"If you aren't in the moment, you are either looking forward to uncertainty, or back to pain and regret." ✍️ - Jim Carrey |
✅ U.S. stocks closed lower as trade negotiations with Beijing hit a pause and investors prepared for the Federal Reserve’s upcoming rate decision today. The S&P failed to clinch a record for the first time on Tuesday in the last 7 sessions. ✅ President Trump secured a deal with the EU but China is still looming. ✅ Novo Nordisk changed management and slashed its sales for the year. ✅ Starbucks reported earnings and gained as the company’s turnaround took spotlight. ✅ Visa reported a strong third quarter. ✅ Entertainment Arts cited a tough economic climate with net bookings coming in lower than expected. |
↘ Dow 44,632.99 - 0.46%
↘ Nasdaq 21,098.29 - 0.38%
↘ S&P 6,370.86 - 0.30% |
U.S. Secures Major Trade Agreement with EU; China Deal Expected to Follow Soon |
Image courtesy of Andrew Harnik/Getty Images |
US and Chinese negotiators concluded two days of discussions Tuesday in Stockholm without announcing a further tariff delay between the world’s largest economies. Markets remain watchful for a possible resolution to prevent new duties scheduled to take effect in about two weeks. "We're going to head back to Washington, D.C., and we're going to talk to the president about whether that's something that he wants to do," said Trade Representative Jamieson Greer after the talks ended. "The president can make a final call," he added. Treasury Secretary Scott Bessent described the talks as "a very fulsome two days" and confirmed that a 90-day tariff pause remains an option, with the overall tone "very constructive." Later Tuesday, President Trump told reporters aboard Air Force One that he had just spoken with Bessent and would decide after a briefing. He noted that Bessent “felt good about Tuesday’s meeting.” "The two sides will continue to push for the continued extension of the pause," Chinese trade negotiator Li Chenggang said, according to a translation. However, Trump’s team emphasized that tariff rates could “boomerang” back to the much higher levels seen in April, and that no decisions are final until the president signs off. Treasury Secretary Bessent noted that negotiators did not discuss a potential face-to-face meeting between Trump and Xi Jinping. Instead, the focus was on broader policy issues—from Russian oil consumption to rare earth minerals and Chinese export controls—with no talks planned regarding a presidential meeting. Trump said Tuesday he remains hopeful for a meeting with Xi “before the end of the year.” President Donald Trump announced a trade agreement with the European Union on Sunday, adding to a series of deals as the White House prepares to impose tariffs on multiple countries this week. Before the deal, the EU faced a looming 30% tariff set to start August 1. Under the new agreement, tariffs on products from one of the U.S.’s largest trading partners will be reduced to 15%. In return, the EU committed to purchasing $750 billion worth of energy-related goods over three years and to investing an additional $600 billion in the United States. Speaking to reporters, Trump hailed the deal as the “biggest deal ever made.” |
Novo Nordisk Stock Plunges 21% After Slashing Forecasts and Names New CEO |
Image courtesy of CBS NEWS |
Novo Nordisk (NVO) shares collapsed over 21% Tuesday after the company cut its full-year sales and profit outlook, citing slowing growth for its blockbuster drugs Wegovy and Ozempic amid rising competition. The company now expects 2025 sales growth of 8%–14%, down from 13%–21%, and operating profit growth of 10%–16%, versus 16%–24% previously. In a statement, Novo Nordisk said: “For Wegovy in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition. For Ozempic, the updated outlook is negatively impacted by competition in the US.” The downgrade hit shares of rival Eli Lilly (LLY), which fell over 5%, while Hims & Hers Health (HIMS) gained more than 2.5%. This is Novo’s second guidance cut in 2025, as it struggles to maintain momentum in an increasingly crowded weight-loss drug market. Alongside the outlook revision, Novo Nordisk announced Mike Doustdar will become CEO on August 7, replacing Lars Fruergaard Jørgensen. Doustdar, currently EVP of International Operations, has more than doubled sales for that business to DKK 112 billion since 2014 and oversees nearly 20,000 employees outside the U.S. Board Chair Helge Lund praised the appointment, saying: “Mike is an exceptional leader and has the unanimous support of the Board... He has consistently demonstrated the ability to drive growth through strong commercial execution and building high-performing teams... This is an important moment for Novo Nordisk... and Mike has a clear vision of how to unlock the full potential of the opportunities ahead.” |
Starbucks Shares Rise as CEO Brian Niccol Advances “Back to Starbucks” Turnaround Plan |
Image courtesy of Starbucks |
