ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems for chipmakers. It offers advanced semiconductor equipment systems, including lithography, metrology, and inspection systems. The company also provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture various range of semiconductor nodes and technologies. In addition, it offers metrology and inspection systems, including YieldStar optical metrology systems to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, the company provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

ASML Holding N.V. - New York Registry Shares

In this video, I will cover ASML's (NASDAQ: ASML) recent earnings report and explain why the stock went down, and if this is bad news for companies like Nvidia or AMD. Watch the short video to learn more, consider subscribing, and click the special offer link below.
*Stock prices used were from the trading day of July 16, 2025. The video was published on July 16, 2025.
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Should you invest $1,000 in ASML right now?
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,046,308!*
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Neil Rozenbaum has positions in Advanced Micro Devices. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ASML Earnings Drop: What It Means for Nvidia, AMD, and TSMC

Key Points
The market is approaching new highs again.
However, these promising growth stocks have yet to set new highs.
Although they haven't kept pace with the S&P 500 recently, these stocks offer investors market-beating potential over the long term.
Over the last few months, the S&P 500 has risen 24% from its 2025 low, and has begun setting new all-time highs.
This incredible ascension doesn't mean there are no enticingly priced stocks, though. Despite the market rebounding, many of the best growth stocks remain at least 10% below their highs. Here are 10 of my favorite growth stocks that are worth buying right now. (Numbers as of July 10, 2025.)
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1. Shopify: 33% below all-time highs
Shares of the United States' leading e-commerce enabler, Shopify (NASDAQ: SHOP), are down 33% from their 2021 peak as i write this.
However, in the four years since that high, sales have grown from $4 billion to over $9 billion, giving the company a much more palatable valuation.
Much as Amazon revolutionized e-commerce alongside the internet's boom, Shopify aims to reimagine the industry as artificial intelligence (AI) gains prominence.
In 2023, the company launched Shopify Magic, an AI-powered toolbox that generates product descriptions and marketing campaigns, edits photos, and automates customer support. Then in 2024 it launched Sidekick, which helps merchants gather business insights, optimize inventory, and set pricing strategies, among things.
These AI solutions reinforce Shopify's mission of simplifying entrepreneurship, and should help it stay the top dog in the global e-commerce industry.
Shopify still accounts for only 12% of the U.S. e-commerce industry -- and less than 2% in its core international geographies -- so it should still have decades of growth ahead.
2. Global-E Online: 59% below all-time highs
Whereas Shopify streamlines the e-commerce experience for merchants, Global-E Online (NASDAQ: GLBE) does so for crossborder sales. Selling products to someone in a different country is complicated, and Global-E's e-commerce platform alleviates these difficulties for its merchants.
The company enables sales to over 200 countries, offering pricing in 100 currencies along with 150 payment options. It also provides access to 20 shipping carriers, messaging in 30 languages, tariff calculations, and zero-risk payment fraud management.
Its operations are so complex that Shopify chose to partner with Global-E rather than try to help its merchants sell internationally on its own.
FedEx estimates that crossborder sales will grow twice as fast as regular e-commerce purchases through 2030. This fact, paired with Global-E's 30% revenue growth and improving margins, makes it a promising investment.
3. DLocal: 84% below all-time highs
DLocal (NASDAQ: DLO) also helps merchants sell to customers in foreign countries, processing payments in emerging markets. It helps improve merchants' conversion rates by offering 900 local payment options in 40 countries across Latin America, Africa, and Asia.
However, since the company went public in 2021, its net profit margin has slid from above 30% to 19%, which helps explain its dramatic share price drop.
This margin compression is the result of a short-term trade-off DLocal is making. Rather than demanding lofty "take rates" up front, it's getting its foot in the door with major customers, such as Amazon, Spotify, Uber, Shopify, and Netflix.
Now woven into its megacustomers' ecosystems, DLocal can start to offer higher-margin solutions over time, increasing the portion it takes as it provides value to them. Early results look promising: DLocal's total payment volume (TPV) retention rate hit 144% last quarter.
Trading at 23 times earnings, while growing TPV by 53%, DLocal could be a steal today.
4. Nu Holdings: 18% below all-time highs
Serving 99 million active customers across Brazil, Mexico, and Colombia -- a figure that grew by 16 million over the last year -- Nu Holdings (NYSE: NU) is becoming one of the largest digital banks in the world.
