Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. The company is involved in the licensing, marketing, research, and development of microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services. It also offers system IP products, including memory controller IP, interconnect IP, and other on-chip peripheral components; and compute platforms for a range of devices and applications. The company's products are used in various markets, such as automotive, computing infrastructure, consumer technologies, and Internet of things. It operates in the United States, the People's Republic of China, Taiwan, the Republic of Korea, and internationally. The company was founded in 1990 and is headquartered in Cambridge, the United Kingdom. Arm Holdings plc operates as a subsidiary of Kronos II LLC.

Arm Holdings plc

US Inks Tariff Deals with EU, Japan: Sell the News?
If history is any teacher, markets are the master manipulator and Wall Street is ‘bent on fooling the masses.’ 2025 is a perfect example of how market psychology works. Following President Donald Trump’s ‘Liberation Day’ blanket reciprocal tariffs on April 1st, US stocks plunged into a bear market. As trade negotiations looked bleak, investors and some of Wall Street’s top minds began to predict the worst. For instance, Ray Dalio, manager of Bridgewater Associates (the world’s largest hedge fund) predicted a recession. CNBC’s Jim Cramer boldly predicted another ‘Black Monday’ (when the S&P 500 Index crashed 20% in a single session).
As is usually the case, the market sniffed out the future better than the crowd. Just as fear hit a fever pitch, US stocks began rallying and climbing the proverbial ‘Wall of Worry.’ Fast forward to today, the major US equity indexes are each at new highs, and the US has inked trade deals with its biggest trading partners, including China, Japan, and the European Union.
Image Source: TradingView
It’s tough to argue with the Trump administration’s trade wins. For example, Trump critic and left-leaning political commentator and comedian Bill Maher has admitted he was wrong about Trump’s tariff policy. Nevertheless, savvy investors understand that August may be a time when the ‘sell the news’ phenomenon takes hold. Often, when a highly anticipated event or news announcement occurs, investors take profits, realizing that the news’ impact has already been factored into stock prices. With the major indices essentially flat after the EU deal, a sell-the-news event may be underway.
August Post-Election Seasonality is Poor
Jeffrey Hirsch, author of “The Stock Trader’s Almanac,” does the best work on seasonal patterns on Wall Street. According Hirsch, “August is the worst month in post-election years for the DJIA and Russell 1000, 2nd worst for the S&P 500, Nasdaq, and Russell 2000. Average declines in post-election year Augusts range from -0.5% to -1.5%. Each index has seen more declining post-election year Augusts than positive.”
Image Source: (stocktradersalmanac.com)
In addition to troubling seasonality patterns, many of Wall Street’s top institutional investors take off on vacation, leading to illiquid and tricky markets during ‘the summer doldrums.’
‘The Warren Buffett Indicator’ Flashes a Warning Sign
‘The Warren Buffett Indicator’ looks at the stock market’s valuation versus gross domestic product (GDP). The indicator is calculated by comparing the Wilshire 5000 Total Market Index to GDP. At a current ratio of 212% publicly traded stock valuations to GDP, the indicator is flashing its most ‘expensive levels in history.’
Image Source: Zacks Investment Research
Though such a reading should raise a yellow flag, there are two critical caveats investors must understand:
1. Valuations are a Poor Timing Device: While valuations can warn investors of a frothy market environment, they are a poor timing device. For instance, Buffett himself did not take advantage of historic gains during the Internet bubble due to his valuation metrics. Although stocks ultimately declined, the gains on the way up were monumental.
2. Denominator Can Increase: A bloated valuation does not necessarily mean that a market top is imminent. For example, suppose stocks correct or move sideways and the denominator (GDP) increases significantly (which is a distinct possibility with the current AI boom). In that case, the lopsided valuation can return to equilibrium.
Earnings Reports will Dictate the Short-term Market Action
Despite the short-term caution signals, earnings will likely dictate the short-term market action as Wall Street investors brace for the busiest part of earnings season. Big tech earnings from Meta Platforms (META), Microsoft (MSFT), Apple (AAPL), Arm Holdings (ARM), and Amazon (AMZN) are looming. Investors will focus on these tech juggernauts and will listen closely to gauge whether AI growth and CAPEX spending can continue to drive the market higher.
Bottom Line
While stocks continue to print fresh all-time highs, the ‘sell the news’ phenomenon, August post-election seasonality, and ‘The Warren Buffett Indicator,’ suggest that August may be a good time for active investors to take the foot off the gas pedal.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

August: Time to Unplug from Markets?

Arm Holdings plc ARM will report its first-quarter fiscal 2026 results on July 30, after the bell.
