Market Movers: Amazon, Freeport-McMoRan, SharpLink, HIVE, Medicus Pharma, and More

US President Trump plans to impose a 50% tariff on copper, causing copper futures to surge 17% in New York. Shares of major copper producers like Freeport-McMoRan and Rio Tinto rose 3.8% and 2.2%, respectively. Amazon's Prime Day sales dropped 14% compared to last year, while SharpLink Gaming's shares jumped after acquiring 7,689 Ether. HIVE Digital Technologies reported an 18% month-over-month increase in Bitcoin production in June. Medicus Pharma submitted a request to the FDA for a Type C meeting to discuss its dissolvable doxorubicin-containing microneedle array product. Nextech3D.ai expanded its core team with strategic hires ahead of its fiscal 2024 audited financial results. Celebrus Technologies announced two significant contract wins, adding $1.1 million to its annual recurring revenue.

US President Trump's announcement of a 50% tariff on copper has sent shockwaves through the global market, with copper futures surging 17% in New York. Major copper producers Freeport-McMoRan and Rio Tinto saw their shares rise by 3.8% and 2.2%, respectively, reflecting investor optimism about the potential price increase for copper [1].

The tariff announcement has sparked a wave of uncertainty in the market, with investors betting on the potential for higher prices due to supply constraints. However, the long-term impact of the tariff on global copper production and supply chains remains to be seen.

In other news, Amazon's Prime Day sales dropped by 14% compared to last year, despite the company extending the event to four days to cater to consumer demand [2]. The decline in sales is attributed to renewed inflation worries and potential price increases from tariffs, which have made consumers more cautious about spending. Analysts expect discounts to remain on par with last year, with retailers offering promotions of 10% to 24% off the manufacturers' suggested retail price.

The tariff announcement has also led to a surge in the shares of SharpLink Gaming, which acquired 7,689 Ether, a popular cryptocurrency. Additionally, HIVE Digital Technologies reported an 18% month-over-month increase in Bitcoin production in June, reflecting the growing demand for cryptocurrencies.

In the pharmaceutical sector, Medicus Pharma submitted a request to the FDA for a Type C meeting to discuss its dissolvable doxorubicin-containing microneedle array product. The company's innovative approach to cancer treatment has garnered significant attention from investors.

Nextech3D.ai expanded its core team with strategic hires ahead of its fiscal 2024 audited financial results, signaling a focus on growth and expansion. Celebrus Technologies announced two significant contract wins, adding $1.1 million to its annual recurring revenue, further solidifying its position in the technology sector.

References:
[1] https://seekingalpha.com/news/4465948-next-rio-tinto-ceo-expected-to-entertain-big-deals-cut-costs-reuters
[2] https://apnews.com/article/amazon-prime-day-sales-july-8-9054c1cd3cb38b3bb30bc8269759c967