Mark-Et Minute 7/9/2025
Year to Date Market Indices as of July 9th, 2025

• Dow 44,497 (4.15%)
• S&P 6,285 (6.48%)
• NASDAQ 20,624 (6.58%)
• OIL $68.19 (-5.00%)
• Barclay Bond Aggregate (1.35%)
• Gold $3,305 (25.23%)

 

Tax changes under Trump’s ‘big beautiful bill’ — in one chart

  • Congress passed President Donald Trump’s tax megabill Thursday.
  • The “big beautiful” bill extends sweeping tax cuts, while adding a senior “bonus” to offset Social Security taxes and a bigger state and local tax deduction among other measures.
  • Here are the key tax changes and how the current law compares to the new legislation.

President Donald Trump signed his party’s tax and spending package into law on Friday, ushering in major changes to Americans’ finances.
The GOP’s marquee “one big beautiful bill” makes Trump’s 2017 tax cuts permanent while adding a senior “bonus” along with a bigger state and local tax deduction and higher estate and gift tax exemption.
Among other tax provisions, the megabill also includes breaks for tip income, overtime pay and auto loans, as well as the creation of a new tax-advantaged savings account for children.
The chart below outlines these key tax changes and how they could impact your wallet.

 

Key individual tax changes from Trump’s ‘big beautiful’ bill
Current law vs. final legislation

 

 

 

 

 

 

 

 

 

 

 

 

 

Seeking opportunity abroad
US investors should consider diversifying with international stocks.

Key takeaways

  • Fidelity fund managers have found opportunities in mispriced stocks of high-quality non-US companies.
  • International stocks can play an important role in diversifying US investors’ portfolios.
  • Fidelity researchers believe international stocks have the potential to outperform US stocks over the next 20 years.
  • The biggest opportunities may be in emerging-market stocks, but developed markets like Japan and Europe may also offer opportunities.

On April 2, the US announced wide-ranging tariffs on imports from most of the world’s countries, postponed some of them until July, and opened individual negotiations with many trading partners. With the resulting uncertainty clouding the future of the global economy, this may seem an unlikely time for individual US investors to look abroad for opportunities.

However, Fidelity’s Asset Allocation Research Team says diversifying your portfolio with international stocks may be more important now than ever. That’s because after decades during which the US led the way toward global economic integration, a new order may be emerging where individual countries’ economies and markets may deliver a far wider set of investment opportunities than before.

So far in 2025, markets have provided a vivid example of why diversification is important. While the S&P 500 has been volatile and is flat so far in 2025, the MSCI ACWI ex. US Index, which tracks global stock markets excluding the US, is up by double digits for the year. Past performance is no guarantee of future returns, but the difference in performance between US and international stocks this year is a reminder not to put all your eggs in one basket.

The long-term case for international stocks

International stocks’ recent low prices are not by themselves a reason to invest. There are, however, fundamental factors that are making them more attractive and are likely to continue to do so into the future. In fact, Fidelity’s Asset Allocation Research Team (AART) expects non-US stocks to outperform US stocks in the years ahead.

 

 

 

 

 

 

 

https://www.marketwatch.com/ (Market Indices)
https://www.blackrock.com/us/financial-professionals/insights/student-of-the-market

Click to access The-losers-and-relative-winners-of-Trumps-shapeshifting-tariff-war.pdf

https://www.cnbc.com/2025/07/03/trump-big-beautiful-bill-tax-changes.html
https://www.fidelity.com/learning-center/trading-investing/international-stocks-outlook

The views presented are not intended to be relied on as a forecast, research or investment advice and are the opinions of the sources cited and are subject to change based on subsequent developments. They are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investments.