Aside from its robust 25% net profit margin, Nu's growth in average revenue per active customer (ARPAC) is what makes the bank so intriguing.
ARPAC one year after a customer joins the bank is $4.80. After two years, this rises to $6.80. But after eight years, the figure spikes to $25.90, highlighting how the bank grows alongside its customers.
Furthermore, while Nu already counts 58% of the adult Brazilian population as customers, this percentage is much lower in the company's nascent growth markets: It's only 12% in Mexico, and 8% in Colombia.
The combination of ARPAC growth, geographic expansion potential, solid margins, and acceptable delinquency ratios makes Nu Holdings a stellar growth stock.
5. Duolingo: 30% below all-time highs
After quadrupling in value since their 2021 initial public offering (IPO), shares of the world's largest language-learning app, Duolingo (NASDAQ: DUOL), have declined by 30%.
Seeing daily active user (DAU) growth slow from 56% in February to 37% in June, the market reined in Duolingo's lofty valuation. While it's now trading at a more reasonable 61 times forward earnings estimates (down from 90 a few days ago), the company's improving margins and promising growth options could outgrow this valuation.
Whether it adds new courses (such as math or chess), offers more standardized tests, expands its advertising business, or deploys new AI use cases (like video chats with the fan-favorite character Lily), Duolingo has a growth story still in its early chapters.
6. Wingstop: 23% below all-time highs
In January and February, I wrote about Wingstop (NASDAQ: WING) being one of my favorite growth stocks. The Buffalo wing franchiser's shares have since rallied from a bit over $200 per share to over $300. Yet the best may still be ahead.
Wingstop currently has 2,563 locations, but management believes it can raise this number to 10,000 globally. If that sounds far-fetched, consider that the company already has 1,955 stores in its development pipeline.
And Wingstop isn't a one-trick pony relying upon store-count expansion to grow. It has 21 consecutive years of same-store sales growth, including a 20% increase in 2024.
Yes, the stock looks expensive at 69 times cash flow from operations (CFO). However, it had a similar valuation at its IPO in 2015, and has since become a 15-bagger, so I'm optimistic about the future.
7. Dutch Bros: 25% below all-time highs
Dutch Bros (NYSE: BROS) is a burgeoning handcrafted-beverage chain with a cult-like following among its customers. Much as with Wingstop, a lot of the interest in the company's stock stems from its potential for store-count growth.
Although it's already 1,000 shops strong, over 50% of the company's locations are in just three states: Oregon, California, and Texas. As Dutch Bros expands further into the Midwest and Southeast, management believes it could reach 7,000 locations.
Now that the company has reached breakeven on what it generates in cash flow from operations versus what it spends building new stores each year, it could become a compounding machine.
Already lauded for customer service and value for customers, Dutch Bros should continue to appeal as it expands to new states.
8. UFP Technologies: 30% below all-time highs
UFP Technologies (NASDAQ: UFPT) is a contract development and manufacturing organization for 26 of the 30 largest medical device manufacturers.
With the design capabilities and materials expertise necessary to manufacture new polymer-based medical devices, UFP collaborates with medical device makers to create new products. UFP's shining example of this process was designing drapes for Intuitive Surgical's robots to "wear" during surgeries.
Targeting niche use cases like this, the company relies on its strategy as a serial acquirer to grow, scooping up new complementary technologies as it goes.
Since UFP gets to handpick which devices it collaborates on with its customers -- typically high-margin, single-use products -- I expect its multibagging ways to continue far into the future.
9. The Trade Desk: 46% below all-time highs
The Trade Desk (NASDAQ: TTD) is the largest ad-buying platform for the open internet. As a demand-side platform focused on transparency, The Trade Desk stands in stark contrast to the closed systems of Meta Platforms, Amazon, and Alphabet's Google.
But, after the company reported earnings earlier this year that missed expectations for the first time in 33 quarters, its share price got crushed.
While a 60% drop in share price is alarming, the dramatic sell-off likely had more to do with the company trading at over 100 times its free cash flow (FCF) than with any fundamental issues with the business.
For instance, GroupM expects the advertising industry to grow by 7% in 2025. Given The Trade Desk's 25% Q1 sales growth, it's evident that the company is continuing to expand its market share.
As The Trade Desk continues to target three high-growth areas -- connected TV, premium audio, and international markets -- it's likely to outgrow its current price-to-FCF ratio of 55.
