Stock Market Update

[BRIEFING.COM] The major averages are seem little phased following the release of the Fed's July Policy Statement wherein the FOMC voted to keep the federal funds rate steady at 4.25% to 4.50%, citing moderate economic growth, a solid labor market, and still-elevated inflation. Currently, the S&P 500 (+0.22%) is in second place, up about 14 points.

While the Committee remains committed to achieving its 2% inflation goal and maximum employment, it acknowledged heightened uncertainty in the economic outlook. Two members dissented, favoring a quarter-point rate cut. The Fed reiterated that future policy decisions will depend on incoming data and evolving risks.

We'd also mention that President Trump signed two major trade-related directives aimed at strengthening U.S. national security and protecting domestic industries. First, he imposed a 50% tariff on a broad range of semi-finished copper products and copper-based components, effective August 1, while exempting raw copper inputs and scrap. He also invoked the Defense Production Act to ensure a portion of domestically produced copper and scrap remains in the U.S. to support domestic refiners.

Second, President Trump suspended the de minimis duty-free threshold for low-value imports, citing national security concerns over misuse of the system. He also declared a national emergency under IEEPA and imposed a 40% tariff on Brazilian imports in response to what he described as human rights abuses and anti-democratic actions by Brazil's government against former President Jair Bolsonaro and his supporters.