Trade Policy - The US government exempted graphite, tungsten, uranium, and gold bullion from country-based tariffs [1] - The US government subjected silicone products to tariffs [1]

Pricing Strategy - Sony will increase PlayStation gaming console prices [1] - The price increase occurs amidst President Trump's tariffs [1] - Nintendo and Microsoft have already implemented similar price increases [1]

Summary of AssetMark Financial (AMK) Update / Briefing July 24, 2025 Company Overview - **Company**: AssetMark Financial (AMK) - **Industry**: Financial Services, specifically focused on investment management for financial advisers - **Assets Under Management**: Approximately $150 billion for clients across the country [2] Key Points and Arguments Market Performance - **Market Recovery**: Despite a market downturn in early 2025, the S&P 500 recovered and set new highs, increasing by over 25% after a nearly 20% drop [12][13] - **Retail Investment**: Retail investors contributed significantly, with $155 billion invested in the US stock market in the first half of 2025 [14] - **Corporate Buybacks**: Companies engaged in record stock buybacks, taking advantage of lower stock prices due to tariff uncertainties [15] - **International vs. US Stocks**: International markets outperformed US markets for the first time in 15 years, aided by a weakening US dollar [16] Economic Indicators - **US Dollar Weakness**: The US dollar had its worst start to a year in 2025, benefiting international investments as other currencies appreciated [16] - **Gold Performance**: Gold prices rose by 25% due to its inverse relationship with the dollar and increased demand from global central banks [17][18] - **Diversification Importance**: The first half of 2025 highlighted the need for diversification in investment portfolios [19] Economic Policies and Tariffs - **Administration Policies**: Current policies are seen as pro-growth but also pro-inflation, with a focus on tax cuts and deregulation expected to support markets [22][25] - **Tariff Impact**: The average effective tariff rate started at 2.5% in 2025, with potential increases causing market nervousness. However, a steady high tariff policy is deemed manageable for the US economy [26][29] - **Economic Growth Expectations**: The economy is expected to rebound in the second quarter of 2025, with growth projected around 2.5% [32] Inflation and Interest Rates - **Current Inflation Rate**: The latest inflation reading is at 2.7%, with tariffs contributing to rising prices in goods [44] - **Interest Rate Outlook**: If inflation rises, the Federal Reserve may delay interest rate cuts, maintaining a floor on how low rates can go [49][55] Tax Bill Implications - **Deficit Concerns**: The US deficit is projected to rise significantly due to the new tax bill, which makes 2017 tax cuts permanent and introduces temporary tax breaks [51][55] - **Market Reactions**: The tax bill reduces uncertainty around tax policy and the debt ceiling, positively impacting market sentiment [52][54] Investment Strategies - **Technology and AI**: The rapid advancement of technology, particularly AI, presents significant investment opportunities, although the top 10 tech stocks dominate the S&P 500 [73][74] - **Diversification Strategy**: Investors are encouraged to diversify within the US and consider international markets, especially given the weaker dollar [78][80] - **Gold as a Diversification Tool**: Gold is recommended for portfolio diversification, but its volatility should be considered [85] Other Important Insights - **Volatility and Market Corrections**: Historical data shows that market corrections are normal and necessary for healthy long-term growth [86] - **Consumer Spending**: The US consumer remains a key driver of the economy, with stable job markets and rising wages, albeit at a slower pace [35][39] This summary encapsulates the key insights from the AssetMark Financial briefing, highlighting the company's perspective on market trends, economic indicators, and investment strategies for the remainder of 2025.

Market Impact - Potential 50% tariffs proposed by President Trump could impact the economy [1] - Tariffs may affect the cost of everyday items like phones, cars, and home construction [1] Industry Relevance - Copper is a key component in various sectors including telecommunications, automotive, construction, and defense [1]