The Zacks Consensus Estimate for earnings in the to-be-reported quarter stands at 34 cents, indicating a 15% year-over-year decline. The consensus mark for revenues is pegged at $1.04 billion, indicating a 11% year-over-year increase.
Image Source: Zacks Investment Research
The company has a strong history of earnings surprises. Earnings have surpassed the Zacks Consensus Estimate in all the trailing four quarters, with an average earnings surprise of 14.4%.
There have been no revisions for the upcoming quarter's earnings estimate in the past 30 days.
What Our Model Says
Our proven model doesn’t conclusively predict an earnings beat for ARM this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
ARM has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Royalty Should Drive ARM’s Top Line
We expect year-over-year improvement in the company’s top line in the to-be-reported quarter to be driven mainly by an increase in Royalty revenues. The consensus estimate for Royaltyrevenuesis pegged at $599 million, suggesting a 28.3% year-over-year decline. The consensus estimate for License and other revenues is pegged at $440 million, indicating a 6.8% year-over-year decline.
ARM has rallied a massive 46% in the past three months. This massive rally has sent the stock to a higher valuation. If we look at the forward 12-month Price/Earnings ratio, ARM shares currently trade at 85.2X forward earnings, well above the industry’s 34.18X.
< Image Source: Zacks Investment Research
Investment Considerations
ARM’s core strength in power-efficient chip architecture remains central to its leadership in mobile computing. Its designs power sleek, energy-saving devices from Apple AAPL, Qualcomm QCOM, and Samsung, making ARM the foundation of today’s mobile innovation. As demand for performance on minimal power rises, Arm Holdings’ chips continue to dominate smartphones and tablets.
Apple leverages ARM’s architecture for its M-series chips, while Qualcomm depends on it to power its Snapdragon lineup. Samsung integrates ARM designs across mobile and consumer electronics, further affirming its critical role. ARM’s proven ability to balance high efficiency and low power draw has solidified its status in the mobile era.
ARM is rapidly emerging as a foundational player in the age of artificial intelligence (AI) and the Internet of Things (IoT). As Apple, Qualcomm, and Samsung pursue AI-driven innovation, they are increasingly relying on ARM’s flexible and energy-efficient architecture. AI models are being embedded into everything from wearables to cloud data centers, and ARM’s chips are built to meet these growing demands.
Apple continues to scale its AI integration on ARM-based silicon, Qualcomm expands its AI capabilities in mobile and automotive, and Samsung explores next-gen IoT through Exynos chips powered by ARM. With machine learning and edge computing at the forefront, ARM is becoming an indispensable infrastructure for the next wave of tech advancement.
Wait for a Better Price
Given the stock’s substantial increase over the past three months, it may experience a correction soon. Therefore, it might be wise for investors to wait for a potential correction.
While ARM remains fundamentally strong, a more advantageous entry point could emerge if the stock undergoes some price adjustment. The company’s robust position in the AI hardware market and its strategic advancements in chip design suggest long-term growth potential, but timing the market entry is crucial for maximizing investment returns.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ARM to Post Q1 Earnings: Should the Stock be in Your Portfolio?

Showing signs of a comeback, Intel INTC stock has started to rebound and is up +15% in 2025, with the chip giant’s much-anticipated Q2 results approaching after-market hours on Thursday, July 24.
In regard to the anticipation, Intel is still one of the world's largest semiconductor companies but has infamously lost market share to Nvidia NVDA, AMD AMD, and Arm Holdings ARM.
This makes it a very worthy topic of whether it’s time to buy, hold, or sell Intel stock, which is still down 40% over the last three years to vastly trail the broader indexes and its aforementioned competitors.
Image Source: Zacks Investment Research
Intel’s Turnaround Strategy
Although Intel hasn’t given its turnaround strategy a flashy name, optimism has swooned after the company appointed Lip-Bu Tan as its new CEO in March. As a seasoned semiconductor executive who previously served as CEO of Cadence Design Systems CDNS, Tan has simply called Intel’s reemergence plan a “bold turnaround strategy.”
Getting “back to the basics”, Tan’s emphasis has been on refocusing Intel on engineering excellence, streamlining management to place a priority on an engineering-first culture.
Key Points of Intel’s Turnaround Strategy
Foundry Restructuring: Intel has separated its foundry business into a separate subsidiary called Intel Foundry Services (IFS) to better compete with Taiwan Semiconductor TSM while focusing on its core business as a supplier of microprocessors and chipsets.
Aggressive AI pricing: Intel’s Gaudi 3 AI accelerator is priced significantly lower than Nvidia’s comparable offerings, aiming to disrupt the AI hardware market.
