Tech Strength Lifts Markets, but Tariff Shadows Linger
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Market Mood
In July 2025, global equities climbed, led by strong U.S. and emerging market performance, with technology and AI stocks powering gains to record highs. Improved clarity on tariffs and a new U.S.–EU trade deal eased market nerves, though elevated U.S. equity valuations and the potential economic drag from rising tariffs remain concerns. The Federal Reserve held interest rates steady, gold surged over 27% year-to-date, and global trade showed resilience despite persistent imbalances. Overall, markets remained upbeat but cautious as geopolitical risks and policy shifts continue to loom.