Starbucks (SBUX) stock jumped over 4% following a better-than-expected 2% decline in U.S. same-store sales for the second consecutive quarter, beating forecasts of a 2.5% drop. While U.S. sales continue to face pressure, global same-store sales fell 2%, slightly worse than expected, though China showed encouraging 2% growth—the second straight quarter of positive momentum. CEO Brian Niccol highlighted progress in his “Back to Starbucks” turnaround strategy, centered on four priorities: prioritizing customers and employees (“green apron partners”) to be the best retail employer; enhancing peak-hour customer experiences with premium coffee and innovative offerings; reinforcing Starbucks’ role as a community coffeehouse with accessible locations; and reintroducing the brand globally to boost relevance and value. Niccol emphasized the company’s renewed focus on “putting the customer back at the center of all we do,” signaling a shift toward strengthening the core Starbucks experience. Adjusted EPS came in at $0.50, missing estimates, while revenue rose 5% to $9.5 billion, topping expectations. Starbucks plans no further price hikes this fiscal year, focusing instead on operational efficiencies. Cost-cutting measures include earlier staff reductions and new in-office work policies, supported by performance-based executive incentives. |
Visa Reports Strong Q3 Profit on Steady Consumer Spending |
Image courtesy of Bloomberg/Getty Images |
Visa (V) posted a rise in third-quarter profit on Tuesday, supported by robust card spending despite broader economic softness. Consumers continued using Visa cards for essential purchases even as discretionary spending tightened amid uncertainty from shifting U.S. trade policies and geopolitical tensions. Payments volume on Visa’s network—a key indicator of consumer and business spending—increased 8% for the quarter ending June 30, while net revenue grew 14% to $10.17 billion. The company reported net profit of $5.3 billion, or $2.69 per share, up from $4.9 billion, or $2.40 per share, a year earlier. Analysts noted that some consumers are front-loading purchases ahead of expected tariff-related price increases. However, cross-border payment growth moderated, rising 12% in Q3 compared to 14% growth the previous year, reflecting tariff pressures. Visa’s shares dipped slightly in after-hours trading but have gained nearly 11% year-to-date, outperforming rivals Mastercard and American Express. Mastercard is scheduled to report earnings later this week, while American Express recently beat profit estimates. |
Electronic Arts Predicts Quarterly Bookings Below Expectations Amid Cautious Gamer Spending |
Electronic Arts (EA) forecasted net bookings below Wall Street estimates on Tuesday, citing uncertain consumer spending on its core sports games amid a tough economic climate. Shares dropped more than 2% in after-hours trading. With shifting U.S. trade policies pushing inflation higher, gamers are becoming more cautious with discretionary spending. EA noted that its Q2 bookings forecast includes a four percentage point year-over-year headwind due to changes in how returns from the Ultimate Edition of "FC 26" are recognized, now to be booked in Q3. Earlier this month, EA launched "College Football 26," aiming to build on the success of last year's edition, which was one of 2024’s best-selling titles. However, analysts cautioned that growth comparisons for "College Football 26" could be tough, given the breakout success of its predecessor, which revived the franchise after a decade-long hiatus. The company expects a more "normalized curve" for College Football sales, partially offset by the launch of "Madden NFL 26." Last week, EA released the first trailer for "Battlefield 6," betting on the title to revive the franchise after the previous game failed to meet fan expectations. The game is slated to launch in EA’s current fiscal year, with analysts forecasting millions of copies sold. EA forecasted Q2 bookings between $1.80 billion and $1.90 billion, below analyst estimates of $2.01 billion, per LSEG data. In Q1, EA reported bookings of $1.30 billion, slightly above estimates of $1.29 billion. The Redwood City, California-based company reaffirmed its full-year bookings forecast. |
📉 ON THE MOVE AND NOTABLES 📈 |
✔️ Job openings slipped in June to their lowest level since March, the Bureau of Labor Statistics reported Tuesday. ✔️ Oil prices jumped after President Trump shortened a timeline on Russia to end the war with Ukraine, and a US-EU trade deal spurred optimism over demand. ✔️ Gold fell to a 3-week low as US-EU deal boosts risk appetite ahead of Fed meeting. ✔️ Boeing (BA) shares dropped over 4%, despite reporting strong earnings and the highest aircraft deliveries since 2018. ✔️ Procter & Gamble (PG) finished slightly lower, even after issuing a better-than-expected full-year revenue outlook and naming an internal candidate as CEO. Jon Moeller, CEO of consumer goods giant Procter & Gamble, will step down from his role and become executive chairman of the