Happy Wednesday! Just when skepticism was mounting over the market’s momentum, a surprising forecast from Goldman Sachs suggests the S&P 500’s climb may have more room to run. Read on to uncover what’s driving this surprising forecast.

Also, markets slipped for the second consecutive day, but that didn’t stop copper from soaring and setting an all-time high. Discover what’s behind the big move and what it can mean going forward.

Plus, if you’re looking to stay ahead in the evolving world of cryptocurrency, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

S&P 500 Near 7,000? Inside Goldman's New Gravity-Defying Forecast

Just when many thought the market’s rally was running out of steam, Goldman Sachs is doubling down with a forecast that could reshape the second half of the year for the S&P 500.

Goldman’s latest forecast calls for a continued climb over the next year, fueled by expectations of aggressive Fed rate cuts, easing bond yields and continued strength from tech giants. This bold upgrade challenges the cautious consensus, suggesting the market’s rally could still surprise on the upside.

Yet, beneath the surface, the rally remains narrow. Most stocks have yet to catch up, leaving market breadth unusually thin. Goldman sees this as a potential setup for a broader recovery rather than an impending correction. Still, risks linger, including tariff uncertainties that could weigh on corporate earnings and shake investor confidence.

Is this the calm before a new wave of gains, or a warning sign masked by headline numbers? Dive in for all the details.

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Yesterday: U.S. indexes were mixed on Tuesday, with the S&P 500 and Nasdaq relatively flat on the day, while the Dow tumbled more than 150 points. Markets reacted to renewed trade tensions after the Trump administration announced new reciprocal tariffs and warned they would take effect August 1 if no deals were reached. The President also mentioned a 50% tariff on copper imports and threatened pharmaceutical tariffs of up to 200% unless domestic production increases. Copper futures spiked nearly 10% on the news — rising to a new all-time high. Oil rose, while treasury yields were little changed after an early sell-off. On the economic front, small business sentiment dipped slightly, with more firms planning price hikes amid rising cost pressures tied to tariffs.

On Our Radar: Analysts will be paying attention to the Wholesale inventories report — due later this morning — as well as the May Fed minutes, which will be released this afternoon. On the earnings front, all eyes will be on Delta Air Lines (DAL), as the airliner will kick off the earnings season with its report before the market opens on Thursday.

Tariffs. Inflation. Fiscal uncertainty. The forces hitting the market right now demand a strategy built for volatility. Join Matt Maley live tonight at 6:00 PM ET to see how he’s positioning for what’s next — leveraged ETF trades, sector rotations and real signals he’s using to find upside in this environment.

On This Day In 1877…

The Bell Telephone Company was officially organized, laying the foundation for the modern telecommunications industry. Founded by Alexander Graham Bell, along with financial backers Gardiner Greene Hubbard and Thomas Sanders, the company was formed to commercialize Bell’s recent invention of the telephone. Within a few years, it grew rapidly and underwent several reorganizations. In 1885, Bell's operations were consolidated into the American Telephone and Telegraph Company (AT&T), which would go on to become a telecommunications giant and a key component of the U.S. economy.

QUOTE OF THE DAY

“There's a time to make money and a time to not lose money.”

— Leon Cooperman

Copper Rallies To Record Highs After Trump's 50% Tariff Bombshell

While indexes largely dropped for the second consecutive day, copper didn’t get the message as the industrial metal surged more than 10%, jumping to $5.52 per pound, and hitting a new all-time high.

The move marked the biggest one-day gain for copper since October 2008. The move was sparked by President Trump who surprisingly announced a 50% tariff on copper imports starting today.

But that wasn’t the only story making headlines. Behind closed doors, talk of 200% tariffs on pharmaceuticals and tightened deadlines on reciprocal trade measures is stirring global markets. Treasury yields crept higher, suggesting investors are bracing for ripple effects across sectors.

With Washington turning up the heat again on trade, will these moves trigger a broader commodities rally — or a market backlash? Read on to find out.

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