Dow Jones - 44,901.92 (+0.47%) 

Nasdaq - 21,108.32 (+0.24%)

S&P 500 - 6,388.64 (+0.40%)

• Records. The S&P 500 closed at record highs every day this past week, marking a rare "perfect week" not seen since November of 2021, according to S&P Dow Jones' Howard Silverblatt.
• Earnings reports to watch closely. The rally comes just before next week’s earnings frenzy, when four of the Magnificent 7—Amazon, Apple, Meta Platforms, and Microsoft—are set to report results and potentially fuel the next leg of the bull run.
• Trade news. More trade talk took the show with President Trump striking a deal with Japan and talks with the EU. Headlines suggest the U.S. and EU are close to a deal that would slap 15% tariffs on imports from Europe. European Commission President Ursula von der Leyen is set to meet President Donald Trump in Scotland today, with EU officials optimistic about finalizing a preliminary trade deal, though Trump rates the odds as “50-50.” 
• Astronomer did that. In a bold and unexpected PR move, Astronomer has tapped Gwyneth Paltrow as a “temporary spokesperson.”
• A huge bitcoin transaction. Galaxy Digital Inc. (NASDAQ/TSX: GLXY) executed one of the largest notional bitcoin transactions ever recorded. 
• Paramount got the green light. The $8.4 billion merger between Paramount Global and Skydance Media cleared its final hurdle.
• Gold went higher. Gold prices slipped on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.9% to $3,336.01 per ounce by 02:01 p.m. ET (1801 GMT). U.S. gold futures settled 1.1% lower at $3,335.6.
• Oil prices eased to a three-week low on Friday. Negative economic news from the United States and China sent oil lower. Brent crude futures fell 76 cents, or 1.1%, to $68.42 a barrel by 1:44 p.m. EDT (1744 GMT), while U.S. West Texas Intermediate (WTI) crude fell 91 cents, or 1.4%, to $65.12.
• Bond yields held mostly steady. The 10-year Treasury yield sat at 4.41%, down from a May peak near 4.60%.
• The U.S. dollar gained against major currencies.
• Economic data. Durable goods orders in June fell 9.3%, better than the expected 11% drop, signaling modest manufacturing resilience.
• Earnings season shines brighter. 82% of S&P 500 companies have beat estimates and Q2 earnings growth forecasts rising to 5.4% from 3.8%.
• Jerome Powell's job is safe. Fed independence appears solid after Trump and Fed Chair Powell toured the central bank’s renovation, publicly affirming Powell’s job security.
• Fed cuts. CME FedWatch Tool shows less than 3% chance of a rate cut next week, but a 62% chance in September. All eyes turn to the U.S. Federal Reserve, where policymakers are expected to hold rates steady Thursday as they monitor the inflation impact of tariffs.
• Deckers Outdoor soared. The company beat quarterly estimates, fueled by strong demand across international markets.
• Intel plunged. The stock fell following a forecast of deeper than expected losses and plans for major job cuts. Intel plans to spin off its networking division as part of a broader effort to divest non-core assets and streamline operations under new CEO Lip-Bu Tan, according to a report released Friday.
• Charter Communications dropped. The company reported a sharper decline in broadband subscribers amid fierce competition from wireless carriers bundling internet and 5G services.
• Centene jumped. The stock soared on projections of stronger profitability in 2026 across its government-backed insurance divisions.
• Bad day for airline stocks. American Airlines (AAL) and Southwest Airlines (LUV) disappointed with weak quarterly results and guidance.
• UnitedHealth Group dropped. The company revealed it is under a Justice Department criminal and civil investigation regarding its Medicare billing practices.
• Honeywell slipped. This was despite beating earnings and revenue expectations and raising guidance.
• ServiceNow surged. The company beat quarterly estimates and raising guidance on strength driven by AI-related demand.
• Nuclear start-up Oklo and data center infrastructure provider Vertiv Holdings (VRT) announced a partnership. The companies will develop advanced power and thermal management solutions for hyperscale and colocation data centers, powered by Oklo’s nuclear plants.
• Wendy’s shares rose. The stock drew attention on Reddit’s r/wallstreetbets late Tuesday, where users floated the idea of a potential short squeeze. One commenter claimed Wendy’s “could be the next meme.” GoPro and Krispy Kreme also emerged as early contenders in what appears to be a renewed wave of meme stock momentum.
• MARA Holdings shares dropped. The company announced a proposed $850 million debt offering.
• AT&T stock fell. This was despite the telecom provider reporting a huge subscriber beat.
• Neuralink has a big endeavor. The company has targeted $1 billion in revenue by 2031 according to a Bloomberg News report.
• Texas Instruments plunged. Investors reacted to a softer-than-expected third-quarter outlook. 

