🔍 What’s Driving Markets Today

1. Tariff Deadline Extended to August 1
   The White House postponed reciprocal tariffs originally slated for today to August 1, easing immediate pressure on markets. S&P futures are modestly higher, reflecting relief—but concerns linger as the broader trade strategy unfolds. en.wikipedia.org+8apnews.com+8wsj.com+8

2. Trump Announces 50% Copper Tariff
   President Trump revealed a 50% tariff on copper imports and proposed steep duties on semiconductors and pharmaceuticals. Despite the aggressive move, markets appear to be treating it as a negotiation tool rather than a shock—equities remain relatively calm. bloomberg.com+4reuters.com+4wsj.com+4

3. Fed Minutes Anticipated
   Investors await the Federal Reserve’s June meeting minutes due at 2 PM ET. Markets are particularly focused on any shifts in rate-cut language amid stable or rising Treasury yields. reuters.com+15investors.com+15m.economictimes.com+15marketwatch.com+4moneymorning.com+4m.economictimes.com+4

4. Gold and Copper Moving
   Gold prices are easing after a brief rally, as the dollar strengthens alongside rising yields. Meanwhile, copper has surged near 30% premiums over London pricing—highlighting both supply concerns and tariff-related inflation bets. gold.orghome.saxo

🔭 What to Look Out For

• Fed Minutes (2 PM ET):
  Expect clues on Fed officials’ thinking—if rate cut language is softened, yields could move higher.

• Copper & Crypto Moves:
  With new copper tariffs taking effect and global supply in focus, watch metals closely. If risk sentiment cracks, crypto and industrial metals could react.

• Global Response to Tariffs:
  Market attention will turn to reactions from the EU, Japan, and Korea—especially any retaliatory trade moves.