Intel’s Q2 Expectations
Although Intel has regained some ground in the PC chip market, Q2 sales are thought to have dipped 7% to $11.87 billion compared to $12.83 billion a year ago. On the bottom line, Q2 earnings are expected at $0.01 a share from EPS of $0.02 in the prior year quarter.
EPS Outlook & Revisions
Optimistically, Intel’s annual earnings are projected to climb swing to $0.27 per share in fiscal 2025 versus an adjusted loss of -$0.13 a share last year. However, it's noteworthy that FY25 EPS estimates have noticeably declined from projections of $0.50 a share 90 days ago and are slightly down in the last week.
Similarly, Intel’s EPS is forecasted to sharply rebound to $0.70 in FY26, but estimates have also trended lower in the last seven days and have now dropped 37% over the last three months from projections of $1.12 per share.
Image Source: Zacks Investment Research
Bottom Line
Unfortunately, despite Intel’s somewhat promising turnaround strategy, the trend of declining earnings estimate revisions does suggest it may be time to fade this year's rally. Correlating with such, Intel stock currently lands a Zacks Rank #4 (Sell), and the chip giant’s Q2 report will be critical to reconfirming what is hopefully a return to prominence at some point.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Time to Buy, Hold, or Sell Intel Stock as Q2 Earnings Approach?

The S&P 500 Index ($SPX) (SPY) Tuesday closed up +0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.50%. September E-mini S&P futures (ESU25) rose +0.01%, and September E-mini Nasdaq futures (NQU25) fell -0.52%.
Stock indexes settled mixed on Tuesday. On the positive side, D.R. Horton rallied more than +16% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman rose more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell on Tuesday, supporting stocks after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield fell -4 bp to a 1.5-week low of 4.34%.
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Positive trade comments from Treasury Secretary Bessent on Tuesday were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Weighing on the Nasdaq 100 index Tuesday was weakness in semiconductor stocks. Also, Lockheed Martin dropped more than -10% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, General Motors fell more than -7% after forecasting full-year EBIT below analysts' estimates.
Tuesday's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Tuesday settled mixed. The Euro Stoxx 50 fell to a 2-week low and closed down -0.98%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) Tuesday closed up +7 ticks. The 10-year T-note yield fell -4.0 bp to 4.338%. T-notes recovered from overnight losses and climbed to a 2.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.326% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support Tuesday from a rally in 10-year German bunds to a 2-week high.
European government bond yields on Tuesday moved lower. The 10-year German bund yield fell to a 2-week low of 2.585% and finished down -2.3 bp to 2.590%. The 10-year UK gilt yield fell -3.4 bp to 4.569%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks was a negative factor for the overall market on Tuesday, with KLA Corp (KLAC) closing down more than -4% to lead losers in the Nasdaq 100. Also, Lam Research (LRCX), ARM Holdings Plc (ARM), Micron Technology (MU), and Broadcom (AVGO) closed down more than +3%. In addition, Nvidia (NVDA) closed down more than -2% to lead losers in the Dow Jones Industrials, and Analog Devices (ADI) and Applied Materials (AMAT) closed down more than -2%.
D.R. Horton (DHI) surged more than +16% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) closed up more than +11%, and Lennar (LEN) and Toll Brothers (TOL) closed up more than +8%.
IQVIA Holdings (IQV) closed up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) closed up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) closed up more than +7% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2.58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
Genuine Parts Co (GPC) closed up more than +7% after reporting Q2 net sales of $6.20 billion, better than the consensus of $6.11 billion.
PACCAR Inc. (PCAR) closed up more than +6% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
United Natural Foods (UNFI) closed up more than +3% after Northcoast Research upgraded the stock to buy from neutral with a price target of $36.
Lockheed Martin (LMT) closed down more than -10% to lead losers in the S&P 500 after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
General Motors (GM) closed down more than -8% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) closed down more than -8% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Phillip Morris International (PM) closed down more than -8% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Circle Internet Group (CRCL) closed down more than -8% after Compass Point Research & Trading LLC downgraded the stock to sell from neutral with a price target of $130.
MSCI Inc (MSCI) closed down more than -8% after reporting Q2 net new recurring subscription sales of $43.8 million, weaker than the consensus of $46.6 million.
