The S&P 500 Index is up +0.25% while the Nasdaq 100 has reached a new all-time high, buoyed by improved quarterly earnings, with 83% of S&P 500 companies exceeding analyst profit estimates for Q2. As global markets react, September E-mini S&P futures rose +0.18%, and September E-mini Nasdaq futures increased by +0.10%.
However, negative news came from Intel, which reported a Q2 loss of -10 cents per share, resulting in a share price decline of over -9%. Charter Communications also saw a drop of more than -16% after its Q2 EPS fell short of expectations. Meanwhile, U.S. capital goods orders unexpectedly decreased -0.7% month-over-month in June.
In economic updates, President Trump indicated potential tariffs of 15-50% set to take effect on August 1, with markets pricing in a 3% chance of a -25 basis point rate cut at the upcoming Federal Open Market Committee meeting on July 29-30, which rises to 67% for the subsequent meeting on September 16-17.