10. ASML: 27% below all-time highs
One of the simplest ways to invest in the ongoing AI boom may be to buy lithography juggernaut ASML (NASDAQ: ASML).
Lithography is the near-magic process of using ultraviolet light to etch nanoscopic patterns onto silicon wafers, which are used in the world's most powerful semiconductor chips. What makes ASML so interesting is that it's far and away the leader in this process. It holds a market share of over 50% in more mature deep ultraviolet lithography, and a monopoly in extreme ultraviolet lithography -- the most advanced process.
Although ASML will always remain exposed to geopolitical risks and cyclicality throughout the semiconductor supply chain, its importance to its customers (and thus, its sales) should grow over the long term.
McKinsey & Company expects the $600 billion semiconductor industry to grow to $1 trillion by 2030 and surpass $2 trillion by 2040, so ASML's lithography machines should remain essential for years to come.
With shares trading below their 10-year average price-to-earnings (P/E) ratio of 37, now looks like a great time to consider buying the company responsible for powering the semiconductor industry.
Should you invest $1,000 in Shopify right now?
Before you buy stock in Shopify, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Shopify wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,046,308!*
Now, it’s worth noting Stock Advisor’s total average return is 1,060% — a market-crushing outperformance compared to 179% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of July 15, 2025
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors.
Josh Kohn-Lindquist has positions in ASML, Alphabet, DLocal, Duolingo, Dutch Bros, Global-E Online, Netflix, Nu Holdings, Shopify, The Trade Desk, Uber Technologies, UFP Technologies, and Wingstop. The Motley Fool has positions in and recommends ASML, Alphabet, Amazon, FedEx, Global-E Online, Intuitive Surgical, Meta Platforms, Netflix, Shopify, Spotify Technology, The Trade Desk, and Uber Technologies. The Motley Fool recommends DLocal, Duolingo, Dutch Bros, Nu Holdings, Ufp Technologies, and Wingstop and recommends the following options: long January 2027 $7 calls on DLocal and short January 2027 $10 calls on DLocal. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

10 Growth Stocks Down 10% or More to Buy Right Now

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.29%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.12%. September E-mini S&P futures (ESU25) rose +0.33%, and September E-mini Nasdaq futures (NQU25) closed up +0.11%.
Stocks ended the day higher after President Trump denied that he intends to summarily fire Fed Chair Powell, although he left open the possibility of firing him for cause. Stocks temporarily dropped during midday after reports circulated that Mr. Trump had told Republican House members that he met with on Tuesday that he wanted to fire Mr. Powell.
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Stocks found support early in the session on the soft PPI report, which was dovish for Fed policy. Stocks also found support after the 10-year T-note yield ended the day down -3 bp. The afternoon Beige Book report was supportive of stocks, as it indicated a small improvement in economic activity compared to the previous report.
The Nasdaq 100 index was undercut by weakness in chip stocks after ASML's disappointing guidance, although some chip stocks recovered later in the day.
Wednesday's June PPI report was favorable, as both the month-over-month and year-over-year figures were better than expected, suggesting that tariff inflation has not yet hit the producer level. The PPI report sparked some inflation optimism after Tuesday's mixed CPI report.
Specifically, the June final-demand PPI was unchanged m/m and +2.3% y/y, which was weaker than expectations of +0.2% m/m and +2.5% y/y. The June core PPI report of unchanged m/m and +2.6% y/y was weaker than expectations of +0.2% m/m and +2.6% y/y. The year-over-year figures of +2.3% (nominal) and +2.6% y/y (core) were down from the revised May figures of +2.7% and +3.2%, respectively.
Wednesday's June US industrial production report of +0.3% m/m was slightly stronger than market expectations of +0.1%, and May was revised higher to unchanged from -0.2%. The June US manufacturing production report of +0.1% m/m was slightly stronger than expectations of unchanged.
The July New York Fed services business activity index rose to -9.3 from -13.2 in June.
The Fed's Beige Book survey of the US regional economies showed that US economic activity "increased slightly between late May and early July." The report said, "That represented an improvement over the previous report, in which half of the districts reported at least slight declines in activity." The report added, "Uncertainty remained elevated, contributing to the ongoing caution by businesses."
Regarding inflation, the Beige Book stated that all districts reported price increases, with businesses experiencing "modest to pronounced input cost pressures related to tariffs." The report added, "Many firms passed on at least a portion of the cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers' growing price sensitivity, resulting in compressed profit margins."
