logo
Wall St set for muted open on corporate earnings, trade talks

Wall St set for muted open on corporate earnings, trade talks

Reuters4 days ago
July 22 (Reuters) - Wall Street was on track for a mixed start on Tuesday as investors weighed signs of potential trade deals between the U.S. and its partners ahead of the August 1 tariff deadline and assessed a spate of second-quarter company results.
At 08:31 a.m. ET, S&P 500 E-minis were up 1.75 points, or 0.03%, Nasdaq 100 E-minis were down 12.25 points, or 0.05%, and Dow E-minis were down 50 points, or 0.11%.
U.S. stock futures trimmed early losses after Treasury Secretary Scott Bessent announced plans to meet his Chinese counterpart next week, potentially discussing an extension to the August 12 deadline set for tariffs on China.
With little more than a week to go before the August 1 deadline for most U.S. trading partners, Bessent emphasized on Monday that the administration was prioritizing the quality of trade deals over speed.
Meanwhile, trade talks have hit a roadblock as the European Union weighs new countermeasures against the United States. Hopes for an interim U.S. deal with India were fading, Indian government officials said.
Wall Street's heavyweights are starting to feel the sting of tariffs. General Motors (GM.N), opens new tab saw its second-quarter core profit tumble 32% to $3 billion, blaming steep tariff costs for shaving $1.1 billion from its bottom line.
"Everyone's watching GM very closely, and the numbers did disappoint and specifically related to tariffs," said Mark Malek, chief investment officer at Muriel Siebert.
"The fact that they did come out and say that there's going to be a forecast based on increases in tariffs is something that is going to play out throughout the day."
The company's shares lost 2.3% in premarket trading, while peer Ford (F.N), opens new tab also dipped 0.7%.
RTX (RTX.N), opens new tab cut its 2025 profit forecast as the aerospace and defense giant took a hit from Trump's tariff war. Its shares fell 1%.
Despite trade policy uncertainty out of Washington, the resilience of the economy has propelled major indexes to fresh all-time highs.
Still, a slew of positive earnings surprises has kept markets near record territory. Analysts expect S&P 500 companies to report a healthy 6.7% jump in second-quarter profits, with Big Tech leading the charge, data compiled by LSEG showed.
Tuesday's cautious trading comes after a rollercoaster session that ended with the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab both notching record closes. Much of the action was fueled by investors snapping up megacaps such as Alphabet (GOOGL.O), opens new tab ahead of earnings.
Google-parent Alphabet and EV-maker Tesla (TSLA.O), opens new tab will kick off quarterly results for the "Magnificent Seven" stocks on Wednesday.
Shares of Tesla were up 0.1% in premarket trading, having fallen about 19% so far in 2025 amid CEO Elon Musk's political involvement and challenges faced by its core business.
Following last week's mixed economic signals, traders have all but ruled out a rate cut next week and now see about a 56% chance of a reduction in September, according to the CME's FedWatch tool.
Among other movers, U.S. coal miners Peabody Energy (BTU.N), opens new tab and Warrior Met Coal (HCC.N), opens new tab were up about 5% each as China's coking coal prices surged amid market speculation about government inspections in major production hubs.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Elon Musk 'ordered Starlink shutdown' during Ukraine counterattack
Elon Musk 'ordered Starlink shutdown' during Ukraine counterattack

The National

time25 minutes ago

  • The National

Elon Musk 'ordered Starlink shutdown' during Ukraine counterattack

The billionaire's command allegedly led to a communications blackout while Ukrainian forces attempted to retake the port city of Kherson in the south of the country in September 2022. The communication blackout, where staff at the American tech firm deactivated at least 100 Starlink terminals after being instructed to, reportedly caused the attack to fail, according to Reuters, which spoke with three people who were familiar with the demand. According to reports, the blackout caused Ukrainian soldiers to panic as drones surveilling Russian forces went dark, and long-range artillery units, reliant on Starlink to aim at their targets, struggled to hit them. READ MORE: 'He belongs in The Hague': Keir Starmer fiercely criticised over Gaza speech Although Ukrainian forces were able to reclaim Kherson, the incident was reported to have damaged the country's trust in the technology, along with shocking Starlink employees. One of the three people who were familiar with the instruction claimed it enabled Musk to take 'the outcome of a war into his own hands'. The Tesla-owner reportedly grew concerned that Ukrainian forces' advancements could provoke nuclear retaliation from Vladimir Putin. A spokesperson for SpaceX, the aerospace company that owns Starlink, told Reuters the reporting of the incident is 'inaccurate'. In March, Musk posted on his social media platform, X/Twitter: 'To be extremely clear, no matter how much I disagree with the Ukraine policy, Starlink will never turn off its terminals.' Starlink, which went live in 2019, is a satellite company that beams data across its network and is the world's largest satellite operator. It provides customers with internet access in remote and unreliable locations and has a network of around 8000 satellites in orbit. It has been a key tool in Ukraine's defence, as Musk has provided the country with more than 50,000 Starlink terminals during the war. The network has allowed Ukrainians to speak to relatives across the world, and President Zelensky uses the network to transmit broadcasts to the nation. It is also used by Ukrainian forces on the battlefield to communicate and is used to guide drones and long-range artillery units.

Americans encouraged to Venmo and Paypal the government to pay off national debt
Americans encouraged to Venmo and Paypal the government to pay off national debt

Daily Mail​

timean hour ago

  • Daily Mail​

Americans encouraged to Venmo and Paypal the government to pay off national debt

As the US national debt nears $38trillion, the government has proposed a novel way for citizens to help pay off the tab. Americans are being encouraged to make donations with their Venmo and Paypal accounts. The option for a 'gift to reduce the Public Debt' was added to the US Department of the Treasury website a few months ago. It means that philanthropic residents with a burning desire to pay off Uncle Sam's debt will now have the option to use those methods, alongside traditional ones such as account transfers and credit and debit card payments. Allowing citizens to pay off the national debt - among other tabs - is nothing new, as the US Treasury, run by Scott Bessent, has long offered the option since 1996. But it seems they are now tapping into more popular payment systems, like Gen-Z favorite Venmo, to make it more easily accessible for those hesitant to attach their card and bank details. The current national debt stands at $36,721,531,033,602, as of Friday. As the US national debt nears $38trillion, Americans are now being encouraged to help pay off the tab with their Venmo and PayPal accounts Allowing citizens to pay off the national debt - among other tabs - is nothing new, as the US Treasury, run by Scott Bessent, has long offered the option since 1996. But it seems they are now tapping into more popular payment systems, like Gen-Z favorite Venmo It's up $34.5billion from the previous day, Treasury Department numbers show. The debt has grown each year since 2001, where it was at $10.3trillion and it doesn't appear the US will downsize its growing bill anytime soon after passing the Big Beautiful Bill. President Donald Trump's prized bill will add $3.4trillion to the debt over 10 years. The federal government also spent nearly $7trillion in the 2024 fiscal year, but collected approximately $5trillion. The US Treasury Department has burned through cash at a historic rate in March - an alarming signal that may require lawmakers to intervene to prevent the country from defaulting on the national debt. The agency burned through $286billion in the month of March alone. This is the largest single-month drawdown in American history, and it's only rivaled by the Treasury spending $279billion in August 2021 during the height of the pandemic. The change to payment methods was first spotted by NPR's Jack Corbett on X. Though it may seem unlikely that any American citizens would willingly hand the government more money, the feds have garnered $67.3million through the donation program since its inception. Although it may seem like a large amount, the government burns through that it less than a half an hour.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store