Meanwhile, SoFi Technologies (SOFI) jumped 4.6% to 52-week highs on news it’s expanding into private market funds, offering access to OpenAI and SpaceX investments.
Solar Stocks Crater on Green Energy Rollback
Solar names plunged after Trump’s executive order targeting green energy subsidies. Sunrun collapsed 12%, Enphase dropped 3.7%, and First Solar fell 4.7% as traders priced in subsidy rollbacks.
Utilities fell 1.06% on reduced green energy emphasis and higher rate expectations.
Market Forecast: Choppy Action Until Tariff Clarity
Bank of America economists suggest the tariffs aren’t a “done deal” despite Trump’s firm deadline, estimating they could add 0.1pp to inflation while subtracting similar amounts from growth. The extension from July 9 to August 1 “suggests there is still room for negotiation.”
With advancers beating decliners 2-to-1 on both exchanges, underlying market internals remain constructive despite headline weakness. Small-cap outperformance signals rotation toward domestic-focused plays ahead of potential trade restrictions.
Expect continued sector rotation into energy and materials while international exposure faces headwinds. The August 1 deadline provides a clear catalyst, but implementation details remain the key variable for market direction.
More Information in our Economic Calendar.