Morning Dose #68: Trade Alert Tariff Deadline Looms – Monday 7/7/2025
Key takeaways
- Market Sentiment: Despite tariff fears, the market structure remains cautiously bullish. Traders should monitor SPY and QQQ levels for potential trend-setting moves.
- Summary: Market balancing macroeconomic concerns with domestic stimulus package. Stay vigilant on tech levels and corporate movers for trading decisions.
Morning Dose: Trade Alert Tariff Deadline Looms
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Trader’s Market Briefing
Intro & Market Mood
Good morning and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens.
Overnight Headlines
Market Mood: Starting the week on a shaky footing with futures pointing to a lower open across the board. S&P down 15 points, Dow lower, Nasdaq with the biggest hit of over 80 points due to renewed tariff concerns.
Tariff Concerns: Countries without trade deals by August 1st face tariff snapbacks to April levels. President Trump signed letters to countries, adding a 10% extra tariff for those aligning with BRICS nations.
Economic Announcements
Domestic Stimulus: Congress passed a massive reconciliation bill extending 2017 tax cuts, cutting spending, deregulation, and a five trillion dollar debt ceiling increase.
Earnings Highlights
- Tesla (TSLA): Down almost 7% pre-market due to CEO drama, increased competition in China, and an analyst downgrade.
- Shell (RDS.A): Trading down 3% on weaker gas division and chemical production.
- Molina Healthcare (MOH): Lowered guidance for Q2 and full-year forecast, leading to stock decline.
Top Movers
Chip Sector: Mixed signals with GE Aerospace resuming shipments to China but reports of restrictions on A-I chip shipments to Malaysia and Thailand.
Quick Trade Ideas
- SPY: Watch support at 622.45 and resistance at 624.50 for bullish control.
- QQQ: Support around 554 and resistance at 556.64. Movement above this level could indicate a buying opportunity.