ZACKSยท2025-07-09 23:27Market Performance - Major indexes showed strength with the Dow up +217 points (+0.49%), S&P gaining +37 points (+0.61%), Nasdaq increasing +0.94%, and Russell 2000 rising +1.07% [1] Company Highlights - NVIDIA became the first corporation to reach a $4 trillion market capitalization, leading in GPUs for AI and data centers [2] - Microsoft also reached record highs, while Fastenal is trading at record highs with a valuation of 40 times forward earnings [2] - Amazon's Prime Day experienced a weak first day, down -41% compared to previous years, raising concerns about consumer spending [3] Economic Indicators - The FOMC minutes revealed differing opinions on potential interest rate cuts, with some members suggesting cuts as early as July while others recommend no cuts for 2025 [4] - President Trump threatened a +50% new tariff on Brazil, indicating ongoing trade tensions and potential inflationary pressures [5] Upcoming Reports - Key earnings reports from Delta Air Lines, Conagra, and Helen of Troy are expected, with Delta providing insights into airline travel and Conagra being a major agriculture exporter [6] - Helen of Troy's recent earnings miss and CEO replacement may indicate challenges ahead, particularly in the context of tariffs [6] Job Market Data - Weekly Jobless Claims data showed initial claims cooling down to 233K from a near-term high of 250K, while continuing claims reached 1.964 million, the highest since November 2021 [7][8] - Analysts are closely monitoring the job market, as breaching 2 million in longer-term jobless claims could shift perceptions about labor market strength [8]