Earnings Reports (7/23/2025)
Alphabet Inc (GOOGL), Amphenol Corp (APH), AT&T Inc (T), Boston Scientific Corp (BSX), Chipotle Mexican Grill Inc (CMG), CME Group Inc (CME), Crown Castle Inc (CCI), CSX Corp (CSX), Fiserv Inc (FI), Freeport-McMoRan Inc (FCX), GE Vernova Inc (GEV), General Dynamics Corp (GD), Globe Life Inc (GL), Hasbro Inc (HAS), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Lamb Weston Holdings Inc (LW), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Molina Healthcare Inc (MOH), Moody's Corp (MCO), NextEra Energy Inc (NEE), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Otis Worldwide Corp (OTIS), Packaging Corp of America (PKG), Raymond James Financial Inc (RJF), Rollins Inc (ROL), ServiceNow Inc (NOW), TE Connectivity PLC (TEL), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), T-Mobile US Inc (TMUS), United Rentals Inc (URI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Pressured by Chip Stocks, But Broad Market Supported by Lower T-note Yields

The S&P 500 Index ($SPX) (SPY) today is down -0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.47%. September E-mini S&P futures (ESU25) are down -0.14%, and September E-mini Nasdaq futures (NQU25) are down -0.52%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts' estimates. Also, General Motors is down more than -7% after forecasting full-year EBIT below analysts' estimates. In addition, Lockheed Martin is down more than -5% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate.
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Today's US economic news was bearish for stocks after the July Richmond Fed manufacturing index unexpectedly fell -12 to an 11-month low of -20, weaker than expectations of an increase to -2.
On the positive side, D.R. Horton is up more than +12% to lead home builders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +8% after boosting its full year adjusted EPS forecast. In addition, bond yields fell from overnight highs and moved lower after Treasury Secretary Bessent said, "He sees no reason for Fed Chair Powell to step down right now." The 10-year T-note yield is down -4 bp to a 1.5-week low of 4.34%
Positive trade comments today from Treasury Secretary Bessent were supportive for stocks when he said, "trade is in a very good place with China," and he will meet his Chinese counterparts in Stockholm next week. He also said he believes the US "will likely extend" its trade truce with China past the August 12 deadline of the current truce.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.90%. China's Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan's Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +6 ticks. The 10-year T-note yield is down -4.1 bp to 4.337%. T-notes recovered from overnight losses and climbed to a 1.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.336% on comments from Treasury Secretary Bessent, who said "he sees no reason for Fed Chair Powell to step down right now." T-notes extended their gains after the July Richmond Fed manufacturing index unexpectedly fell to an 11-month low. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.588% and is down -2.4 bp to 2.589%. The 10-year UK gilt yield is down -3.5 bp to 4.568%.
The ECB's quarterly Bank Lending Survey stated that "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall."
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) is down more than -4% to lead losers in the Nasdaq 100, and Micron Technology (MU) is down more than +3%. In addition, Advanced Micro Devices (AMD), Nvidia (NVDA), Applied Materials (AMAT), Broadcom (AVGO), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -2%.
General Motors (GM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
Lockheed Martin (LMT) is down more than -6% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Phillip Morris International (PM) is down more than -6% after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Sherwin-Williams (SHW) is down more than -3% top lead losers in the Dow Jones Industrials after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
RTX Corp (RTX) is down more than -2% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
D.R. Horton (DHI) is up more than +13% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +8%, Lennar (LEN) is up more than +7%, and Toll Brothers (TOL) is up more than +6%.
IQVIA Holdings (IQV) is up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
Quest Diagnostics (DGX) is up more than +5% after reporting Q2 adjusted EPS of $2.62, better than the consensus of $2,58, and raising its full-year adjusted EPS estimate to $9.63-$9.83 from a previous estimate of $9.55-$9.80.
PACCAR Inc. (PCAR) is up more than +3% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slip on Weakness in Chip Makers and Disappointing Earnings

The S&P 500 Index ($SPX) (SPY) today is down -0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.36%. September E-mini S&P futures (ESU25) are down -0.17%, and September E-mini Nasdaq futures (NQU25) are down -0.37%.
Stock indexes today are moving lower on some disappointing quarterly earnings results. NXP Semiconductors is down more than -2% to lead chip makers lower and weigh on the overall market after issuing a Q3 revenue forecast that missed some bullish analysts’ estimates. Also, Lockheed Martin is down more than -7% after reporting weaker-than-expected Q2 net sales and cutting its full-year EPS estimate. In addition, Sherwin-Williams is down more than -2% after reporting Q2 adjusted EPS below the consensus, and cutting its full-year adjusted EPS estimate.
