Stock Market Update

[BRIEFING.COM] The S&P 500 continues to oscillate within a relatively tight range around its flat opening, currently down 0.1%.

There has been little in the way of new developments around trade deals, and the headlines that have come through are generally in line with expectations.

Commerce Secretary Howard Lutnick said in a CNBC interview that the EU has made "significant real offers" to open up markets to the U.S., and an additional 15-20 tariff letters will go out over the next two days. Lutnick speculated that President Trump will cut tariff rates with a few other countries.

Additionally, the U.S. and China will meet in early August to have a bigger conversation on trade.

The 232 Commerce Department investigation on copper has concluded, meaning President Trump has the ability to impose tariffs at 50% on copper. Tariffs on copper will likely start on August 1.

Copper prices surged following the President's announcement of the 50% tariff, as copper futures settled up $0.56, or 11.2%, at $5.58/lb.

Just released, Consumer Credit for May increased by $5.1B (Briefing.com consensus $8.6B) from a downwardly revised $16.9B (from $17.9B) in April.