Dow Jones - 44,342.19 (-0.32%) 

Nasdaq - 20,895.66 (+0.048%)

S&P 500 - 6,296.79 (-0.0090%)

• Highs before the lows. The S&P 500 and Nasdaq hit intraday highs before the rally lost steam, with the Dow closing lower. The pause came amid reports that President Trump is pushing for a 15%–20% minimum tariff in any trade deal with the EU, as the bloc races to reach an agreement before the August 1 deadline.
• Bonds exploded. The yield of the U.S. 30-year Treasury bond recorded its fourth weekly gain in a row after briefly climbing as high as 5.07% on Tuesday. While the 30-year yield also touched 5.00% two months earlier, it hasn’t remained above that threshold for an extended period since 2007.
• The U.S. dollar rose. For the third week in a row the dollar rose relative to a basket of major foreign currencies.
• Economic data. The Consumer Price Index showed prices rose at an annual rate of 2.7% in June compared with 2.4% in May. The University of Michigan’s latest consumer sentiment survey showed inflation expectations easing, with one-year outlooks falling to 4.4% in July from 5% in June. 
• Job data. The labor market continued to show strength, as initial jobless claims declined and June retail sales exceeded expectations.
• GDP outlook. The Atlanta Fed’s GDPNow model trimmed its Q2 GDP estimate to 2.4% from 2.6%, citing weaker real personal consumption figures. The official government GDP report is scheduled for release on July 30.
• Housing data. June housing data presented a mixed picture: overall housing starts rose 4.6% month-over-month and permits edged up 0.2%, but single-family starts and permits fell 4.6% and 3.7%, respectively—clouding the outlook for homebuilding, according to Briefing.com.
• Volatility update. The Cboe Volatility Index (VIX) briefly ticked higher mid-month after hitting five-month lows in early July, but remains below its long-term average of 20—signaling continued investor calm.
• The S&P 500 earnings outlook. The index’s expected earnings growth for the current quarter has been sharply revised higher—from 4% to 10%—underscoring a stronger-than-expected corporate earnings season.
• Gold action. Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted demand for the safe-haven metal. Spot gold rose 0.4% to $3,351.18 per ounce, as of 0153 p.m. EDT (1753 GMT), after falling 1.1% in the previous session.
• Platinum prices eased. Prices reached their highest level since 2014.
• Oil went lower. West Texas Intermediate (WTI) crude ended the week with a 1% loss, as mixed U.S. economic data and tariff concerns outweighed the impact of new European Union sanctions on Russia.
• Invesco shares rose. The asset manager filed to reclassify the Invesco QQQ Trust as an open-ended fund.
• Netflix (NFLX) posted better-than-expected quarterly earnings. The streaming giant however warned of a softer operating margin in the second half of the year, sending its shares lower.
• Regions Financial (RF) jumped 6.1%. The Alabama-based bank beat second-quarter profit estimates, buoyed by strong year-over-year growth in both net interest and fee income.
• Talen Energy (TLN) surged more than 24%. A $3.5 billion deal to acquire two gas-fired power plants in Pennsylvania and Ohio were revealed—part of the company's strategy to scale up infrastructure for data center power demand. Nuclear energy peers also benefited, with Vistra (VST) and Constellation Energy (CEG) rising 6.1% and 4.3%, respectively.
• Dell Technologies (DELL) gained 6%. Bank of America said the company could nearly double its earnings per share by 2030, driven by strong AI infrastructure demand and renewed cloud-related capital spending from businesses and governments.
• Elevance Health (ELV) sank 8.4%. The stock extended a losing streak after the company cut its full-year forecast due to rising costs tied to Medicaid and ACA plans. The warning dragged other health insurers lower, with Molina Healthcare (MOH) plunging more than 10%—the steepest drop in the S&P 500 on Friday.
• 3M (MMM) initially rallied on strong Q2 results and an improved 2025 outlook but ended the day down 3.7%. Management flagged global economic pressures and weakness in the consumer electronics and auto parts sectors during its earnings call.
• Great news for Chevron. Chevron is set to complete its $53 billion all-stock acquisition of Hess after an International Chamber of Commerce ruling favored Chevron over ExxonMobil, ending a two-year battle. 
• Potential TikTok buyer drops out. Blackstone has withdrawn from the consortium bidding for TikTok’s U.S. operations, sources told Reuters, as delays and trade uncertainties continue to complicate the deal. 
• A new IPO in the crypto world. Bullish, a crypto exchange supported by billionaire Peter Thiel, has filed for an IPO, joining a wave of digital asset firms going public in 2025. The Cayman Islands-based company reported a $349 million net loss in Q1 despite $80 million in digital-asset sales, reversing a $105 million profit from the previous year.
• Landmark Stable Coin bill is signed. President Trump signed the GENIUS Act into law, creating the first federal framework for dollar-backed stablecoins—a major win for the crypto sector during a legislative “Crypto Week.” Trump said, "I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done."
• Coldplay concert caused chaos. Astronomer CEO Andy Byron has stepped down after a viral video from a Coldplay concert captured an awkward exchange on the stadium’s "Kiss Cam" with Chief People Officer Kristin Cabot.