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On the positive side, D.R. Horton is up more than +10% to lead homebuilders higher after reporting stronger-than-expected Q3 net sales and raising its full-year revenue forecast. Also, Northrop Grumman is up more than +9% after boosting its full-year adjusted EPS forecast. In addition, bond yields fell from overnight highs and were slightly lower after Treasury Secretary Bessent said, “He sees no reason for Fed Chair Powell to step down right now.” The 10-year T-note yield is down -1 bp to 4.36%
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell to a 2-week low and is down -0.64%. China’s Shanghai Composite climbed to a 9.5-month high and closed up +0.62%. Japan’s Nikkei Stock 225 fell from a 3-week high and closed down -0.11%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +2 ticks. The 10-year T-note yield is down -1.4 bp to 4.364%. T-notes recovered from overnight losses and moved higher as short covering emerged on comments from Treasury Secretary Bessent, who said “he sees no reason for Fed Chair Powell to step down right now.” T-notes were under pressure due to concerns that President Trump would try to fire Powell, which could send bond yields sharply higher as investors question the Fed’s independence. T-notes also garnered carryover support today from a rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.600% and is down -1.0 bp to 2.603%. The 10-year UK gilt yield is down -0.6 bp to 4.597%.
The ECB’s quarterly Bank Lending Survey stated that “Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, and while lenders saw a 'slight net increase' in loan demand in Q2, the uptake remained weak overall.”
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Weakness in chip stocks is a negative factor for stocks today, with NXP Semiconductors NV (NXPI) down more than -2% after forecasting Q3 revenue of $3.05 billion to $3.25 billion, below the whisper number of $3.30 billion. Also, ARM Holdings Plc (ARM) and Advanced Micro Devices (AMD) are down more than -4%, and Nvidia (NVDA), Broadcom (AVGO), Lam Research (LRCX), and Micron Technology (MU) are down more than +3%. In addition, Marvell Technology (MRVL), Applied Materials (AMAT), and KLA Corp (KLAC) are down more than -2%.
Phillip Morris International (PM) is down more than -7% to lead losers in the S&P 500 after forecasting full-year organic revenue to climb +6% to +8%, weaker than the consensus of +8.29%.
Lockheed Martin (LMT) is down more than -7% after reporting Q2 net sales of $18.16 billion, weaker than the consensus of $18.53 billion, and cut its full-year EPS estimate to $21.70-$22.00 from a previous estimate of $27.00-$27.30.
Equifax (EFX) is down more than -7% after forecasting Q3 adjusted EPS of $1.87-$1.97, below the consensus of $1.99.
General Motors (GM) is down more than -6% after forecasting full-year adjusted EBIT of $10.00 billion to $11.37 billion, with the midpoint below the consensus of $11.37 billion.
RTX Corp (RTX) is down more than -3% after cutting its full-year adjusted EPS forecast to $5.80-$5.95 from a previous forecast of $6.00-$6.15, weaker than the consensus of $5.98.
Sherwin-Williams (SHW) is down more than -2% after reporting Q2 adjusted EPS of $3.38, weaker than the consensus of $3.81, and cutting its full-year adjusted EPS estimate to $11.20-$11.50 from a previous estimate of $11.65-$12.05, below the consensus of $11.87.
D.R. Horton (DHI) is up more than +10% to lead homebuilders higher after reporting Q3 net sales of 23,071, better than the consensus of 22,017, and raising its full-year revenue forecast to $33.7 billion-$34.2 billion from a previous estimate of $33.3 billion-$34.8 billion, the midpoint above the consensus of $33.84 billion. Also, PulteGroup (PHM) is up more than +7%, Lennar (LEN) is up more than +6%, and Toll Brothers (TOL) is up more than +4%.
IQVIA Holdings (IQV) is up more than +14% to lead gainers in the S&P 500 after reporting Q2 revenue of $4.02 billion, above the consensus of $3.96 billion.
Northrop Grumman (NOC) is up more than +9% after boosting its full-year adjusted EPS forecast to $25.00-$25.40 from a previous forecast of $24.95-$25.35, the midpoint above the consensus of $25.17.
PACCAR Inc. (PCAR) is up more than +4% to lead gainers in the Nasdaq 100 after raising the lower end of its full-year capex estimate to $750 million-$800 million from a previous forecast of $700 million-$800 million.
CSX Corp (CSX) is up more than +2% after Semafor reported that BNSF is working with Goldman Sachs to explore a takeover of a rival.
Calix (CALX) is up more than +1% after reporting Q2 adjusted EPS of 33 cents, better than the consensus of 21 cents, and forecasting Q3 adjusted EPS of 31 cents-37 cents, stronger than the consensus of 23 cents.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured by Chip Stock Weakness

The S&P 500 Index ($SPX) (SPY) Monday closed up +0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.50%. September E-mini S&P futures (ESU25) rose +0.19%, and September E-mini Nasdaq futures (NQU25) rose +0.54%.
Stock indexes mainly settled higher on Monday, with the S&P 500 and Nasdaq 100 posting new all-time highs. Stocks found support as the 10-year T-note yield fell by -5 bp to a one-week low of 4.37%. Also, the strength in chip stocks on Monday boosted technology stocks and led the broader market higher. On the negative side, natural gas producers retreated Monday after nat-gas futures fell more than -6% to a 1-week low.
