Market Wrap | Trump Calls for Powell Resignation as Treasury Yields Surge

On July 8, 2025, U.S. Treasury yields rose on July 7, with the 10-year yield up 3.36 basis points at 4.38%, and the 2-year yield up 1.46 basis points at 3.89%. Meanwhile, Trump called for the resignation of Federal Reserve Chair Jerome Powell, urging immediate interest rate cuts and asserting that tariffs have no impact on inflation, citing a new CEA study. In the stock market, the S&P 500 index fell 0.07%, the Dow Jones Industrial Average dropped 0.37%, while the Nasdaq Composite rose 0.03%.

The market saw a mixed performance across various sectors. The utilities, communication services, real estate, financials, and consumer staples sectors underperformed the S&P 500. Conversely, the technology, healthcare, energy, materials, and industrials sectors bucked the trend and posted gains.

Chevron's stock price surged by 3.96% today, driven by Barclays' increased price objective for the company. This move indicates a strong confidence in Chevron's future performance, reflecting positive market sentiment towards the energy giant.

ProKidney shares surged over 500% on promising mid-stage data for its Rilparencel treatment for chronic kidney disease. Endra Life Sciences rose nearly 140% after securing a new US patent, positioning the company favorably in the market. Park Ha Biological plummeted over 90% following a lawsuit alleging misleading product claims. Above Food dropped over 30% after issuing 1.1 billion shares to Palm Global shareholders, diluting existing shareholders' value.

The U.S. stock market is closely monitoring developments in tariffs and Federal Reserve policies. Trump criticized Fed Chair Jerome Powell, suggesting he should resign and arguing for interest rate cuts. He claimed tariffs have no impact on inflation, contradicting Powell's concerns. Meanwhile, U.S. Treasury yields rose, with the 10-year yield reaching 4.38%, influenced by tariff policy updates. In corporate news, Alibaba repurchased 748,000 shares, while Norwegian airline NAS announced plans to purchase three Boeing 737-800 aircraft. Additionally, the U.S. IPO market showed signs of recovery, with a 15.46% increase in equity financing in the first half of the year, totaling $950 billion, highlighting resilience in non-bank financial and software service sectors.