Expectations for Fed policy ended the day little changed after some movement on the Powell news. 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 Sep 16-17.
Bitcoin (^BTSUSD) rallied +2.3% on Wednesday, overcoming part of Tuesday's -3.3% decline. Bitcoin rose after President Trump said he talked right-wing House Republicans into supporting the stablecoin bill the House is considering, although House Speaker Johnson still couldn't get a procedural vote approved by late afternoon. Bitcoin has rallied sharply in the past several weeks, driven by hopes for favorable crypto regulation from Washington.
On the trade front, President Trump said Wednesday that he intends to send a tariff letter to more than 150 countries, giving the entire group the same tariff. He said that group wouldn't be the "big" countries.
Recent trade and tariff news has been mixed. There was some positive trade news Tuesday after Treasury Secretary Bessent said that US-China trade talks are in a "very good place" and told market participants "not to worry about August 12," the deadline for US-China trade talks. There was also some positive trade news on Tuesday after President Trump announced that his administration had reached a trade deal with Indonesia.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump 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 will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, 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 lower. The Euro Stoxx 50 closed down -1.05%. China's Shanghai Composite closed down -0.03%. Japan's Nikkei Stock 225 closed down -0.04%.
Interest Rates
September 10-year T-notes (ZNU25) rose +10.5 ticks. The 10-year T-note yield fell -3.2 bp to 4.449%. Bullish factors included the favorable PPI report and some safe-haven demand amidst the latest tariff threats. Bearish factors included the stronger-than-expected US industrial production and Beige Book reports, and the +1.0 bp rise in the 10-year inflation expectations rate to 2.424%.
The short end of the Treasury curve saw some temporary support from reports that President Trump wants to fire Fed Chair Powell, which could result in a near-term cut in the Fed's federal funds rate target range by Powell’s replacement. However, the long end of the Treasury curve would view a Powell firing as a bearish development due to the inflation risks of a politically driven central bank potentially pursuing artificially low interest rates.
European government bond yields ended mixed. The 10-year German bund yield fell -2.4 bp to 2.687%. The 10-year UK gilt yield rose +1.4 bp to 4.639%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks closed mixed, with four gainers and three losers. The largest movers were Tesla (TSLA), with a gain of more than +3.5%, and Amazon (AMZN), with a loss of -1.4%.
Wall Street firms reported generally positive results early Wednesday. Goldman Sachs (GS) ended the day up +0.9% after reporting a Wall Street record of $4.3 billion of equity-trading revenue. Also, management fees in asset and wealth management rose +11% y/y.
Bank of America (BAC) closed the day down -0.3% despite reporting that its trading division posted a record quarter and that net interest income was better than expected.
Morgan Stanley (MS) ended the day down -1.3% despite reporting strong equity-trading income and boosting net new assets in its wealth management division.
ASML (ASML) fell more than -8% after issuing cautious guidance for next year. The report dampened enthusiasm for the chip sector, which generally turned lower after Tuesday's rally on optimism about the Trump administration's move to loosen some chip sale restrictions to China.
Micron Technology (MU) closed down more than -3%, while Marvell Technology (MRVL) and Applied Materials (AMAT) closed down more than -2%.
Cryptocurrency-exposed stocks traded higher after bitcoin (^BTCUSD) rallied +2.3% on the improved prospects for House passage of a crypto bill supported by the industry and the White House. Riot Platforms (RIOT), Mara Holdings (MARA), and Strategy (MSTR) closed up more than +3%.
Johnson & Johnson (JNJ) rallied more than +6% after raising its full-year sales guidance for the year and reporting better-than-expected Q2 earnings and revenue.
Earnings Reports (7/17/2025)
PepsiCo Inc (PEP), Travelers Cos Inc/The (TRV), Abbott Laboratories (ABT), Elevance Health Inc (ELV), Cintas Corp (CTAS), Marsh & McLennan Cos Inc (MMC), US Bancorp (USB), Snap-on Inc (SNA), General Electric Co (GE), Citizens Financial Group Inc (CFG), Fifth Third Bancorp (FITB), Netflix Inc (NFLX).
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 End Higher Despite Uncertainty About Possible Powell Firing

Key Points
ASML published its second-quarter results before the market opened this morning and beat Wall Street's sales and earnings targets.
ASML's performance outlook for this year looks strong, but management issued very cautious guidance for next year.
