Copper Jumps, Keeping Markets Mixed Below All-Time Highs

Tuesday, July 8, 2025

Market indexes started out mixed in today’s pre-market, and there they remained throughout the trading session. Some early chop back and forth eventually gave way to flat levels into the close. The Dow, which spent virtually all day in the red, was down -422 points at today’s lows, but closed -165 points, -0.37%.

The S&P 500 and the Nasdaq both rode either side of breakeven all day long, eventually settling at -0.07% on the S&P and +0.03% on the Nasdaq. The small-cap Russell 2000, which spent the entire session in the green today, closed off session highs but still +0.66% for the trading day.
 

Copper Surges on Fresh Tariff Threat

Because there is not a lot of news weighing on market conditions today, President Trump’s latest rumination — that of levying a +50% tariff on copper imports — has sent the versatile metal up as much as +15% intraday, before closing the session +9%. This is the highest one-day spring in 36 years. Copper has now surged to $5.48 per pound.

No timetable has been articulated, but suggestions are this tariff will hit before the end of the month. Copper — often known as Dr Copper, “the metal with the PhD,” as it is used in a wide variety of technological goods, such as electronics wiring, heating and cooling conduction, etc. — has now gained +38% year to date, as commodities buyers have long been onboard with tariffs coming to copper imports, even before they were announced.

Walmart Taking Part in Summer Sales

Not to be outdone by Amazon’s AMZN Prime Day — which is beginning to turn into Prime Week, as it has now doubled to a 4-day e-commerce discount affair — Walmart WMT has reportedly gotten into the act. Perhaps lacking the panache of a catchy title, the company’s six-day July sale has gotten underway and will last through Sunday, July 13th.

Like Prime Day, Walmart appears to highlight home goods like kitchen items, and reportedly offer -50% discounts in this sales window; in some cases up to -85%. Both mega-retailers likely took advantage of the pause in April 2nd tariffs to stockpile goods, both for these sales events and for the holiday shopping season at the end of the year. Results for both Prime Day and Walmart’s equivalent may take a week or so before results are posted.

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