QPI Morning Note For 07/07/25: Tariffs Enforcement Pushed To August, Stocks Lower

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Thursday higher by 0.83% at 6279.35 from Wednesday higher by 0.47% at 6227.42.

• Futures are lower this morning by -25 (-0.40%) at 6300 on the S&P 500 around 5:50 a.m. EDT.

• Year to date the S&P 500 is up by 6.78% from 5.388% on Thursday's close.

Executive Summary:

• The Big Beautiful Bill (BBB) is now law this morning. The top catalyst this week will be tariff deadlines on Wednesday.

Breaking News:

• Treasury Secretary Bessent on CNBC at 8:00 a.m. EDT.

Key Events of Note Today:

• No economic news of note today.

• 3 and 6-month Bill Auction at 11:00 a.m.

• Fed Speak of note today. None on deck.

• President Trump signs Executive Orders and meets with Israeli Prime Minister Netanyahu.

Notable Earnings Out After The Close:

• Beats: None of note.

• Misses: None of note.

• Flat: None of note.

Capital Raises:

• IPOs For The Week: None of note.

• New IPOs/SPACs launched/News: None of note.

• IPOs Filed/Priced: None of note.

• Secondaries Filed or Priced:

  • BOF: Form S-3.. 8,045,748 Shares of Common Stock.

  • CLDI: Form S-1.. 6,355,650 Shares of Common Stock.

  • RANI: Form S-3.. Up to 13,160,172 Shares of Class A Common Stock Issuable Upon Exercise of Warrant.

  • SHIM: Form S-3.. $20,000,000 Common Stock.

  • THAR: Form S-3.. 4,222,948 Shares of Common Stock+.

  • QSI - Pricing of $50 Million Registered Direct Offering of Common Stock.

• Notes Priced:

  • BABA - Prices Offering of HK$12.023 Billion of Zero Coupon Exchangeable Bonds.

• Notes Files: None of note.

• Convertibles Filed: None of note.

• Direct Offering: None of note.

• Exchangeable Subordinate Voting Shares: None of note.

• Private Placements: None of note.

• Selling Shareholders of note:

  • QUBT files for 14,035,089 shares of common stock offering by selling shareholder.

• Mixed Shelf Offerings:

  • ALMS: Form S-3,, $400,000,000 Mixed Shelf.

  • CVM: Form S-3.. $100,000,000 Mixed Shelf.

  • FEMY: Form S-3.. $150,000,000 Mixed Shelf.

  • GAUZ: Form F-3 .. $150,000,000 Mixed Shelf.

  • STIM: Form S-3.. $250,000,000 Mixed Shelf.

  • ULY: Form S-3.. $25,000,000 Mixed Shelf.

News After The Close:

• Secretary of Treasury Scott Bessent was interviewed on CNBC after the close and said there will be tariffs deals signed and others that will see April tariffs in August.

• Barron's is + on Honeywell (HON).

• CoreWeave (CRWV) activates the world's first NVIDIA GB300 NVL72 rack-scale system positions CRWV as a leader in providing cutting-edge AI infrastructure.

• Baker Hughes Rig Count total U.S. rig count -8 at 539 (Prior -7).

Exchange/Listing/Company Reorg and Personnel News: None of note.

Buybacks: None of note.

Dividends Announcements or News

• Stocks Ex Div Today of note: MU MKC DGX OGE CU ZGN WERN SCS HLIO

• Stocks Ex Div Monday of note: None of note.

Stocks Moving Up & Down Last Week:

• Gap Up: ARRY (7.79 +20.89%), MUX (11.29 +20.75%), RUN (10.43 +40.31%), GBX (56.02 +20.68%), RRGB (6.75 +22.64%), JACK (20.36 +20.94%), SRI (7.89 +19.55%), SEDG (27.2 +37.37%), DQ (19.09 +26.17%), FSLR (185.09 +21.66%) of note.

• Gap Down: CNC (33.49 -37.98%), MOH (239.2 -19.48%), AUPH (7.54 -12.79%), TNDM (16.62 -12.25%), IRTC (143.12 -7.49%), AVAV (244.83 -11.96%), MRC (13.11 -11.95%), DNOW (13.98 -11.69%), PRGS (54.19 -15.01%), CRK (24 -16.55%), TGE (6.99 -14.96%), AR (37.27 -9.49%), GPOR (186.01 -9.09%), TK (7.75 -8.23%) of note.

What’s Happening This Morning: (as of 7:50 a.m. EDT)

• Futures S&P 500 -17, NASDAQ 100 -95, Dow Jones -14. Europe is higher while Asia is mixed. Bond yields are lower at 4.351% from 4.261% on the 10-Year on Thursday. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper lower. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $108.700 from $109,654 higher by $221 from Sunday (+0.20%).

Sector Action:

• Daily Positive Sectors: Technology, Financials, Utilities, Industrials and Communication Services led the way higher.

• Daily Negative Sectors: Energy of note led the downside.

• One Month Winners: Technology, Communication Services, Energy, Industrials and Financials of note.

• Three-Month Winners: Technology, Industrials, Communication Services, Consumer Cyclicals and Utilities of note.

• Six-Month Winners: Financials, Utilities, Industrials, Materials and Communication Services of note.

• Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Cyclical, and Industrials of note.

• Year to Date Winners: Communication, Services Materials, Financials, Utilities, Industrials and Technology of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Today After the Close: None of note.

• Tuesday Before The Open: None of note.

Notable Earnings of Note This Morning:

• Beats: None of note.

• Misses: None of note.

• Still to Report: None of note.

Company Earnings Guidance:

• Positive Guidance: None of note.

• Negative or Mixed Guidance: None of note.

Advance/Decline Daily Update: The A/D Line is breaking out.

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

• Gap Up: KALV +18.5%, APGE +18.0%, WNS +13.8%, COGT +13.6%, LXEO +7.9%, of note.

• Gap Down: TSLA -6.7%, SHEL -2.9%, UMC -2.3% of note.

Insider Action: No names sees Insider Buying with dumb short selling. No names see Insider Buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• Bloomberg Lead Story: Trumps Moves The Tariffs To August 1st. (Bloomberg)

• Markets Wrap: Stocks lower as tariff deadline moves closer, Wednesday. (Bloomberg).

• Five Things to Know Before The Market Opens. (CNBC)

• Tesla (TSLA) drops 7% as Musk starts a new political party. (CNBC)

• OPEC + likely to approve a 550,000 barrel increase when meets on August 3rd.

• Odd Lots: Eating steak with Taleb and McElligot. (Podcast)

• The Big Take: Trump's Fast and Furious Second Term Racks Up Wins and Risks. (Podcast)

Bolded on story link means behind a Pay Wall.

Economic & Geopolitical:

• Federal Reserve Speakers of note today:

  • None of note.

• Economic Releases:

  • None of note.

• President Trump's Daily Schedule.

  • President Trump signs Executive Orders at 4:00 p.m. EDT.

  • President Trump has dinner with Israeli Prime Minister Netanyahu at 6:30 p.m. EDT.

M&A Activity: None of note.

Moving Average Table: Remains at 100% for Equities. Bonds lose some ground.

Meeting & Conferences of Note:

• Sellside Conferences:

  • TD Cowen Calgary Energy, Power & Utilities Conference

• Shareholder Meetings: NXE, SLXN

• Top Analyst, Investor Meetings: MESO, SGRY

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • AI First Lounge

  • BRICS Summit

  • Federation of European Biochemical Societies (FEBS) Congress

  • Topgolf Block Party

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.

Upgrades: SHLS STZ USB of note.

Downgrades: ASGN SLF MGM of note.