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:
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- 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.
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