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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Jamie McGeeverWed, Jul 30, 2025, 11:16 PM 8 min readBy Jamie McGeeverORLANDO, Florida (Reuters) -TRADING DAYMaking sense of the forces driving global marketsBy Jamie McGeever, Markets ColumnistThe dollar and U.S. bond yields rose while Wall Street mostly fell in an eventful session on Wednesday, as investors digested U.S. and euro zone GDP figures, new tariffs from the White House, and Fed Chair Jerome Powell's press conference after the central bank left interest rates on hold.More on all that below. In my column today I look at why Brazil may be holding the world's worst hand in the game of trade negotiation poker with the Trump administration. And it's due to politics, not economics.If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.1. Rebound in US economic growth in second quarter masksunderlying slowing trend 2. Euro zone growth holds up better than feared in Q2 3. Trump says US to hit India with 25% tariff startingAugust 1 4. Bank of Canada holds rates steady and says global tradewar risk has eased 5. IMF could do with a bigger crisis than it forecasts:Mike DolanToday's Key Market Moves* FX: Dollar accelerates rally, rising 1% on an indexbasis to a two-month high. * STOCKS: Wall Street gives back earlier gains. S&P 500and Nasdaq end 0.1% either side of flat, Dow down 0.4%. * SHARES/SECTORS: Microsoft shares jump 6%, Meta sharesleap 10% in after-hours trade following Q2 results. * BONDS: U.S. Treasury yields rise across the curve, asmuch as 6 bps at the short end as September rate cut hopes fade. * COMMODITIES: Comex copper futures plunge nearly 20% onTrump's new tariffs. Platinum falls 6%, gold down 3%.Powell in no rush to cutSurprisingly strong U.S. growth figures and Federal Reserve Chair Jerome Powell's press conference were the chunkiest plenty else to feast on for investors on Wednesday, but they had plenty other morsels to chew on too.Investors had upbeat euro zone growth figures, a rate decision from Canada, and new U.S. tariffs on India, Brazil and copper imports on their plate, and if that wasn't enough, after-the-bell earnings from Meta and Microsoft for dessert.The overarching message that investors took from Powell's press conference after the Fed left its Fed Funds target range at 4.25-4.50% was this: The central bank is in no rush to cut rates, despite the rare dissent from two policymakers to do so.Powell said the labor market is strong and effectively at full employment, so that side of the Fed's dual mandate is being met. But inflation is above target and the outlook remains cloudy due to the impact from tariffs, so the inflation side of the dual mandate is not being met. Taken together, policy is rightfully "modestly" restrictive.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,312.00 -62.25 (-0.98%)Dow Futures43,915.00 -390.00 (-0.88%)Nasdaq Futures23,089.75 -275.25 (-1.18%)Russell 2000 Futures2,188.80 -31.40 (-1.41%)VIX18.34 +1.62 (+9.72%)Gold3,338.10 -10.50 (-0.31%)PortfolioSign in to access your portfolioSign inTop gainersNEGG Newegg Commerce, Inc. 63.79 +18.82 (+41.85%)APLD Applied Digital Corporation 13.14 +3.11 (+31.01%)FRGE Forge Global Holdings, Inc. 21.92 +5.10 (+30.32%)AMSC American Superconductor Corporation 56.85 +12.91 (+29.38%)PI Impinj, Inc. 154.58 +32.37 (+26.49%)Top losersALGN Align Technology, Inc. 129.01 -74.56 (-36.63%)CFLT Confluent, Inc. 17.73 -8.68 (-32.86%)BAX Baxter International Inc. 21.76 -6.29 (-22.42%)SPSC SPS Commerce, Inc. 108.87 -30.69 (-21.99%)KEX Kirby Corporation 95.31 -24.69 (-20.58%)Most activeNVDA NVIDIA Corporation 177.87 -1.40 (-0.78%)APLD Applied Digital Corporation 13.14 +3.11 (+31.01%)NIO NIO Inc. 4.8700 +0.3600 (+7.98%)SOFI SoFi Technologies, Inc. 22.58 +0.71 (+3.25%)F Ford Motor Company 11.07 +0.20 (+1.84%)Earnings eventsTrending tickersFIG Figma, Inc. 115.50 +82.50 (+250.00%)AAPL Apple Inc. 207.57 -1.48 (-0.71%)AMZN Amazon.com, Inc. 234.11 +3.92 (+1.70%)COIN Coinbase Global, Inc. 377.76 +0.28 (+0.07%)RDDT Reddit, Inc. 160.59 +11.26 (+7.54%)Top economic events