--- title: "Copper Rallies To Record Highs After Trump's 50% Tariff Bombshell: What's Moving Markets Tuesday?" description: "U.S. stocks remained stable as investors reacted to President Trump's announcement of a 50% tariff on copper imports, causing copper prices to surge 10% to a record high of $5.52 per pound. The S&P 50" type: "news" locale: "en" url: "https://longbridge.com/en/news/247694988.md" published_at: "2025-07-08T18:32:45.000Z" --- # Copper Rallies To Record Highs After Trump's 50% Tariff Bombshell: What's Moving Markets Tuesday? > U.S. stocks remained stable as investors reacted to President Trump's announcement of a 50% tariff on copper imports, causing copper prices to surge 10% to a record high of $5.52 per pound. The S&P 500 was flat, while small caps led gains. Energy stocks rose with oil prices climbing, and Treasury yields increased. Notable stock movements included Freeport-McMoRan benefiting from copper's rise, while Sunrun and Enphase Energy fell after tax credit cuts. Intel saw a boost from a price target increase, while JPMorgan faced a downgrade. U.S. stocks were little changed on Tuesday as investors stayed cautious following a series of letters from the White House to major trading partners, outlining sweeping new tariffs. The real market action unfolded in commodities, with **copper** surging 10% after President **Donald Trump** announced a 50% tariff on copper imports starting today. The industrial metal jumped to $5.52 per pound, hitting a new all-time high and marking its biggest one-day gain since October 2008. During a Cabinet meeting, Trump stated: "Some letters are at a 60%, 70% rate.” He said to be announcing new tariff measures on pharmaceuticals — possibly a 200% tariff. He added that trade relations with China have been "very fair" recently, noting a strong working relationship. While Trump reiterated openness to trade negotiations, he emphasized that the U.S. will not extend the August deadline for reciprocal tariffs to take effect. Commenting on the European Union, Trump said: "The EU has been speaking to us. President von der Leyen has been very nice lately, but they've treated us badly until recently. We're probably two days away from sending the EU letter. A letter is a deal." At 1:40 p.m. ET, the **S&P 500** was flat at 6,220, the **Nasdaq 100** gained 0.1% to 22,710, while small caps led the way with the **Russell 2000** rising 0.9%. **Energy stocks** outperformed as oil prices climbed 1.4% for a second straight session, topping $68 — a two-week high. **Treasury yields** also moved higher, with the 10-year rising five basis points to 4.43% and the 30-year yield climbing to 4.96%. The **U.S. dollar** remained steady, while **gold** fell 0.8% to $3,308 per ounce. **Bitcoin** BTC/USD traded around $109,125. **According to** **Benzinga Pro** **data:** - The **Vanguard S&P 500 ETF** VOO flattened at $570.48. - The **SPDR Dow Jones Industrial Average** DIA inched 0.3% lower to $442.54. - The tech-heavy **Invesco QQQ Trust Series** QQQ eased 0.1% to $533.50. - The **iShares Russell 2000 ETF** IWM rose 0.9% to $221.73. - The **Energy** **Select Sector SPDR Fund** XLE outperformed, up 2.8%; the **Utilities Select Sector SPDR Fund** XLU lagged, down 1.3%. - **Sunrun Inc.** RUN dropped 12%, while **Enphase Energy Inc.** ENPH fell 4.5% and **First Solar Inc.** FSLR declined 6% after President Trump signed an order slashing tax credits for wind and solar energy. - **Freeport-McMoRan Inc.** FCX jumped 4.4%, benefiting from a sharp spike in copper prices following the newly announced tariffs. - **Fair Isaac Corp.** FICO sank 15% after Bill Pulte, director of the Federal Housing Finance Agency, announced Fannie Mae and Freddie Mac will now allow lenders to adopt the VantageScore 4.0 credit scoring model. - **Intel Corp.** INTC rallied 7.5% after Citigroup raised its price target on the stock from $21 to $24. - **JPMorgan Chase & Co.** JPM declined 3.5% — its worst session since April — after HSBC downgraded the bank from Hold to Reduce and lifted its price target from $237 to $259. - **Datadog Inc.** DDOG fell 4.3% to $145.81 after Guggenheim downgraded the stock from Neutral to Sell, setting a price target of $105. - **Devon Energy Corp.** DVN surged 7.4% after JPMorgan increased its price target from $40 to $42 while maintaining a Neutral rating. - Other oil and gas majors advanced amid rising crude prices: **Exxon Mobil Corp.** XOM rose 2.8%, **Chevron Corp.** CVX gained 3.5%, and **ConocoPhillips** COP climbed 4.3%. **Read Now**: - **S&P 500 Near 7,000? 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