Your Evening Briefing

July 11, 2025

US stocks slip under weight of more potential tariffs

The S&P 500 ended the week on a soft note, weighed down by the threat of a widespread tariff hike. Remember, President Trump always raises tariffs (or TART, if you like).

The benchmark US stock index gave back 0.3%, the Nasdaq 100 fell 0.2%, and the Russell 2000 slumped 1.3%.

Crypto’s hot run continued, however, with bitcoin setting more records while ethereum eclipsed $3,000 for the first time since February.

Energy was the best-performing S&P 500 sector ETF, while 9 of 11 were negative, with materials, healthcare, and financials faring the worst. Halliburton was atop the S&P 500 leaderboard, with PayPal at the bottom.

Levi’s rose double digits as its second-quarter earnings beat expectations and management boosted full-year earnings guidance.
Nio caught a big bid thanks to enthusiasm over the launch of its new Onvo SUV and a pickup in options activity.
And AMC soared as Wedbush Securities called the retail favorite a “buy” and raised its price target.
Ford dropped amid an inauspicious record: it already has the most safety recalls in a year for any automaker, and it’s still just July.

— Luke Kawa, Markets Editor

After topping the $4 trillion market cap milestone, Nvidia’s valuation per employee is reaching new heights

Nvidia: an economic machine that combines scientific ingenuity, capital, and a small town’s worth of people into an asset worth $4 trillion. Read more.

Slate Auto CEO Chris Barman tells us how exactly it’s making a $25,000 EV

In an exclusive interview, the automotive veteran explains why her company can deliver a cheap electric vehicle when others, like Tesla, have failed.

Read more.

Bitcoin continued to break records and hit a new all-time high of over $118,000 on Friday.

Here’s what’s driving the rally.

Delta’s pulling off some EuroTrip engine ingenuity to dodge aircraft tariffs
The airline is reportedly removing engines from Airbus jets in Europe, and shipping them to the US to repair grounded planes, tariff-free.
How ethereum climbed to a five-month high, reclaiming the $3,000 level
With spot ethereum ETFs recording their second-highest daily inflows and the network leading in on-chain flows, some argue ethereum is quietly taking center stage.
The market’s decided that tariffs ≠ recession anymore
There are many ways to say “the market is pricing in no recession and a continued AI boom.” Here are two of them.
Battle of the sad desk lunches: Both Cava and Sweetgreen want to become the next Chipotle
But are we approaching peak slop bowl?
Corporate America is reconsidering Delaware... sort of
America’s first state, Delaware has had a vice-like grip on corporate America for decades. That hold is fading.
Tesla has applied to test robotaxis in Arizona, but not California
Musk says Tesla’s autonomous taxi service is expanding but it’s not clear by how much
Substack.com got more traffic than the Wall Street Journal and CBS News in June
The popular newsletter platform clocked more US site visits than both major outlets last month
The Oval Office is getting even more shiny and gold
Donald Trump has always been a fan of gold and is bringing that interior design preference to the White House in a bigly way

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