The semiconductor equipment specialist is concerned that tariffs and geopolitical risk factors could stifle growth.
ASML (NASDAQ: ASML) stock is getting hit with big sell-offs Wednesday following the company's recent earnings report. The semiconductor manufacturing equipment specialist's share price was down 7.8% as of 3:20 p.m. ET. The stock had been down as much as 11.2% earlier in the day's trading.
ASML published its second-quarter results before the market opened this morning and actually posted sales and earnings for the period that beat Wall Street's targets. But despite strong performance in Q2, the company issued cautious forward guidance -- and investors are selling the stock in response.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
ASML stock sinks despite strong Q2 results
ASML posted a net profit of 2.29 billion euros (roughly $2.66 billion) on sales of 7.7 billion euros (roughly $8.95 billion) in the second quarter. Meanwhile, the average analyst estimate had called for the business to record a profit of 2.04 billion euros on sales of 7.52 billion euros. Sales were up roughly 23% year over year, and the company posted a gross margin of 53.7% in the period. The tech specialist continued to see demand catalysts related to equipment sales for the manufacturing of artificial intelligence (AI) chips, but management issued a cautious outlook for next year.
What's next for ASML?
On the heels of the strong performance in the second quarter, ASML now expects that it will see annual revenue growth of roughly 15% and gross margin of approximately 52% this year. While those targets might otherwise have been cause for a valuation rally, management said that it could not confidently state that the business would grow next year. With tariffs and other macroeconomic and geopolitical risks, ASML isn't sure that there will be a sales expansion next year -- and investors are selling out of the stock in response to the disappointing guidance.
Should you invest $1,000 in ASML right now?
Before you buy stock in ASML, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ASML wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,046,308!*
Now, it’s worth noting Stock Advisor’s total average return is 1,060% — a market-crushing outperformance compared to 179% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of July 15, 2025
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why ASML Stock Is Plummeting Today

The S&P 500 Index ($SPX) (SPY) today is down -0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.30%. September E-mini S&P futures (ESU25) are down -0.03%, and September E-mini Nasdaq futures (NQU25) are down -0.26%.
Stocks are seeing support today from the favorable PPI report and positive earnings results from several top Wall Street banks. However, the Nasdaq 100 index is being undercut by weakness in chip stocks, which fell after disappointing guidance from ASML.
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Stocks also saw some weakness after CBS today reported that President Trump asked a group of House Republicans on Tuesday whether he should fire Fed Chair Powell. Several of those lawmakers said Mr. Trump indicated he would go ahead with the firing. However, CBS also quoted sources inside the White House as saying that the White House has not yet built a legal predicate for firing Mr. Powell, which can only be done for cause. In any case, Mr. Trump is continuing to pressure Mr. Powell to voluntarily resign.
Today's June PPI report was favorable, as both the month-over-month and year-over-year figures were better than expected, suggesting that tariff inflation has not yet hit the producer level. The PPI report sparked some inflation optimism after Tuesday's mixed CPI report.
Specifically, the June final-demand PPI was unchanged m/m and +2.3% y/y, which was weaker than expectations of +0.2% m/m and +2.5% y/y. The June core PPI report of unchanged m/m and +2.6% y/y was weaker than expectations of +0.2% m/m and +2.6% y/y. The year-over-year figures of +2.3% (nominal) and +2.6% y/y (core) were down from the revised May figures of +2.7% and +3.2%, respectively.
Today's June US industrial production report of +0.3% m/m was slightly stronger than market expectations of +0.1%, and May was revised higher to unchanged from -0.2%. The June US manufacturing production report of +0.1% m/m was slightly stronger than expectations of unchanged.
The July New York Fed services business activity index rose to -9.3 from -13.2 in June.
The Fed's July Beige Book report will be released later today.
Expectations for Fed policy were little changed after today's economic reports, but the reports about a possible Powell firing slightly boosted the chances for a rate cut. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 5% at the July 29-30 FOMC meeting (versus 3% Tuesday) and 64% at the following meeting on Sep 16-17 (versus 58% Tuesday).
Bitcoin (^BTSUSD) is up +2.3% today, overcoming part of Tuesday's -3.3% decline, after President Trump cajoled right-wing House Republicans later yesterday to vote in favor of the crypto legislation supported by the White House and the crypto industry. President Trump said he expects the House to pass the GENIUS Act stablecoin bill today. Those Republicans yesterday blocked the legislation by voting against a procedural motion.
