recorded in the first quarter—amid rising uncertainty surrounding tariffs, according to S&P Dow Jones Indices.

A Consumer Price Index report, due to be released on Tuesday, will offer further insight into inflation trends. May’s CPI data showed a 2.4% annual inflation rate, slightly above April’s four-year low of 2.3% but still consistent with recent stabilization.