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The SPX still shows bullish signals, says Alex Coffey. He points to the technicals in his "stop light" approach showing how momentum can continue to and beyond all-time highs. He later turns to the VIX and its muted response to recent uncertainty. Alex gives investors historical insight to explain why it continues to hover near 16.

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Claudia Sahm explains how 50% copper tariffs would undercut U.S. manufacturing capabilities and argues more broadly that tariffs are “in the pipeline” on their way to hit impact consumers. She calls the slowdown in private payrolls “notable” as she looks at the labor picture. “We’re not in a bad place, but the direction we’re heading…gives us less support on the consumer side going forward.” However, she thinks it is “appropriate” for the Fed to stay in wait-and-see mode. She doesn’t expect a recession: “that piece isn’t there.”

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Oppenheimer upgraded Microsoft (MSFT) to outperform, citing Azure growth as the thesis behind its bullish sentiment. Jenny Horne talks about how the Mag 7 giant made itself a reliable company in the A.I. trade, even amid volatility. She later turns to headlines on Jeff Williams stepping down from his role as Apple's (AAPL) COO.

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Kevin Hincks tells investors to expect headlines today. Today was the original end to President Trump's 90-day tariff pause. However, Kevin explains that the administration has opened a "window" for tariff talks until August. The FOMC meeting minutes from June can also draw investor interest if Fed heads show signals of cutting interest rates in September.

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Rick Ducat swings by Morning Movers with a look at the chart of Delta Airlines (DAL). He provides the technical setup for the travel name ahead of its earnings report tomorrow morning. Rick says a cluster of moving averages and limited trading ranges could mean volatility ahead. Later, Tom White provides an example options trade using a call vertical strategy.

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Eli Horton says his firm at TCW is more active in names outside of the Mag 7 and megacap tech names. He sees opportunities in the other 490 names as roughly 40% of the S&P 500 (SPX) is concentrated into 10 stocks. His company offers several active equity ETFS in various investing themes, such as energy transformation and onshoring the U.S. supply chain. Eli adds that investing in American manufacturing is a largely bipartisan initiative supported by the government.

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Target (TGT) and Walmart (WMT) begin competing sales events to take on Amazon's (AMZN) Prime Day. Ed Butowsky thinks both will trail AMZN, but says Walmart could have an edge on electronics because of the company's "huge balance sheet" and ability to cut prices. He looks at the subscriber count comparison, pointing to a huge margin between Amazon and Walmart. For Target, he says "people don't think about it as an ecommerce powerhouse" like AMZN or WMT. Ed adds that he likes Mercado Libre (MELI) calling it the Amazon of South America.

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Sam Vadas and Diane King Hall discuss the "moving goalposts" of the ongoing tariff policy negotiations from the Trump Administration. July 9th was the original deadline of a 90-day extension granted in April, but has since been moved to August 1st. The latest tariff news surrounds copper, with Trump imposing a 50% hike on copper imports. Sam says "the devil will be in the details" as it could impact multiple industries and sectors within the broader economy.

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Wynn Resorts (WYNN) is the chart of the day following a downgrade from Citi. The analyst adjusted its rating to neutral from buy, with a price target up to $114 from $108. Ben Watson breaks down the technical patterns taking shape in the recent and long-term trading activity. On the 5-day chart, he points to the $108 resistance line which was the Citi analyst's previous price target. On a longer-term chart, he shows the "hidden bearish divergence" developing on its RSI momentum study.

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Stocks closed mixed on a sluggish trading day, though the RUT showed signs of life with notable gains. Downgrades against JPMorgan Chase (JPM), Goldman Sachs (GS), and Bank of America (BAC) from HSBC did no favors for the session. CoreWeave (CRWV) also got several downgrades after it penned a $9 billion deal to acquire Core Scientific (CORZ). Meta Platforms (META) added a former Apple (AAPL) A.I. lead to its own "superintelligence" team. Marley Kayden takes investors through the day's biggest stories.

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