Trump just did this...

Good morning!

Markets have been ripping higher — up more than 5% in the past month — and Trump just gave it another boost.

Let’s break down what’s happening:

⏳ 1. Trump Hits Pause (Again) on Tariffs

Tariffs that were supposed to go live on July 9 have now been pushed back to August 1. The official line is that the U.S. is still open to making trade deals — but in reality, this is another round of market pumping.

Investors were already front-running the news. Now that it's confirmed, this just adds more fuel to the fire.

But don’t get too comfortable — if the tariffs hit in August, we could see a sharp reversal.

📊 2. Who’s Gaining… And Who Should Worry?

• Tech, consumer, and industrial sectors are breathing a sigh of relief.

• Companies with heavy reliance on imports or global supply chains get another month of cost stability.

• On the flip side, if negotiations break down and tariffs come crashing in next month, we might see these same sectors take a hit fast.

Markets love clarity. This is just a delay — not a solution.

⚔️ 3. Trump vs. Elon Musk — What It Means for Tesla

Just when things couldn’t get more dramatic… Trump went after Elon Musk, questioning Tesla’s economic contributions and political stance.

That shook investors. Tesla shares slipped around 7%, and now many are wondering if the company will face regulatory or subsidy challenges ahead.

It’s no longer just about cars or delivery numbers — the political spotlight is now directly on Elon.

🧮 Economic Rundown: Strong Jobs, Weak Rate-Cut Hopes

The June jobs report surprised to the upside, with 147,000 new positions added. A big portion came from government hiring, but participation in the labor force dropped to 62.3%, the lowest since end-2022.

Wage growth slowed, rising just 0.2% month-over-month, with year-on-year earnings easing to 3.7%.

With this mix of strong job creation and tame inflation, the Fed is likely to hold off on any rate cuts in July. Powell has already said there's “no rush” — especially with the tariff uncertainty hanging in the air.

IMPORTANT: We will have FOMC meeting minutes this Wed. This will give us a better indication of the current Fed inclination.

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The information provided in this newsletter is for informational purposes only and does not constitute financial advice. Readers should seek their own independent financial advice before making any investment decisions. Please note that while Pete is a portfolio manager, the opinions expressed in this newsletter are his own and do not represent the views of any organization. Always perform your own research and due diligence before investing.