• Meta Platforms (META)
• Microsoft (MSFT)
• Amazon (AMZN)
• Intel (INTC)
• Apple (AAPL)

Biggest Gainers

• Comfort Systems USA, Inc. (FIX) +22.37%
• Lyell Immunopharma, Inc. (LYEL) +19.31%
• Gentex Corp. (GNTX) +16.19%
• Newegg Commerce, Inc. (NEGG) +11.72%
• Deckers Outdoor Corp. (DECK) +11.35%

Biggest Losers

• Liberty Broadband Corp. (LBRDA) -19.14%
• Charter Communications, Inc. (CHTR) -18.49%
• Synovus Financial Corp. (SNV) -12.54% 
• Pinnacle Financial Partners (PNFP) -12.10%
• AST SpaceMobile, Inc. (ASTS) -9.53%

Weekly Notables 

FCC Greenlights Controversial $8.4 Billion Paramount-Skydance Merger Amid Political Firestorm

The $8.4 billion merger between Paramount Global and Skydance Media cleared its final hurdle Thursday, winning approval from the FCC in a divisive 2-1 vote that has sparked accusations of political interference and media manipulation. The deal gives tech heir David Ellison control of major media assets including CBS, Paramount Pictures, and Nickelodeon. But controversy erupted earlier this month when Paramount paid $16 million to settle a lawsuit filed by former President Donald Trump over CBS’s editing of a “60 Minutes” interview with Kamala Harris. Critics argue the payment amounted to a payoff to smooth the merger’s path.

Galaxy Digital Pulls Off One of the Biggest Bitcoin Moves in Crypto History

In a blockbuster deal that’s making waves across the crypto world, Galaxy Digital Inc. (NASDAQ/TSX: GLXY) has just executed one of the largest notional bitcoin transactions ever recorded. The firm successfully sold over 80,000 bitcoins, valued at more than $9 billion, on behalf of a Satoshi-era investor—a legendary player from crypto’s earliest days—marking a monumental exit from the digital asset space.

The Week Ahead

• Potential market moving catalysts this week: Monday (July 28): no reports. Tuesday (July 29): Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, Consumer Confidence, FHFA Housing Price Index, S&P Case-Shiller Home Price Index. Wednesday (July 30): ADP Employment Change, EIA Crude Oil Inventories, FOMC Rate Decision, GDP-Advanced Reading, MBA Mortgage Applications Index, Pending Home Sales. 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. 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: Monday (July 28): Cadence Design Systems Inc. (CDNS), Enterprise Products Partners LP (EPD), Fomento Economico Mexicano SAB (FMX), Hartford Insurance Group Inc. (HIG), Nucor Corp. (NUE), Revvity Inc. (RVTY), Southern Copper Corp. (SCCO), Welltower Inc. (WELL), Waste Management Inc. (WM). Tuesday (July 29): AstraZeneca PLC (AZN), Boeing Co. (BA), Booking Holdings Inc. (BKNG), Electronic Arts Inc. (EA), Merck & Co. Inc. (MRK), Procter & Gamble Co. (PG), Royal Caribbean Cruises Ltd. (RCL), Spotify Technology SA (SPOT), Starbucks Corp. (SBUX), United Parcel Service Inc. (UPS), Visa Inc. (V). Wednesday (July 30): 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): 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): Chevron Corp. (CVX), Colgate-Palmolive Co. (CL), Dominion Energy Inc. (D), Exxon Mobil Corp. (XOM), Motorola Solutions Inc. (MSI).