(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

LONDON, July 10 (Reuters) - What matters in U.S. and

global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

If in doubt, latch on to artificial intelligence.

Making AI-chip monster Nvidia ( NVDA ) the first company to be

valued at $4 trillion briefly on Wednesday, investors parsing

another wave of tariff hikes and confusion seem keener to look

through the fog and bank on long-term themes regardless.

Today's Market Minute

* U.S. President Donald Trump launched his global tariff assault

into overdrive on Wednesday, announcing a new 50% tariff on U.S.

copper imports and a 50% duty on goods from Brazil, both to

start on August 1.

* Nvidia ( NVDA ) briefly reached a market capitalization of $4 trillion

on Wednesday, making it the first company in the world to reach

the milestone and solidifying its position as one of Wall

Street's most-favored stocks.

* U.S. Secretary of State Marco Rubio will meet with Southeast

Asian counterparts on Thursday in his first visit to Asia since

taking office, and will try to reassure them the region is a

priority for Washington, even as Trump targets it in his global

tariff offensive.

* The planned 50% tariff on copper imports may turn out to be

the biggest own goal of Trump's ongoing trade war with the rest

of the world, claims ROI columnist Clyde Russell.

* Trump's signature budget bill slashed funding for refilling

U.S. emergency oil reserves, violating his previous vow to fill

them "right to the top". This about-face raises the question of

whether the U.S. still needs the Strategic Petroleum Reserve at

all, writes ROI columnist Ron Bousso.

$4 trillion Nvidia ( NVDA ) obscures new tariffs

The second-quarter corporate earnings season kicks off in

earnest next week, with consensus forecasts for annual S&P 500

profit growth just under 6% - half what was expected at the

start of the year and less than half of the first quarter pace.

And yet, the S&P 500 is back stalking record highs -

up about 6% for the year so far - with the Nasdaq

hitting another new peak on Wednesday. All that's still lagging

other world markets of course, especially

dollar-denominated gains for Germany's record-high DAX

of almost 40% for 2025 and almost 30% for euro stocks.

But mid-year calm remained the order of the day. The VIX

"fear index" hit a five-month low on Wednesday, while the

bond market equivalent is near its lowest for the

year.

This week's postponement of the July 9 U.S. tariff deadline

to August 1, along with pressure to get more deals done by then,

has seen many investors revert to the immediate post-election

thinking on trade policy - that deals, negotiations and shifting

sands, rather than hard deadlines, will dominate the trade

agenda.

In the latest development, U.S. and European Union negotiators

moved closer to a deal.

EU trade chief Maros Sefcovic said on Wednesday the European

Commission had made good progress on a framework agreement with

Washington, and a deal could be reached within days. Negotiators

were discussing potential measures to protect the EU auto

industry, according to EU officials and auto industry sources.

More worryingly, U.S. President Donald Trump announced a new 50%

tariff on copper imports and a 50% duty on goods from Brazil,

both effective August 1 - with the former a considerable

inflation concern over time given the breadth of goods with

copper inputs.

U.S. copper prices surged more than 10% to record highs on

Wednesday, while overseas copper prices came under pressure

today.

But for all that inflation angst and recent debt supply jitters,

Treasury demand remains surprisingly brisk, with a strong

10-year note auction yesterday helping drag yields lower as

Federal Reserve meeting minutes showed splits about the timing

of the next interest rate cut.

While most Fed officials seem keen to delay until the tariff

horizon and its inflation impact become clearer, the minutes

showed two - presumed to be board members Michelle Bowman and

Christopher Waller - prepared to vote for an earlier cut.

Waller speaks in Dallas later on Thursday and some $22

billion of 30-year bonds go under the hammer too. The Fed meets

again later this month.

Fed futures expect a near 80% chance of a cut in September

and two cuts are fully priced by the end of the year.

The U.S. dollar index slipped back after a week of

tentative gains, with the euro - still up 13% for the

year - retaining a perch above $1.17.

Wall St stock index futures dialed back a touch early on

Thursday, but world stocks pushed higher from Asia to Europe.

Chart of the day:

President Donald Trump ramped up global tariff assault into

overdrive on Wednesday, announcing a new 50% tariff on U.S.

copper imports and a 50% duty on goods from Brazil, both to

start on August 1. Trump said he issued August 1 tariff notices

to seven minor trading partners that exported only $15 billion

in goods to the U.S. last year: a 20% tariff on goods from the

Philippines, 30% on goods from Sri Lanka, Algeria, Iraq, and

Libya, and 25% on Brunei and Moldova.

The latest letters add to 14 others issued earlier in the

week, including 25% tariffs for powerhouse U.S. suppliers South

Korea and Japan, to take effect on Aug 1. U.S. research group

Yale Budget Lab estimated consumers face an effective U.S.

tariff rate of 17.6%, up from 15.8% previously and the highest

in nine decades. However, U.S. and EU negotiators pushed closer

to a trade deal to ease tariffs on the biggest bilateral U.S.-

trading partner bloc.

Today's events to watch

* U.S. weekly jobless claims (8:30 AM EDT)

* Federal Reserve Board Governor Christopher Waller, San

Francisco Fed President Mary Daly, St Louis Fed President

Alberto Musalem; Bank of England Deputy Governor for Financial

Stability Sarah Breeden speak

* U.S. Treasury sells $22 billion of 30-year bonds

* U.S. corporate earnings: Conagra Brands, Delta Air Lines

Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.