Bitcoin has rallied sharply in the past several weeks, driven by hopes for favorable crypto regulation from Washington. The US House Committee on Ways and Means plans to hold an oversight subcommittee hearing today entitled "Making America the Crypto Capital of the World," which is expected to promote crypto-friendly regulations.
Recent trade and tariff news has been mixed. There was some positive trade news Tuesday after Treasury Secretary Bessent said that US-China trade talks are in a "very good place" and told market participants "not to worry about August 12," the deadline for US-China trade talks. There was also some positive trade news on Tuesday after President Trump announced that his administration had reached a trade deal with Indonesia.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump 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 will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. Key reports on Thursday include PepsiCorp, Abbott, US Bancorp, Fifth Third, and GE. Key reports on Friday include Schwab and American Express.
The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, 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 lower. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite closed down -0.03%. Japan's Nikkei Stock 225 closed down -0.04%.
Interest Rates
September 10-year T-notes (ZNU25) are up +9 ticks. The 10-year T-note yield is down -1.6 bp at 4.465%. Bullish factors today include the favorable PPI report and today's -0.4 bp decline in the 10-year inflation expectations rate to 2.410%. Bearish factors include today's slightly stronger-than-expected US industrial production report.
The short-end of the Treasury curve saw support from the slightly increased chances for a Fed rate cut on today's heightened news that President Trump may soon fire Fed Chair Powell. However, the long-end of the Treasury curve would view that as a bearish development due to the inflation risks of a politically-motivated central bank.
European government bond yields are mixed. The 10-year German bund yield is down -1.9 bp at 2.693%. The 10-year UK gilt yield is up +3.1 bp at 4.656%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks are mixed today, with three gainers and four losers. The largest movers are Tesla (TSLA), with a gain of more than +2%, and Amazon (AMZN), with a loss of more than -1%.
Wall Street firms today reported positive results that boosted the stocks in pre-market trading, although those stocks are now trading lower.
Goldman Sachs (GS) was up more than +1% in pre-market trading but then faded and is now trading -0.6% lower. Goldman reported a Wall Street record of $4.3 billion of equity-trading revenue. Also, management fees in asset and wealth management rose +11% y/y.
Bank of America (BAC) is down more than -2% despite reporting that its trading division posted a record quarter and that net interest income was better than expected.
Morgan Stanley (MS) is down more than -3% despite reporting strong equity-trading income and boosting net new assets in its wealth management division.
ASML (ASML) is down more than -10% after issuing cautious guidance for next year. The report dampened enthusiasm for the chip sector, which turned lower today after yesterday's rally on optimism about the Trump administration's move to loosen some chip sale restrictions to China. Marvell Technology (MRVL) and Applied Materials (AMAT) are down more than -4%. Micron Technology (MU), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -3%.
Cryptocurrency-exposed stocks are trading higher today after President Trump yesterday apparently convinced right-wing House members to vote in favor of the stablecoin legislation currently before the House. Bitcoin (^BTCUSD) today is up +2.3% after Tuesday's -3.3% decline. Mara Holdings (MARA) and Riot Platforms (RIOT) are up more than +5%, and Coinbase (COIN) is up more than +3%.
Johnson & Johnson (JNJ) is up more than +5% after raising its full-year sales guidance for the year and reporting better-than-expected Q2 earnings and revenue.
Earnings Reports (7/16/2025)
Prologis Inc (PLD), Progressive Corp/The (PGR), M&T Bank Corp (MTB), PNC Financial Services Group I (PNC), Bank of America Corp (BAC), Johnson & Johnson (JNJ), Goldman Sachs Group Inc/The (GS), Morgan Stanley (MS), United Airlines Holdings Inc (UAL), Kinder Morgan Inc (KMI).
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 Sell-off and Increased Talk about Powell Firing

Key Points
ASML beat top- and bottom-line expectations, growing sales by 24% and earnings per share by 47% in the quarter.
The company continues to see solid demand for its high-end lithography equipment used to make the powerful chips needed for AI data centers.
Tariffs and trade policy are clouding ASML's near-term outlook, leaving the company unable to say whether it will grow in 2026.
Here's our initial take on ASML's (NASDAQ: ASML) fiscal 2025 second-quarter financial report.
