It continues to be another lazy summer session with light volume. Today’s action is being driven by reports discussing recent tariff actions, speculation that the Fed will be compelled to lower rates, and a new Nvidia (NVDA) milestone.

The market trimmed gains after Trump unveiled more notices with tariff rates ranging from 20% to 30% to countries including the Philippines, Algeria, Libya, Iraq, Moldova, and Brunei.

• Algeria 30%
• Libya 30%
• Iraq 30%
• Brunei 25%
• Moldova 25%
• Philippines 20%

So far, all indices remain in the green but are near the lows of the session.

Nvidia (NVDA) became the first publicly traded company to reach the $4 trillion market today, surpassing key tech players including Microsoft (MSFT) and Apple (AAPL).

Seven sectors are moving higher with Utilities (XLU) leading the way. On the flip side, Consumer Staples (XLP) is the laggard.

Everyone continues to love Utilities (XLU) these days. The sector is higher, driven by gains from AES Corp. (AES) following a report from Bloomberg that they are exploring a potential sale of the business. Nuclear power stock Vistra Corp. (VST) is also giving a boost to the sector after it received approval to extend operations of its Ohio plan by 20 years to 2046.

The Fear & Greed Index is currently right on the border between greed and extreme greed.

The ten-year treasury yield (TNX) is down 4.7 basis points and testing support around the 50 and 200-day moving averages.

Trump reiterated his call for lower rates and said that the current rate is at least 3 points to high.

Meanwhile, while betting odds still favor no announcement of a new Fed Chair this year, there has been a notable bump recently in the odds for Kevin Hassett to be selected.

All eyes on the Fed minutes to be released at 2 P.M. EST.