S&P 500 – 6,370.86 (-0.30%)

Dow Jones – 44,632.99 (-0.46%)

NASDAQ – 21,098.29 (-0.38%)

• Markets were spooked by trade limbo. 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 shares sank. The company changed management and slashed its sales for the year. 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.
• Starbucks moved higher. The coffee retailer reported earnings and gained as the company’s turnaround took spotlight.
• Visa reported a strong third quarter. The company 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.
• Entertainment Arts cited a tough economic climate. Net bookings coming in lower than expected.
• Job openings slipped in June. Levels dropped to their lowest level since March, the Bureau of Labor Statistics reported Tuesday.
• Oil went higher. President Trump shortened a timeline on Russia to end the war with Ukraine, and a US-EU trade deal spurred optimism over demand. WTI climbed an additional $2.50 or 3.75% Tuesday, closing at $69.21, the highest level since June 20.
• Gold fell to a 3-week low. The US-EU deal boosts risk appetite ahead of Fed meeting.
• Boeing (BA) shares dropped. This was despite the airliner reporting strong earnings and the highest aircraft deliveries since 2018.
• Procter & Gamble (PG) finished slightly lower. The company issued 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 shares dropped over 10%. The company missed earnings expectations and withheld guidance, sending shares down more than 10%.
• Coinbase (COIN) fell 3.6%. Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from Buy.
• Shares of PayPal (PYPL) declined. This was despite better-than-expected second-quarter results on the top and bottom line.
• Super Micro Computer (SMCI) edged up. 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. The company topped 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. Revenue missed estimates, despite an earnings beat. The company noted that underlying demand trends remain encouraging.
• Spotify (SPOT) slid following a surprise quarterly loss. Barron’s attributed it to payroll taxes tied to share-based compensation. 
• Royal Caribbean (RCL) fell more than 6%. The company offered a weaker profit outlook, despite beating on both earnings and revenue.
• Whirlpool (WHR) sank. The company reported 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. 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. An 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%. 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.
• CyberArk shares soared. 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. The firm raised its rating to "Outperform" after the FDA lifted a voluntary hold on the company’s Elevidys gene therapy for ambulatory patients.

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"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 with China. "The president can make a final call," he added.

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Notable Stocks

• Nvidia (NVDA)
• Amazon (AMZN)
• Starbucks (SBUX)
• Microsoft (MSFT)
• Apple (AAPL)

Weekly Notables

Novo Nordisk Stock Plunges 21% After Slashing Forecasts and Names New CEO

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.”

Starbucks Shares Rise as CEO Brian Niccol Advances “Back to Starbucks” Turnaround Plan

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.

Earnings Spotlight: Meta Platforms

Meta Platforms (META) is set to report second-quarter results after the market closes Wednesday, with traders anticipating the stock could test record highs following the report. Recent options pricing suggests traders expect the Facebook and Instagram parent's stock could move more than 5% in either direction from Tuesday afternoon's level just above $708 by the end of the week.