Trump logged 1,100-plus July trades, including big Microsoft and Amazon sales

What the July filing shows

Trump's latest monthly disclosure points to brisk trading across stocks, ETFs, and bonds, with all activity executed for him by outside managers. CNBC's review tallied 1,156 purchases and sales in July, estimating their combined value in a range of about $79 million to $270 million. Within that, buying totaled at least $43.6 million and selling at least $35.6 million. Because the report uses value bands, it masks the precise size of individual positions.

What moved on July 20

The biggest headlines landed on July 20: reported sales of Microsoft and Amazon, each in the $5 million to $25 million range. Those entries also show a $1 million to $5 million sale of Oracle and a new Nvidia purchase between $500,001 and $1 million. The same day included a Northrop Grumman sale of $250,001 to $500,000, which coincided with Trump signing an executive order that tightened supply-chain rules for defense contractors and limited waivers for certain critical materials from China and other covered countries. For that Northrop move, the filing omits the time of execution and doesn't identify who decided to place the trade.

Three days later, the filing lists fresh add-backs: a Microsoft purchase of $100,001 to $250,000 and an Amazon buy between $1,001 and $15,000. The July 20 set of transactions was accompanied by buys in the $1 million to $5 million range apiece for Intuit, Marvell Technology, Salesforce, and Church & Dwight.

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ETFs, bonds and the rate backdrop

The shuffling extended to funds. On July 8, Trump reported purchases of $1 million to $5 million each in the State Street SPDR Bloomberg International Treasury Bond ETF, Fidelity MSCI Communication Services Index ETF, Vanguard Short-Term Bond Index Fund ETF, and Vanguard Dividend Appreciation Index Fund ETF. That day also saw $1 million to $5 million sales of the iShares U.S. Treasury Bond ETF, State Street Communication Services Select Sector SPDR ETF, and iShares International Treasury Bond ETF.

The bigger picture and why it matters

Heavy turnover has been a theme of Trump's second term. In June, he reported 1,051 transactions valued between $78.1 million and $263.1 million. According to the White House, independent advisors oversee the portfolio, with no input from Trump or his family. "President Trump's stock and bond portfolio is independently managed by third-party financial institutions," spokesman Davis Ingle said, adding, "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold." A request for comment to The Trump Organization was not immediately returned.

If you watch public filings to understand where money is flowing, this one shows how a large portfolio can pivot when rates, oil, and geopolitics tug on markets.

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