Today, investors’ attention is focused on company earnings, with the topic of tariffs temporarily taking a back seat. The absence of major macroeconomic releases further increases the importance of quarterly reports. At the time of publication, the US500 is up 0.45% to 6360 points, the US100 is up 0.73% to 23360 points, and the US2000 is up 0.70% to 2266 points.
The earnings season is entering a crucial phase. Although today's releases aren’t particularly significant, later this week we’ll see reports from key Big Tech firms, European companies, and old economy giants, including:
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app- Coca-Cola
- Lockheed Martin
- Philip Morris
- SAP
- Alphabet
- Tesla
- Nestlé
- LVMH
- Volkswagen
The trade war takes a temporary back seat
The market also remains exceptionally optimistic about trade negotiations, which are approaching a key deadline – August 1st. Investors seem to be paying little attention to the rising uncertainty around US–EU trade talks, which are becoming increasingly complex just under two weeks before the planned implementation of 30% tariffs. Tension is heightened by inconsistent messaging from the US side. Meanwhile, the European Union continues to express a desire to reach an agreement, but the Trump administration’s rhetoric and the threat of 15–30% tariffs are pushing it to prepare retaliatory measures.
Big Tech is once again lifting the indices after a brief pause. More importantly, these gains are occurring just ahead of earnings reports, suggesting that investor expectations are high. Source: xStation 5
Company news
Block (XYZ.US) gains 8% after being added to the S&P 500, replacing Hess following its acquisition by Chevron. The change becomes effective before trading on July 23.
Domino’s Pizza (DPZ.US) surges 5% and then reduced all gains after Q2 results showed strong U.S. same-store sales growth (+3.4%), driven by promos, new menu items, and the DoorDash partnership, offsetting margin pressures from rising costs.
Cleveland-Cliffs (CLF.US) climbed 8% on strong Q2 results fueled by record steel shipments and domestic demand. The CEO credited Trump-era tariffs and said the firm is well-positioned for U.S. market shifts. Capex guidance was trimmed to ~$600M.
Stellantis (STLA.US) gainsl 2% despite Q2 global shipments dropped 6% Y/Y due to tariff-related production pauses and product transitions. €0.3B in U.S. tariffs impacted results, though new launches are expected to boost H2 performance.
Sarepta Therapeutics (SRPT.US) declines 3%, extending losses after a 36% drop Friday, amid controversy over gene therapy safety. The FDA urged shipment halts following patient deaths, which the company refused. Analysts flagged reputational risks.
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