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Some favorable corporate news supported gains in stocks on Monday. Block rose more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday. Also, Verizon Communications rose more than +4% after raising the lower end of its full-year earnings forecast.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Monday settled mixed. The Euro Stoxx 50 closed down -0.30%. China's Shanghai Composite rallied to a 9.5-month high and closed up +0.72%. Japan's Nikkei Stock 225 was closed today for the Marine Day holiday.
Interest Rates
September 10-year T-notes (ZNU25) on Monday closed up +13 ticks. The 10-year T-note yield fell -4.4 bp to 4.372%. Sep T-notes rose to a 1-week high on Monday, and the 10-year T-note yield fell to a 1-week low of 4.350%. T-notes rallied Monday on carryover support from last Friday when Fed Governor Christopher Waller said he backs a Fed rate cut at the July 29-30 FOMC meeting. T-notes also have carryover support from Monday's rally in 10-year German bunds to a 2-week high.
European government bond yields on Monday moved lower. The 10-year German bund yield fell to a 2-week low of 2.611% and finished down -8.2 bp to 2.613%. The 10-year UK gilt yield fell -7.1 bp to 4.603%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at Thursday's policy meeting.
US Stock Movers
Strength in chip stocks on Monday supported gains in the broader market. ARM Holdings Plc (ARM) closed up more than +3% to lead gainers in the Nasdaq 100. Also, Qualcomm (QCOM) closed up more than +2%. In addition, NXP Semiconductors NV (NXPI), Broadcom (AVGO), Lam Research (LRCX), and Applied Materials (AMAT) closed up more than +1%.
Block (XYZ) closed up more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday.
Verizon Communications (VZ) closed up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials after raising the lower end of its full-year earnings forecast to +1% to 3% from a previous estimate of 0% to +3%.
Pinterest (PINS) closed up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $45.
Dollar Tree (DLTR) closed up more than +2% after Barclays upgraded the stock to overweight from equal weight with a price target of $120.
Equinix Inc. (EQIX) closed up more than +1% after Elliot Investment Management said it has built up a stake in the company in an effort to get it to take steps to boost its share price.
Invesco Ltd (IVZ) closed up more than +1% after TD Cowen upgraded the stock to buy from hold with a price target of $25.
Natural gas producers retreated Monday after nat-gas futures (NQQ25) plunged more than -6% to a 1-week low. As a result, EQT Corp (EQT) closed down more than -9% to lead losers in the S&P 500. Also, Antero Resources (AR) closed down more than -10%, Expand Energy (EXE) closed down more than -8%, Cheniere Energy (LNG) closed down more than -7%, and Coterra Energy (CTRA) closed down more than -5%.
Sarepta Therapeutics (SRPT) closed down more than -5% after it refused to pause all shipments of its Elevidys treatment after three deaths were linked to the company's gene therapies.
Molina Healthcare (MOH) closed down more than -3% after TD Cowen cut its price target on the stock to $283 from $369.
American Express (AXP) closed down more than -1% to lead losers in the Dow Jones Industrials after issuing $4 billion in debt securities due in four and seven years.
Biogen (BIIB) closed down more than -1% after Truist Securities downgraded the stock to hold from buy.
Centene (CNC) closed down more than -1% after TD Cowen downgraded the stock to hold from buy.
Earnings Reports (7/22/2025)
Avery Dennison Corp (AVY), Baker Hughes Co (BKR), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), CoStar Group Inc (CSGP), Danaher Corp (DHR), DR Horton Inc (DHI), Enphase Energy Inc (ENPH), EQT Corp (EQT), Equifax Inc (EFX), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Interpublic Group of Cos Inc/The (IPG), Intuitive Surgical Inc (ISRG), Invesco Ltd (IVZ), IQVIA Holdings Inc (IQV), KeyCorp (KEY), Lockheed Martin Corp (LMT), MSCI Inc (MSCI), Northrop Grumman Corp (NOC), PACCAR Inc (PCAR), Pentair PLC (PNR), Philip Morris International In (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Sherwin-Williams Co/The (SHW), Synchrony Financial (SYF), Texas Instruments Inc (TXN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Chip Stock Strength and Lower Bond Yields

The S&P 500 Index ($SPX) (SPY) today is up +0.54%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.41%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.72%. September E-mini S&P futures (ESU25) are up +0.53%, and September E-mini Nasdaq futures (NQU25) are up +0.73%.
Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 posting new all-time highs. Lower bond yields are supportive of stocks, with the 10-year T-note yield down -6 bp to a 1-week low of 4.36%. Also, the strength in chip stocks today is boosting technology stocks and leading the broader market higher.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Some favorable corporate news is also supporting gains in stocks today. Block is up more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday. Also, Domino’s Pizza is up more than +2% after reporting better-than-expected Q2 revenue, and Verizon Communications is up more than +2% after raising the lower end of its full-year earnings forecast.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1.
Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Mr. Trump also imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don’t relocate production to the US within the next year.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.42%. China’s Shanghai Composite rallied to a 9.5-month high and closed up +0.72%. Japan’s Nikkei Stock 225 was closed today for the Marine Day holiday.
Interest Rates
September 10-year T-notes (ZNU25) today are up +14 ticks. The 10-year T-note yield is down -5.8 bp to 4.358%. Sep T-notes today rose to a 1-week high, and the 10-year T-note yield fell to a 1-week low of 4.354%. T-notes are climbing today on carryover support from last Friday when Fed Governor Christopher Waller said he backs a Fed rate cut at the July 29-30 FOMC meeting. T-notes also have carryover support from today’s rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.611% and is down -7.7 bp to 2.618%. The 10-year UK gilt yield is down -6.1 bp to 4.613%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Strength in chip stocks is supporting gains in the broader market. ARM Holdings Plc (ARM) is up more than +3% to lead gainers in the Nasdaq 100. Also, GlobalFoundries (GFS), ON Semiconductor Corp (ON), NXP Semiconductors NV (NXPI), Qualcomm (QCOM), and Broadcom (AVGO) are up more than +2%. In addition, Lam Research (LRCX), Intel (INTC), Advanced Micro Devices (AMD), and Applied Materials (AMAT) are up more than +1%.
Block (XYZ) is up more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday.
Verizon Communications (VZ) is up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials after raising the lower end of its full-year earnings forecast to +1% to 3% from a previous estimate of 0% to +3%.
Equinix Inc. (EQIX) is up more than +2% after Elliot Investment Management said it has built up a stake in the company in an effort to get it to take steps to boost its share price.
Pinterest (PINS) is up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $45.
Dollar Tree (DLTR) is up more than +1% after Barclays upgraded the stock to overweight from equal weight with a price target of $120.
Invesco Ltd (IVZ) is up more than +1% after TD Cowen upgraded the stock to buy from hold with a price target of $25.
Natural gas producers are under pressure today, with nat-gas futures (NQQ25) plunging more than -6% to a 1-week low on forecasts for cooler US temperatures later this month. As a result, EQT Corp (EQT) is down more than -6% to lead losers in the S&P 500. Also, Antero Resources (AR) is down more than -6%, and Cheniere Energy (LNG) and Expand Energy (EXE) are down more than -5%.
Sarepta Therapeutics (SRPT) is down more than -4% after it refused to pause all shipments of its Elevidys treatment after three deaths were linked to the company’s gene therapies.
Biogen (BIIB) is down more than -2% to lead losers in the Nasdaq 100 after Truist Securities downgraded the stock to hold from buy.
Molina Healthcare (MOH) is down more than -2% after TD Cowen cut its price target on the stock to $283 from $369.
Centene (CNC) is down more than -1% after TD Cowen downgraded the stock to hold from buy.
Earnings Reports (7/21/2025)
AGNC Investment Corp (AGNC), Alexandria Real Estate Equities (ARE), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Domino’s Pizza Inc (DPZ), Equity LifeStyle Properties In (ELS), Medpace Holdings Inc (MEDP), NXP Semiconductors NV (NXPI), RLI Corp (RLI), Roper Technologies Inc (ROP), Steel Dynamics Inc (STLD), Verizon Communications Inc (VZ), W R Berkley Corp (WRB), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500 and Nasdaq 100 Jump to Record Highs as Bond Yields Fall

The S&P 500 Index ($SPX) (SPY) today is up +0.30%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.49%. September E-mini S&P futures (ESU25) are up +0.37%, and September E-mini Nasdaq futures (NQU25) are up +0.65%.
Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 posting new all-time highs. Lower bond yields are supportive of stocks, with the 10-year T-note yield down -5 bp to 4.37%. Also, the strength in chip stocks today is boosting technology stocks and leading the broader market higher.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Some favorable corporate news is also supporting gains in stocks today. Block is up more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday. Also, Domino’s Pizza is up more than +2% after reporting better-than-expected Q2 revenue, and Verizon Communications is up more than +2% after raising the lower end of its full-year earnings forecast.
Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1.
Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Mr. Trump also imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don’t relocate production to the US within the next year.
