The S&P 500 Index is up +0.10%, Dow Jones Index is up +0.41%, and Nasdaq 100 Index is down -0.34%. Delta Air Lines surged more than +12% after restoring full-year guidance. US jobless claims fell unexpectedly, supporting the market. President Trump’s new tariff demands on countries are pressuring stocks. T-note yields are up +3 bp.

President Trump is firm on tariffs, with no extensions expected. He threatened drug companies with 200% tariffs if they don’t relocate to the US. US weekly jobless claims fell to an 8-week low, indicating a strong labor market. St. Louis Fed President noted upside risks to inflation. Overseas markets are mixed.

Earnings season signals challenges, with Q2 S&P 500 earnings projected to rise +2.8% y/y, the smallest increase in two years. Federal funds futures price in a 7% chance of a rate cut at the July FOMC meeting. European bond yields vary. Italy’s industrial production fell more than expected.

Stock movers include Delta Air Lines, up +12%, and MP Materials, up +52% on a public-private deal. AMD leads gainers in the Nasdaq 100. Tesla rose +3% on plans for driverless taxis. Trex Co is up +5%. McDonald’s and Huntington Ingalls Industries also saw gains.

Helen of Troy shares dropped -24% on weaker Q1 sales. Methode Electronics fell -21% on Q4 loss. Autodesk is down over -7%. Conagra Brands and other food companies are down. Workday dropped -4%. Crowdstrike Holdings is down -3%. Earnings reports for 7/10 include Delta Air Lines and Conagra Brands.

Read more at Nasdaq: Stocks See Support from Airline Stocks but Trade Uncertainty Persists