Market Pulse

Market Pulse

July 7, 2025

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • Stocks pushed higher last week, with U.S. indices outperforming international markets—led by small- and mid-cap stocks. Meanwhile, the S&P 500 closed at its seventh all-time high of the year, advancing 1.8% on the week.
  • U.S. Treasury yields rose sharply after a better-than-expected jobs report on Thursday. Shorter-dated bond yields climbed the most, reflecting reduced expectations for rate cuts in 2025.
  • Market focus during the week centered on the narrowly passed reconciliation bill and June’s employment data, which showed 147,000 new jobs and a decline in the unemployment rate to 4.1%.

A look ahead

  • This week’s spotlight will be on the July 9 U.S. tariff deadline, marking the end of a 90-day pause on a sweeping set of tariffs introduced in April. Earnings season also kicks off, with three S&P 500 companies set to report second quarter earnings.
  • With a relatively light schedule of U.S. economic data releases, investor attention may pivot toward key economic indicators out of Europe and several central bank policy meetings globally.
  • Economic releases: Consumer Credit, June Federal Reserve (Fed) Meeting Minutes, Small Business Optimism.

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