The markets this week will focus on any tariff news along with the announcement of any new trade deals. On Wednesday, June existing home sales are expected to fall -0.7% m/m to 4.00 million. On Thursday, weekly initial unemployment claims are expected to climb by +6,000 to 227,000. Also, the July S&P US manufacturing PMI is expected to slip -0.4 to 52.5. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets are awaiting a heavy slate of quarterly corporate earnings results this week, including Alphabet and Tesla on Wednesday. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.64%. China’s Shanghai Composite rallied to a 9.5-month high and closed up +0.72%. Japan’s Nikkei Stock 225 was closed today for the Marine Day holiday.
Interest Rates
September 10-year T-notes (ZNU25) today are up +12 ticks. The 10-year T-note yield is down -4.6 bp to 4.370%. Sep T-notes today rose to a 1-week high, and the 10-year T-note yield fell to a 1-week low of 4.364%. T-notes are climbing today on carryover support from last Friday when Fed Governor Christopher Waller said he backs a Fed rate cut at the July 29-30 FOMC meeting. T-notes also have carryover support from today’s rally in 10-year German bunds to a 2-week high.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 2-week low of 2.616% and is down -7.3 bp to 2.622%. The 10-year UK gilt yield is down -5.7 bp to 4.618%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
Strength in chip stocks is supporting gains in the broader market. GlobalFoundries (GFS) is up more than +2% to lead gainers in the Nasdaq 100. Also, Intel (INTC), ARM Holdings Plc (ARM), and ON Semiconductor Corp (ON) are up more than +2%. In addition, Advanced Micro Devices (AMD), NXP Semiconductors NV (NXPI), Microchip Technology (MCHP), Applied Materials (AMAT), and Qualcomm (QCOM) are up more than +1%.
Block (XYZ) is up more than +7% after S&P Dow Jones Indices announced that the company will replace Hess Corp in the S&P 500 before the opening of trade on Wednesday.
Verizon Communications (VZ) is up more than +2% to lead gainers in the Dow Jones Industrials after raising the lower end of its full-year earnings forecast to +1% to 3% from a previous estimate of 0% to +3%.
Domino’s Pizza (DPZ) is up more than +2% after reporting Q2 revenue of $1.15 billion, better than the consensus of $1.14 billion.
Pinterest (PINS) is up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $45.
Dollar Tree (DLTR) is up down more than +1% after Barclays upgraded the stock to overweight from equal weight with a price target of $120.
Equinix Inc. (EQIX) is up more than +1% after Elliot Investment Management said it has built up a stake in the company in an effort to get it to take steps to boost its share price.
Invesco Ltd (IVZ) is up more than +1% after TD Cowen upgraded the stock to buy from hold with a price target of $25.
Sarepta Therapeutics (SRPT) is down more than -5% after it refused to pause all shipments of its Elevidys treatment after three deaths were linked to the company’s gene therapies.
Stellantis NV (STLA) is down more than -1% after reporting a preliminary net loss for the first half of the year of 2.3 billion euros ($2.68 billion).
Centene (CNC) is down more than -1% after TD Cowen downgraded the stock to hold from buy.
Target (TGT) is down nearly -1% after Barclays downgraded the stock to underweight from equal weight with a price target of $91.
Earnings Reports (7/21/2025)
AGNC Investment Corp (AGNC), Alexandria Real Estate Equities (ARE), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Domino’s Pizza Inc (DPZ), Equity LifeStyle Properties In (ELS), Medpace Holdings Inc (MEDP), NXP Semiconductors NV (NXPI), RLI Corp (RLI), Roper Technologies Inc (ROP), Steel Dynamics Inc (STLD), Verizon Communications Inc (VZ), W R Berkley Corp (WRB), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Climb on Lower Bond Yields and Favorable Corporate News

Below is Validea's guru fundamental report for ARM HOLDINGS PLC - ADR (ARM). Of the 22 guru strategies we follow, ARM rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit characteristics associated with sustained future growth.
ARM HOLDINGS PLC - ADR (ARM) is a large-cap growth stock in the Semiconductors industry. The rating using this strategy is 66% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ARM HOLDINGS PLC - ADR
More Information on Partha Mohanram
About Partha Mohanram: Sometimes the best investing strategies don't come from the world of investing. Sometimes research that changes the investing world can come from the halls of academia. Partha Mohanram is a great example of this. While academic research has shown that value investing works over time, it has found the opposite for growth investing. Mohanram turned that research on its head by developing a growth model that produced significant market outperformance. His research paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" looked at the criteria that can be used to separate growth stocks that continue their upward trajectory from those that don't. Mohanram is currently the John H. Watson Chair in Value Investing at the University of Toronto and was previously an Associate Professor at the Columbia Business School.
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About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Arm Holdings plc

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