company, effective Jan. 1, 2026. ✔️ UPS (UPS) missed earnings expectations and withheld guidance, sending shares down more than 10%. ✔️ Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from Buy. ✔️ Shares of PayPal (PYPL) declined more than 2% on Tuesday morning, despite better-than-expected second-quarter results on the top and bottom line. ✔️ Nvidia (NVDA) and Advanced Micro Devices (AMD) each climbed building on Monday’s momentum. The gains followed Alphabet’s ramped-up capital spending forecast, which boosted hopes that forthcoming earnings from tech giants will reflect increased investment in data centers—a critical demand driver for AI chips. ✔️ Super Micro Computer (SMCI) edged up after a sharp double-digit gain on Monday. The stock, along with broader tech peers, benefited from renewed optimism over U.S.-China trade discussions, which may lead to greater access to Chinese markets. ✔️ Corning (GLW) rallied after topping both earnings and revenue forecasts and issuing a stronger-than-expected Q3 outlook. Meanwhile, SoFi (SOFI) surged 8% after delivering an earnings beat and lifting its forward guidance. ✔️ Nucor (NUE) dropped as revenue missed estimates, despite an earnings beat. The company noted that underlying demand trends remain encouraging. ✔️ Spotify (SPOT) slid following a surprise quarterly loss, which Barron’s attributed to payroll taxes tied to share-based compensation. Royal Caribbean (RCL) also fell 6.6% after offering a weaker profit outlook, despite beating on both earnings and revenue. ✔️ Whirlpool (WHR) sank after disappointing Q2 results and slashing its dividend. Management pointed to U.S. tariff policy as a near-term drag but said evolving trade rules could ultimately support domestic production. ✔️ Union Pacific (UNP) and Norfolk Southern (NSC) both declined after announcing a $320-per-share merger. The combination of UNP’s western rail network with Norfolk’s East Coast routes could put competitive pressure on CSX (CSX) and Berkshire Hathaway’s (BRK.B) BNSF. ✔️ Merck (MRK) fell as second-quarter revenue came in slightly below expectations and declined 2% year over year. The company raised the lower end of its earnings guidance range while highlighting ongoing cost-cutting initiatives. ✔️ UnitedHealth (UNH) slipped as increased care utilization pushed up costs, leading to a slight earnings miss. UPS (UPS) declined 2.8% after narrowly missing EPS estimates. Despite beating on revenue, the company refrained from providing 2025 guidance, citing ongoing economic uncertainty. ✔️ Shares of Bitmine Immersion Technologies continued to slide Tuesday, dropping another 12% as investor concerns over potential dilution outweighed news of a massive $1 billion stock buyback. The decline follows an 11% loss on Monday, reflecting mounting skepticism about the buyback's impact on shareholder value. ✔️ Cybersecurity giant Palo Alto Networks is in talks to buy its smaller peer CyberArk Software, The Wall Street Journal reported, citing people familiar with the matter. ✔️ Oppenheimer has issued a bullish upgrade on Sarepta Therapeutics, raising its rating to "Outperform" after the FDA lifted a voluntary hold on the company’s Elevidys gene therapy for ambulatory patients. |
💲What Else to Watch This Week 💲 |
This week marks a pivotal moment for corporate earnings, with “Magnificent Seven” giants — Meta Platforms, Microsoft, Apple, and Amazon — all scheduled to report on Wednesday and Thursday. So far, 199 S&P 500 companies have released quarterly results, with nearly 82% beating earnings expectations, according to FactSet. There is also pressure ahead of the Federal Reserve’s interest rate decision today. Fed Chair Powell is likely to stick with a cautious, data-driven approach. 🟢 Wednesday (July 30): ADP Employment Change, EIA Crude Oil Inventories, FOMC Rate Decision, GDP-Advanced Reading, MBA Mortgage Applications Index, Pending Home Sales. Earnings: Altria Group Inc. (MO), Arm Holdings PLC (ARM), Automatic Data Processing Inc. (ADP), Carvana Co. (CVNA), Meta Platforms (META), Microsoft Corp. (MSFT), Qualcomm Inc. (QCOM), Robinhood Markets Inc. (HOOD), UBS Group AG (UBS), Vertiv Holdings Co. (VRT). 🟢 Thursday (July 31): Chicago Purchasing Managers' Index (PMI), Continuing Claims, EIA Natural Gas Inventories, Employment Cost Index, Initial Claims, Personal Consumption Expenditure (PCE) Prices, Personal Income, Personal Spending. Earnings: Abbvie Inc. (ABBV), Amazon.com Inc. (AMZN), Apple Inc. (AAPL), Coinbase Global Inc. (COIN), Comcast Corp. (CMCSA), KKR & Co. Inc. (KKR), KLA Corp. (KLAC), Shell PLC (SHEL), Southern Co. (SO). 🟢 Friday (Aug 1): Average Workweek, Average Hourly Earnings, Construction Spending, ISM Manufacturing Index, Nonfarm Payrolls, Nonfarm Private Payrolls, Unemployment Rate, University of Michigan Consumer Sentiment. Earnings: Chevron Corp. (CVX), Colgate-Palmolive Co. (CL), Dominion Energy Inc. (D), Exxon Mobil Corp. (XOM), Motorola Solutions Inc. (MSI). |
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