Stocks hit records, Trump heads to Fed 25/07/2025

HOT stories for today

US market wrap:

• The S&P 500 and Nasdaq Composite ended at record highs Thursday, buoyed by Alphabet’s better-than-expected quarterly earnings. The S&P edged up 0.07%, while the tech-heavy Nasdaq gained 0.18%. The Dow Jones Industrial Average fell 316.38 points, or 0.70%, weighed down by a 7% drop in IBM after the company reported disappointing software revenue, and an 8% slide in Tesla as auto sales declined for a second consecutive quarter. 
• Markets were also supported by reports from the Financial Times and Bloomberg that the U.S. is nearing a trade agreement with the EU, which may include raising tariffs on imports to 15%. Meanwhile, investor attention turned to tensions between President Trump and the Federal Reserve, as the White House announced Trump would visit the central bank Thursday—marking the first such presidential visit in nearly 20 years

Intel revenue beats, but losses deepen

• Intel topped revenue estimates with $12.9 billion in Q2 sales, but investors weren’t impressed; shares dropped 4.6% after hours as profits took a hit from $1.9 billion in restructuring charges tied to layoffs. The chipmaker posted a $0.10 adjusted loss per share, well below the expected $0.01 gain. A $2.9 billion GAAP loss also included $800 million in impairments and $200 million in one-time costs. 
• Still, core businesses outperformed, with client computing and data center revenue exceeding forecasts. Q3 guidance topped revenue expectations, but Intel expects to break even on profits. New CEO Lip-Bu Tan says Intel is refocusing on execution, AI, and chip design, he now personally approves every major chip. However, analysts remain wary, citing fierce competition between AMD/Nvidia, as well as questions about Intel’s long-term strategy.

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Stocks on the move:
 

• Intel (INTC): Shares of the semiconductor giant edged up less than 1% in after-hours trading after reporting second-quarter revenue of $12.86 billion, surpassing the $11.92 billion consensus from LSEG analysts. The company's third-quarter revenue outlook also exceeded expectations.
• Deckers (DECK): The footwear maker jumped 6% after delivering better-than-expected fiscal Q1 results. Earnings came in at $0.93 per share on revenue of $965 million, beating LSEG forecasts of $0.68 per share and $901 million. Stronger-than-anticipated sales from its Hoka and Ugg brands fueled the beat.
• Boyd Gaming (BYD): Shares of the casino operator rose over 1% in extended trading following a second-quarter report that topped analyst estimates on both adjusted earnings and revenue. The company credited robust performance from its core customers and growth in the retail gaming sector.
• Verisign (VRSN): Shares of the domain name services provider declined 4%, despite posting Q2 earnings of $2.21 per share—up from $2.01 a year earlier—and a 5.9% year-over-year revenue increase to $410 million.

Watchlist: INTC, DECK, SAM, VRSN, MHK, EW, GOOGL, TSLA

Today’s action

• Asia-Pacific markets declined as investors digested ongoing trade negotiations and signals of potential rate hikes from Japan. India’s commerce minister said the country expects "preferential" tariffs in a U.S. trade deal. Meanwhile, HSBC predicts the Bank of Japan may raise rates by 25 basis points in October, as Tokyo inflation eased to 2.9% in July from 3.1% in June. Hong Kong’s Hang Seng Index dropped 0.53%, Japan’s Nikkei 225 slipped 0.24%, and the Topix shed 0.55%.
• In the U.S., futures hovered near flat after the S&P 500 and Nasdaq closed at fresh records. S&P 500 futures edged up 0.16%, Nasdaq 100 futures gained 0.12%, and Dow futures rose 78 points, or 0.17%. Investors are watching for new trade developments ahead of the Trump administration’s Aug. 1 tariff deadline, with U.S. durable goods data due before the bell.

Bitcoin

• XRP led a sharp sell-off among top 20 digital assets, fueling a wider altcoin slump. The sudden downturn saw 213,729 traders liquidated, wiping out nearly $600 million in long positions over the past 24 hours, as Bitcoin plunged below $116,000.
• Dogecoin (DOGE) was the biggest loser among the top 10 cryptocurrencies, falling 7% in a single day. Despite the heavy losses, market sentiment stayed surprisingly resilient, and the Crypto Fear & Greed Index still showed “Greed” with a score of 70.
  Watchlist: BTC: 99,000–123,000 | ETH: 3,000–3,800 | SOL: 200–260

Forex

• The EUR/USD pair edged lower for a second consecutive day on Friday, trading near 1.1740, as modest USD strength and trade-related uncertainty pressured the Euro. Despite the pullback from a near three-week high, selling remained limited, signaling a cautious tone among bearish traders.
• Meanwhile, the Japanese Yen (JPY) weakened further, with USD/JPY climbing to the mid-147.00s. The move followed soft Tokyo inflation data and lingering domestic political uncertainty, which clouded the Bank of Japan’s policy outlook. Renewed trade deal optimism between the U.S. and Japan also weighed on the safe-haven Yen, extending its losses into a second session.
  Watchlist: EUR/USD: 1.1000–1.1850 | USD/JPY: 140–162

Basic Materials

• Gold (XAU/USD) fell for the third straight session Friday, trading with a mild downside bias near the mid-$3,300s, pressured by renewed USD strength and improving risk sentiment tied to U.S.-Japan trade optimism. The upbeat tone reduced safe-haven demand for gold, though uncertainty around the Fed’s policy path could help limit further losses.
• Meanwhile, WTI crude oil rose to around $65.95, extending gains after U.S. crude inventories dropped by 3.17 million barrels, according to the EIA. Hopes for progress on U.S.-EU trade talks also added to the bullish tone in energy markets.
  Watchlist: Gold: 2,600–3,500 | US Oil: 55.60–75.80

Economic Calendar (EST):

08:30 am: Core Durable Goods Orders


Earnings:

BMO (Before Market Open)

HCA               HCA Healthcare Inc.
AON               Aon Plc.
PSX                Phillips 66
CNC               CenteneCorp.

AMC (After Market Close): Enjoy your weekend!


The TEFS Analyst team wishes you a successful day!