TLDR

MARKET RECAP → Markets were mixed, seeing little movement on Tuesday, as investors had trouble deciphering recent signals from President Trump on trade. Investors are waiting for further clarification as many expect the finalized tariffs to not be as strict as initially threatened.

COPPER TARIFF SHOCKWAVE → Trump plans a 50% copper tariff, spiking prices and aiming to boost U.S. mines, though benefits are expected to be delayed and potentially inflationary.

TOKENIZED STOCKS, NOT A THREAT → Robinhood’s CEO shrugged off concerns about OpenAI disrupting the brokerage model, calling tokenized stocks more buzz than threat. The firm believes it's already offering most of the same benefits, and with clearer regulation.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

POLL OF THE DAY

Politics

Copper Tariff Shockwave

Boost to U.S. Copper Market: President Trump has proposed imposing a hefty 50% tariff on copper imports, aiming to boost domestic production and protect national security, variants of his ongoing Section 232 trade reviews. Copper futures surged approximately 10–12%, reflecting investor expectations.

Market Impact & Price Surge: Copper prices have already hit record highs in 2025, up roughly 26% year‑to‑date, as markets braced for tariff action. The prospect of a 50% tariff further tightens supply, inflating costs for industries reliant on the metal.

Long Game for Domestic Production: Tariffs may accelerate U.S. copper output but not quickly or cheaply. New mines take years to develop, and higher prices may lead to inflation elsewhere. Analysts warn benefits could take “years” and come with economic trade‑offs.

Tech

Tokenized Stocks, Not a Threat

Robinhood’s CEO isn’t sweating OpenAI: Vlad Tenev dismissed speculation that OpenAI-backed startups could disrupt retail investing via tokenized stocks, saying the technology doesn’t pose an “existential threat” to Robinhood (HOOD). He also downplayed concerns over legal gray areas, noting any real-world impact is “overhyped.”

Tokenization is already baked in: Tenev said Robinhood is already ahead of the curve, with features like 24/5 trading and fractional shares simulating the benefits of tokenization. He emphasized that regulatory clarity is still lacking, implying that crypto-like stock trading platforms face more hype than traction.

OpenAI’s name looms large, but softly: While media buzz links OpenAI to disruptive fintech ambitions, Tenev pointed out that so far, any activity remains experimental. The idea of tokenized equity living on crypto rails may be flashy, but Robinhood sees it as a niche, not a full-fledged revolution.

BULL VS. BEAR

KEEP READING

Trump threatens to impose up to 200% tariff on pharmaceuticals ‘very soon’ (CNBC)

White House: Odds of tariff-related inflation are low, like ‘pandemics or meteors’ (CNBC)

Here’s what the endowment tax in Trump’s ‘big beautiful bill’ may mean for your college tuition (CNBC)

The Teens Are Taking Waymos Now (Wired)

Circle Stock Has Rallied Hard, But This Analyst Says It’s Now Time to ‘Sell’ (Yahoo Finance)

What is a Money Order? How a Money Order Works (ML)

NOTABLE POSTS

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