In this Thursday edition of The Gentle Ledger, we explore August 7th, 2025—a day where new U.S. tariffs reshaped market currents. The Dow slipped 0.5% to 43,968, the S&P 500 eased 0.1% to 6,340, while the Nasdaq rose 0.4% to a fresh record high of 21,243, powered by tech strength and Apple’s $100B U.S. manufacturing pledge. We gently unpack the tariff impact on India and Switzerland, dramatic corporate moves from Eli Lilly to Duolingo, shifting Fed expectations after a weak Treasury auction, and global market ripples. A calm, richly detailed journey through a day where trade tension met tech resilience.