Apple-Led Tech Rally Sparks Divergence in Broader Market

Market Overview

Buoyed by reports that Apple plans to invest an additional $100 billion in U.S. manufacturing to mitigate tariff risks, the tech giants stock surged over 5%, propelling the Nasdaq up more than 1.2%. However, broader market performance was mixed, with small-cap indices closing lower. U.S. Treasury yields showed a split movement—10-year yields climbed on weak auction demand, while 2-year yields edged lower on rate cut expectations. The U.S. Dollar Index fell 0.52%, gold fluctuated before closing slightly lower, and crude oil retreated sharply from intraday highs amid conflicting signals from inventory data and ceasefire negotiations.

Hot Topics to Watch

● Apple Expands U.S. Investment Amid Tariff Tensions

President Trump‘s executive order will raise tariffs on Indian imports by up to 50% this month, with the first wave of 25% duties taking effect this Thursday. The new tariffs will be enforced 21 days after the signing, i.e., this Wednesday. India has condemned the measures as unfair and unreasonable, vowing to take necessary actions to protect national interests. According to White House officials cited by the media, Apple is largely shielded from the India-related tariffs. The company’s stock closed up over 5%. Apple also announced an additional $100 billion investment in the U.S., focusing on producing all iPhone and Apple Watch glass components domestically. Trump declared that Apple will build the worlds largest smart glass production line in the U.S.

● Trump Revives “Tariff Dividend” Proposal

Trump reiterated that the U.S. has earned “hundreds of billions of dollars” from tariffs—far exceeding historical levels—and hinted again at potential “dividends” for select income groups. Data from the U.S. Treasury Department shows tariff revenue has exceeded $150 billion, providing a fiscal foundation for potential tax rebate programs. Analysts are watching closely how this potential fiscal stimulus could impact consumer spending and economic growth, with implications for further stock market gains.

Key Events to Watch

• 20:30 GMT+8 – U.S. Initial Jobless Claims (week ending August 2)

• 22:00 GMT+8 – U.S. June Wholesale Sales (MoM)

• 23:00 GMT+8 – U.S. New York Fed 1-Year Inflation Expectations (July)