Daily summary: US indices retreat from record highs; EURUSD extends drop (29.07.2025)

After a notably optimistic start to Tuesday’s session, Wall Street reversed course into the red. Both the S&P 500 (US500) and Nasdaq (US100) posted intraday highs but later trimmed gains, with the S&P down 0.1% and the Nasdaq slightly back in positive territory. The Dow Jones (US30) saw a deeper pullback of 0.25%, while the small-cap Russell 2000 (US2000) dropped 0.5%.

In contrast, European markets enjoyed a solid session. Germany’s DAX (DE40) gained over 1.1%, alongside Italy’s ITA40 and Spain’s SPA35. France’s CAC (FRA40) and the UK’s FTSE 100 (UK100) rose about 0.7%. Poland’s WIG20 (W20) index also posted gains of over 1%, despite continued weakness in the PLN.

EURUSD fell to its lowest level since June 23, pressured by ongoing euro weakness stemming from a trade agreement seen as unfavorable from the EU’s perspective. Meanwhile, the U.S. dollar remains strong (USDIDX: +0.2%) , supported by reduced trade war risks and solid economic data. U.S. consumer confidence for July rose to 97.2, though JOLTS job openings declined to 7.44 million.

Precious metals saw gains: gold rose 0.3%, platinum 0.2%, and palladium 0.9%, while silver traded flat.

The Atlanta Fed’s GDPNow model suggests Q2 U.S. GDP growth likely reached 2.9%, up from a prior estimate of 2.4%, driven mainly by stronger net exports.

Oil prices continued to climb, with WTI crude up nearly 1%, now at its highest since mid-July. Gains are fueled by strong seasonal demand and renewed pressure on Russia to enter peace talks with Ukraine, with secondary sanctions from the U.S. potentially on the table.

Novo Nordisk (Denmark): Shares plunged 22% (intraday low: -30%) after the company issued sharply lower sales growth guidance for 2025 (8–14%, down from 13–21%). Weak demand for Eli Lilly’s obesity drug Wegovy contributed to the outlook downgrade.

Boeing (BA.US): Reported a 35% YoY revenue jump in Q2 driven by higher commercial aircraft deliveries and a return to profitability in its defense division. Despite a narrowed loss per share of $1.24, the stock closed nearly 4% lower, dragged down by broader market sentiment.

UnitedHealth (UNH.US): Q2 EPS came in at $4.08 vs. $4.48 expected, with revenue at $111.6B. Rising healthcare costs pressured margins. The company cut its full-year EPS guidance to $16, well below consensus, sending shares down over 5%.

Procter & Gamble (PG.US): Posted slightly better-than-expected results, with Q2 EPS of $1.48 (vs. $1.43 forecast) on $20.9B in revenue. The company warned of tariff-related headwinds. Shares posted a modest gain today but are down around 6% YTD.

PayPal (PYPL.US): Beat expectations with Q2 EPS of $1.40 (vs. $1.30 forecast) and revenue of $8.29B (+5% YoY). Payment volume rose 6% YoY to $443.5B, and the company raised full-year profit guidance. Despite the strong report, shares dropped over 9% as investors took profits.

Tomorrow is a pivotal session, featuring U.S. Q2 GDP data, the ADP employment report, Australia’s inflation reading, and the highly anticipated Fed rate decision. After the close, earnings from Meta and Microsoft are due, marking a crucial moment in this week’s tech narrative.