Bitcoin eyes $120K, S&P price targets raised, stocks pull back as trade war escalates

Market Trends & Trade - President Trump is escalating the trade war, imposing a 35% tariff on all imports from Canada starting August 1st, a rise from the existing 25% tariff on US imports from Canada [1] - The US is expecting a formalization of June tariff revenue, anticipated to be well north of $25 billion [1] - Discussions are ongoing regarding which specific goods will be subject to tariffs on Canada, with expectations that USMCA goods, oil, and fertilizer may be excluded from the 35% rate, but no final decisions have been made [1][2] Cryptocurrency Market - Bitcoin is rallying, eyeing $120,000 per token after exceeding $118,000, fueled by inflows into Bitcoin-backed ETFs, corporate buying, and a friendly regulatory framework [1][2] - Year-to-date, Bitcoin is up 26%, with crypto-related stocks like Coinbase and Robinhood at all-time highs [2] Stock Market & Company Performance - US stock futures are falling, with Dow futures off almost 300 basis points, S&P futures down about 06%, and NASDAQ lower about 05%, following record highs for both NASDAQ and the S&P 500 [1] - Levi Strauss raised its revenue forecast, anticipating sales growth to outweigh the effects of President Trump's tariffs [1] - Nvidia became the first company to close above the $4 trillion market cap threshold [1][2] - Analysts have raised year-end targets for the S&P 500, with Wells Fargo predicting over 7,000, RBC Capital Markets at 6,700, and Goldman Sachs at 6,600, driven by receding tariff concerns and bullishness on Wall Street [7] - The S&P 500 is up around 7% year-to-date, trading around the 6300 mark [10] Federal Reserve & Interest Rates - A Fed governor is voicing support for rate cuts sooner, potentially as early as the next policy meeting, due to a belief that tariffs will not have a major impact on inflation [2] - The market is pricing in a 30% odds of no rate cut at the September meeting [16] Company Specific News - Boeing investors are awaiting details from a preliminary report on an Air India flight crash, with initial investigations focusing on the pilot's actions [3] - Wedbush raised its rating on AMC to outperform, expecting the movie theater chain to benefit from more consistent releases [3] - US Foods is reportedly exploring an acquisition of Performance Food Group, potentially creating a company with $100 billion in total sales [4][5]