Trade Secrets

WTF Dailies August 7, 2025

Stock futures are higher Thursday morning following broad exemptions being included in the announcement of a 100% tariff on foreign-made chips.

Sage Kakkat

07 Aug 2025 — 5 min read

Stock futures are higher Thursday morning following broad exemptions being included in the announcement of a 100% tariff on foreign-made chips. Meanwhile, many tariffs went into effect overnight as several countries continue to negotiate with the U.S. As of 7:15 AM ET, the Dow is rising 0.5%, while the S&P 500 is up 0.6%. The Nasdaq 100 is increasing 0.8% relative to fair value on the GLOBEX.
On the data front, the preliminary reading of second-quarter nonfarm productivity is expected to show an increase of 2.0% quarter-over-quarter, versus the prior quarter’s decrease of 1.5%, while unit labor costs are forecasted to have increased at an annualized 1.5% pace, down from the prior quarter’s 6.6%.
Initial jobless claims for the week ending August 2 are expected to come in at 222,000, higher than the prior week’s 218,000, while continuing claims are expected to come in at 1.950 million for the week ending July 26, up from the prior week’s 1.946 million. The finalized June reading of wholesale inventories is expected to show an increase of 0.2% month-over-month (MOM), similar to the prior reading, while June’s wholesale trade sales is expected to come in at 0.1% MOM versus the prior month’s decrease of 0.3%.
The Federal Reserve Bank of New York will release their July Survey of Consumer Expectations, including a measure of inflation expectations. Consumer credit is expected to have expanded by $7.50 billion in June, higher than the prior month’s increase of $5.10 billion.
The U.S. administration announced tariff rates of 100% on semiconductor imports to the U.S. this week, although there would be exemptions to the new tariffs. If companies commit to manufacture in the U.S., they will be spared the outsized tariff rates. Companies like Apple, Samsung, and TSMC have all pledged investments in the U.S. and have been exempt from the new semiconductor tariff rate. The Trump administration also has signaled upcoming tariffs on the pharmaceutical sector, perhaps in the 150% to 250% range*. But there appears to be growing optimism that exemptions to the pharma tariffs may also be put in place, like with the semiconductor tariffs. Overall, the average tariff rate in the U.S. has climbed from about 2.3% to around 18.3%, according to the Yale Budget Lab, which may put upward pressure on goods inflation in the months ahead. Nonetheless, with a growing list of exemptions in place, markets have welcomed the notion that the worst-case scenario on tariffs will likely be avoided.
Across the pond, European stocks are mostly higher in mid-day trading as the Bank of England reduced their policy rate by 25 basis points (0.25%) to 4.00% in a five-to-four vote. Germany’s industrial production for June registered a greater-than-expected decline of 1.9% MOM and 3.6% year-over-year. Meanwhile, the country’s trade surplus narrowed in June, following both imports and exports rising more than projected. France’s trade deficit narrowed slightly in June.
Overnight in Asia, stocks were mostly higher as China’s trade surplus narrowed more than expected in July as imports unexpectedly rose and despite exports registering a stronger-than-anticipated increase. Australia’s trade surplus widened more-than-expected in June, as exports rose and imports declined. Meanwhile, Japan’s preliminary June Leading Index rose slightly more than expected.
In FOREX trading, the dollar is little changed following the recent tariff news.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.7% higher at $64.80/barrel following an unexpected decline in crude oil inventories.
In the metals complex, gold is 0.4% higher at $3,392.60/ounce.

Global Indices:

Active Stocks:

Stocks, ETFs and Funds Screener:

Forex:

CryptoCurrency:

Events and Earnings Calendar:

This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.

No Investment Advice: This content is for informational purposes only and does not constitute investment advice, recommendation, or endorsement.

Timing Note: Each edition is assembled based on the market context available at the time of writing. Timing, emphasis, and interpretations may vary depending on global developments and publishing windows.