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Wall Street is showing mixed sentiment today, as the tech sector comes under pressure ahead of key earnings reports from major Big Tech companies. Although some of the opening losses have been trimmed, the Nasdaq is still down 0.5% and the S&P 500 slips 0.05%. In contrast, the Dow Jones is up 0.2% and the Russell 2000 gains 0.4%.
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Donald Trump again criticized Fed Chair Jerome Powell but didn’t hint at removing him. “He’ll be gone soon anyway,” said the U.S. President, adding that interest rates should be at 1% and accusing Powell of keeping them high “probably for political reasons.”
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U.S. Treasury Secretary Scott Bessent said talks with China are at “a whole new level,” possibly extending negotiations until August 12. Trump also claimed, “We’re getting along with China,” signaling that tensions from April’s trade war have eased. Separately, Trump reduced tariffs on goods from the Philippines to 19% from 20%.
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Coca-Cola (KO.US) posted Q2 results that showed resilience despite regulatory pressures and weaker U.S. consumer demand. EPS slightly beat expectations, but revenue missed due to slower global demand. Shares are down about 1%.
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Philip Morris (PM.US) shares are down 7.3% after Q2 organic revenue growth missed forecasts, and ZYN sales volumes in the U.S. disappointed investors.
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Losses dominated European markets. Germany’s DAX fell 1.09%, France’s CAC40 dropped 0.69%, while Italy’s FTSE MIB and Spain’s IBEX 35 were flat. The UK’s FTSE 100 ended slightly higher, up 0.12%.
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Sugar extended its losses by 1% after reports that India may resume exports in the 2025/26 season (starting in October), due to forecasts of strong harvests supported by expanded acreage and good rainfall.
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Energy commodities also fell. Brent crude lost 0.7%, WTI declined 0.8%, and natural gas (NATGAS) dropped 2.3%.
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Gold rose 0.9%, reaching its highest level since mid-June, as markets react to growing concerns over new tariffs set to take effect on August 1, as announced by President Trump.
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Forex: the dollar resumed its decline (USDIDX: -0.5%) as money flows into safe havens like the Swiss franc (USDCHF: -0.6%), Japanese yen (USDJPY: -0.5%), and euro (EURUSD: +0.5% to 1.174). Even Antipodean currencies (AUDUSD: +0.45%, NZDUSD: +0.55%) rebounded after early-session losses.
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Risk-off sentiment has also affected crypto, though some exceptions remain. Bitcoin, Solana, and Litecoin are up nearly 1.5%, while Ethereum is down 2%. Smaller tokens are seeing average losses of around 3%.
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