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Daily Market Commentary

July 23, 2025

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July 23, 2025

Bonds & Stocks
The US reached a trade agreement with Japan, giving fresh fuel to the record-breaking run in stocks. Hopes for other trade deals before President Donald Trump's Aug. 1 deadline gave fresh impetus to the equity market, with the S&P 500's surge approaching 30%.

Economy
President Donald Trump reached a trade deal with Japan that will impose 15% tariffs on imports including automobiles from the key American ally, while creating a $550 billion fund to make investments in the US. The agreement, touted by Trump after he secured breakthroughs in a final 75-minute Oval Office meeting Tuesday with Japanese negotiators, spares the nation from a threatened 25% tariff that was set to take effect next week.

World
Russia and Ukraine are to hold a third round of negotiations in Istanbul, with expectations low for progress on a peace agreement. Ukrainian President Zelenskiy said his officials were ready for talks on prisoner exchanges and on preparing for a leaders’ meeting “to truly end this war.” Russia has rejected Ukraine's call for an unconditional truce and is maintaining demands for Kyiv to accept a neutral status and to withdraw its forces from four regions of eastern and southern Ukraine.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.