• Tesla (TSLA)
• Nvidia (NVDA)
• QuantumScape Corp. (QS)
• Warner Bros Discovery (WBD)
• Lucid Group, Inc. (LCID)

Biggest Gainers

• Stem, Inc. (STEM) - 45.63%
• Talen Energy Corp. (TLN) - 24.48%
• CRISPR Therapeutics AG (CRSP) - 18.22%
• Invesco Ltd. (IVZ) - 15.28%
• Sable Offshore Corp. (SOC) - 11.82%

Biggest Losers

• MicroAlgo, Inc. (MLGO) - 17.57%
• Arrowhead Pharmaceuticals (ARWR) - 11.09%
• Molina Healthcare, Inc. (MOH) - 10.41%
• Elevance Health, Inc. (ELV) - 8.38%
• StoneCo Ltd. (STNE) - 8.32%

Weekly Notables 

Astronomer CEO Resigns After Awkward ‘Kiss Cam’ Moment Goes Viral

Astronomer CEO Andy Byron has stepped down after a viral video from a Coldplay concert captured an awkward exchange on the stadium’s "Kiss Cam" with Chief People Officer Kristin Cabot. As Cabot turned away and Byron ducked behind a seat, frontman Chris Martin commented, “Either they’re having an affair or they’re just very shy.” The clip sparked widespread online attention and scrutiny. In a statement posted July 19 on LinkedIn and X, Astronomer said, “Andy Byron has tendered his resignation, and the Board of Directors has accepted.” The company emphasized its commitment to leadership accountability, adding, “recently, that standard was not met.”

Trump Signs Groundbreaking Stablecoin Law, Boosting Crypto Industry

President Trump signed the GENIUS Act into law, creating the first federal framework for dollar-backed stablecoins—a major win for the crypto sector during a legislative “Crypto Week.” Trump said, "I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done." The bill outlines how U.S. companies can issue and manage stablecoins, encouraging wider adoption, and bans Congress members—but not Trump’s family—from profiting off them. Two other crypto-related bills also passed the House and now await Senate approval.

The Week Ahead:

• Potential market moving catalysts this week: Monday (7/21): Leading Indicators. Tuesday (7/22): no reports. Wednesday (7/23): EIA Crude Oil Inventories, Existing Home Sales, MBA Mortgage Applications Index. Thursday (7/24): Continuing Claims, EIA Natural Gas Inventories, Initial Claims, New Home Sales, S&P Global US Manufacturing PMI, S&P Global US Services PMI. Friday (7/25): Durable Orders.
• Earnings: Monday (7/21): Cleveland-Cliffs Inc. (CLF), Domino's Pizza Inc. (DPZ), NXP Semiconductor (NXPI), Roper Technologies (ROP), Ryanair Holding PLC (RYAAY), Verizon Communications (VZ). Tuesday (7/22): Capital One Financial Corp. (COF), Coca-Cola Co. (KO), Danaher Corp. (DHR), Intuitive Surgical Inc. (ISRG), Philip Morris International Inc. (PM), RTX Corp. (RTX), SAP SE (SAP), Texas Instruments (TXN). Wednesday (7/23): Alphabet Inc. (GOOGL), AT&T Inc. (T), Boston Scientific Corp. (BSX). GE Vernova Inc. (GEV), General Dynamics (GD), (PLD), International Business Machines Corp. (IBM), Tesla Inc. (TSLA), T-Mobile US Inc. (TMUS). Thursday (7/24): Blackstone Inc. (BX), Comfort Systems Inc. (FIX), Decker's Outdoor Corp. (DECK), Deutsche Bank (DB), Digital Realty Trust Inc. (DLR), Honeywell International Inc. (HON), Intel Corp. (INTC), Newmont Corp. (NEM), Union Pacific Corp. (UNP), Valero Energy Corp. (VLO). Friday (7/25): Aon PLC (AON), AutoNation Inc. (AN), Centene Corp. (CNC), Charter Communications Inc. (CHTR), HCA Healthcare Inc. (HCA), Phillips 66 (PSX).