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35% Tariffs on Canada, Earnings Season Next Week
Tom White
July 11, 2025
U.S. stock futures are lower in premarket trading after the S&P 500 (SPX) settled at a record high on Thursday.
U.S. President Donald Trump announced a 35% tariff on Canada starting Aug. 1st which has equities under pressure. Trump cited fentanyl as a reason for the duties, adding that they would go higher if Canada retaliates.
With no economic data or earnings today, investors will focus on tariff headlines along with the upcoming kick-off to earnings season next week.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are rebounding 1.0% near $67 a barrel following a 2% drop in the previous session that was driven by U.S. President Donald Trump’s new tariffs, expected to hurt economic growth, and a cut to OPEC demand forecasts.
Gold (/GC) – Gold futures are up 1% near $3360 after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape.
Bitcoin (/BTC) – The Crypto Future is up nearly 4% near 118,000 in premarket trading. Bitcoin futures hit an all-time high Friday, breaking above 119,000 amid a wave of bullish momentum across crypto assets.
VIX – The CBOE Volatility Index fell nearly 1% on Thursday and settled at 15.79 as stocks were mostly higher. It was the lowest closing price for the VIX since Feb. 20th but it is rebounding about 6% this morning as stocks are weak.
U.S. Dollar (/DX) – The dollar is up 0.1% to 97.4.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
MDT | Medtronic | +3.08% |
TEL | TE Connectivity | +1.81% |
COIN | Coinbase | +1.14% |
ALB | Albemarle | -3.34% |
FCX | Freeport McMoRan | -2.10% |
SW | Smurfit Westrock | -1.87% |
Economic Data
Time | Event |
|---|---|
2:00PM ET | Treasury Statement |
Notable Earnings
Premarket | Postmarket | Premarket Monday | Postmarket Monday |
|---|---|---|---|
None | None | FAST | None |
Upgrades/Downgrades
TD Cowen upgrades Texas Instruments (TXN) to Buy from Hold
Scotiabank upgrades Thermo Fisher (TMO) & Danaher (DHR) to Outperform from Sector Perform
Goldman Sachs upgrades Visteon (VC) to Buy from Neutral
UBS downgrades Freeport McMoRan (FCX) to Neutral from Buy
Scotiabank downgrades Illumina (ILMN) to Sector Perform from Outperform
UBS downgrades Albemarle (ALB) to Sell from Neutral
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