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July 8, 2025
By Alex Financials
New metals & pharma tariffs by Trump have injected uncertainty: a 50% tariff on copper and potential 200% levies on pharmaceuticals (effective August 1) are weighing on markets. U.S. stock futures are trending higher cautiously as investors separate headline noise from fundamentals.
Copper prices surged ~13%, benefiting miners and metal stocks.
Yet broad markets (Dow, S&P 500, Nasdaq) are rising modestly—tech is powering forward while metals lag.
Nvidia (NVDA) became the first-ever $4 trillion company, triggering a tech rally that pushed Nasdaq ~0.7% higher today . The broader Magnificent 7—Apple ($AAPL), Alphabet ($GOOGL), Tesla ($TSLA)—also rose in sympathy, with tech leading the gains .
$AAPL: down ~$2 intraday at $207.53; P/E ~33.7; still seen as core long-term holding.
$GOOGL: up ~$2.70, trading at $177.06.
$TSLA: around $294.83, marginal pullback today after recent rebound .
Fed minutes from the June 17‑18 meeting are due this afternoon. Markets expect insights into internal debate on whether tariffs and survey signals justify rate cuts .
Most analysts anticipate first cut in September, though July remains a remote possibility.
Rate holds between 4.25–4.50% so far; inflation manageable but tariff dynamics complicate policy.
Since the April “Liberation Day” tariff shock, the S&P 500 has jumped ~25%, Dow ~6,600 points. Historical studies show that similarly strong 50-day rallies often continue—averaging 6.4% after 3 months.
Markets appear resilient, especially in quality tech, but valuations are high and policy risks remain.
Emerging markets like India dipped amid U.S. trade threat spillover — Nifty50 fell ~25 pts; Sensex down 110 pts.
Gold & wheat saw modest price gains: gold futures at ~$3,310/oz; wheat up amid dry weather in North America .
Apple ($AAPL) is stable but largely following Nvidia’s lead; watch next earnings due end‑July .
Alphabet ($GOOGL) continues steady growth fueled by AI momentum .
Tesla ($TSLA) is consolidating ahead of Q2 earnings estimated for July 23—investor focus on guidance amid mixed sentiment.
AI/Chip stocks like AMD and Super Micro also showing strength amid the tech upswing.
Fed minutes today (2 p.m. EDT): clues on rate path vs. tariff risks.
Tariff letters continue to roll out—major impact expected from Aug 1.
Q2 earnings: Nvidia already peaked; Apple, Alphabet, Tesla coming.
Yield & bond flows: a stronger dollar + yield moves may signal capital rotation.
Markets are shrugging off tariff threats, buoyed by mega-cap tech and steady Fed guidance. The tech-led rally is strong, but geopolitical policy, rate decisions, and upcoming earnings add volatility.
What to do:
Stay diversified, with exposure to tech while hedging metals/agri risk.
Keep an eye on Fed communications and tariff developments.
Prepare for upcoming earnings; tech names may surprise on either side.