Good morning. U.S. stocks rallied Tuesday, with the Nasdaq leading the way as energy and tech outperformed. The move came despite renewed tariff tensions, as President Trump signed an executive order doubling steel and aluminum tariffs to 50% and warned it would be “extremely hard” to strike a deal with China. Investors appeared to shrug off the news, viewing the latest tariff headlines as more noise than shock.

Data releases offered a mixed but mostly supportive picture. Job openings remained solid, factory orders dipped, and bond yields edged higher as inflation expectations held firm. Meanwhile, overseas data pointed to slowing growth but also raised hopes for policy easing, particularly from the ECB this week. As one strategist put it: “It was a no-bad-news-is-good-news kind of day.” With the Fed in blackout and payrolls still ahead, equities extended their grind higher.

Foreign Demand for U.S. Bonds Is Faltering
The Wall Street Journal reports that international appetite for U.S. government debt is slowing amid rising issuance and geopolitical tension. Analysts warn that if overseas buying continues to decline, it could put upward pressure on borrowing costs.
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Musk, Trump, and the Future of the GOP Tax Bill
According to the WSJ, Elon Musk has privately voiced support for elements of Trump’s new tax and spending bill, including a controversial 15% global minimum tax carveout. Some Republicans remain divided as the legislation moves forward.
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Trump Doubles Tariffs on Metals, Escalating Trade Tensions
MarketWatch highlights President Trump’s move to raise tariffs on imported steel and aluminum to 50%, drawing criticism from economists who warn the action could weigh on growth and worsen inflation pressures.
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Trump: “Extremely Hard” to Make Deal with China
CNBC covers Trump’s latest comments on China, in which he suggested little optimism for progress with President Xi ahead of the July 9 tariff deadline. Officials have reportedly asked negotiating partners to submit final offers this week.
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Global Markets Hit New Highs
Bloomberg reports that global equities climbed to record levels, buoyed by strong U.S. tech performance and optimism that central banks, including the ECB, may begin easing policy amid cooling inflation and weaker manufacturing activity.
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U.S. stocks closed higher Tuesday, with the Nasdaq (+0.7%) and small caps (+1.5%) leading gains. Tech, energy, and materials were top performers, while defensives like real estate and consumer staples lagged. A solid bid for risk was evident, with growth outperforming value and market breadth favoring advancers nearly 2-to-1.

Tariff news resurfaced as President Trump signed an order doubling steel and aluminum tariffs and indicated a deal with China was unlikely in the near term. Still, equity markets mostly brushed off the announcement, supported by strong labor data and optimism that tariffs may remain contained to specific sectors.

Job openings rose to 7.4 million in April—above expectations and still exceeding the number of unemployed Americans. Quits declined modestly while layoffs ticked up, offering a nuanced picture of labor strength. Meanwhile, factory orders fell more than expected, down 3.7%, as firms drew down inventories accumulated ahead of trade action. Manufacturing remains stable overall, but momentum has cooled.

In commodities, WTI crude gained 1.42% to $63.41 on geopolitical tensions in Russia and Iran. Gold slipped 0.59% to $3,377.10 amid dollar strength. Treasury yields rose slightly, with the 10-year settling near 4.45%, while equity market volatility stayed muted.

The market continues to climb a wall of worry, brushing off trade rhetoric as investors focus on resilient labor data, disinflation trends, and potential global central bank easing. As we look ahead to Friday’s payrolls report, the key question remains: can strong household demand and stable jobs offset softening in manufacturing and global trade?