Key Metrics
Metric
Q2 2024
Q2 2025
Change
vs. Expectations
New units sold
89
67
-25%
n/a
Net bookings
5.6 billion euros
5.5 billion euros
-2%
n/a
ASML Management Is Unsure About 2026 Growth
ASML is the world's go-to supply of high-end lithography equipment used to manufacture microchips, with its most expensive systems selling for nearly $400 million each. The company stands to be a major beneficiary of the AI boom, which is fueling demand for more chips and the machines that produce them, but the high price of its systems tends to result in quarter-to-quarter choppiness.
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ASML posted revenue and earnings up 24% and 47% year over year despite selling fewer systems this quarter. Lithography equipment varies in price based on the sophistication of the device, implying that the company is seeing strong demand for its newer, cutting-edge technology. Net bookings in the quarter came in flat at 5.5 billion euros, of which 2.3 billion euros was for higher-end systems.
The company generated a gross margin of 53.7% in the quarter.
But the company is worried about storm clouds on the horizon. ASML's semiconductor customers have been dealing with heightened uncertainty due to trade restrictions and tariff policies, creating questions about orders heading into 2026.
CEO Christophe Fouquet said, "AI customers' fundamentals remain strong," but ASML is seeing "increasing uncertainty driven by macro-economic and geopolitical developments."
Fouquet said that while ASML is still preparing for growth in 2026, "we cannot confirm it at this stage."
Immediate Market Reaction
Investors were focused on the commentary about 2026, and not the second-quarter results. ASML shares were down 8% in premarket trading ahead of the New York Stock Exchange open.
What to Watch
Although ASML's cautious guidance about 2026 is weighing on investors post-earnings, the long-term growth story is still intact. The company is a vital piece in the supply of arguably one of the most important components of the global economy, and with AI spending and other digital efforts likely to continue to build for years to come, there should be solid demand for semiconductors and the machines needed to make them.
The geopolitical situation is rapidly changing. Just this week, the U.S. reversed a ban on Nvidia (NASDAQ: NVDA) selling its H20 chips in China. In a recorded interview posted on ASML's website accompanying earnings, the company's chief financial officer, Roger Dassen, attributed the second-quarter beat in part to tariffs having a "less negative" impact than anticipated.
If that trend continues, ASML's caution about 2026 could prove to be overly conservative.
Helpful Resources
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Lou Whiteman has positions in ASML. The Motley Fool has positions in and recommends ASML and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ASML: Strong Quarter, Uncertain Guidance

Key Points
ASML just warned of slow or no sales growth in 2026.
Investors are worried -- logically -- that if semiconductor equipment sales slow, then semiconductor sales could slow as well.
Long term, the investment thesis for TSMC stock remains intact.
Dutch semiconductor equipment manufacturer ASML (NASDAQ: ASML) warned investors Wednesday its sales might not grow at all in 2026, sparking worries the artificial intelligence (AI) revolution might not be as inevitable as investors thought -- and sparking a brief sell-off in shares of contract chip manufacturer Taiwan Semiconductor Manufacturing (NYSE: TSM).
Shares of TSMC tumbled more than 4% in early trading before making up most of their losses by noon ET. As of 12:10 p.m. ET, TSMC stock is down only 0.2%.
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Semiconductor logic
Why is it down at all? The reasoning goes like this: The AI revolution is supposed to be great news for semiconductor stocks -- for both sellers of chips like TSMC, and sellers of the machines that make the chips, like ASML. But if ASML's sales are slowing (and they are -- Q2 sales were up only 0.6% year over year), then that logically might mean that TSMC's own sales growth could stall as well.
That's the worry that fretted investors this morning.
Is TSMC stock a sell?
And yet, that's not what most analysts think will happen -- at all. According to analysts polled by S&P Global Market Intelligence, total sales growth for TSMC over the next five years should average nearly 20% annually. And between the stock's 22.4-times earnings valuation and its 1.8% dividend yield, that means TSMC is almost perfectly priced for the long-term growth that almost everyone is certain will happen.
Granted, short term hiccups could arise. In ASML's case, growth is probably slowing, at least in part because of sanctions placed on exports of chip-making machinery to China. But there are plenty of other countries in the world that need chips, and both ASML and TSMC can still sell to them.
Long term, I expect TSMC stock is going to do just fine.
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,046,308!*
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why TSMC Stock Tumbled Early Wednesday

Key Points
Lam Research rival ASML had bad news for investors today.
Q2 earnings growth was weak, and ASML says it might not grow at all in 2026.
If the same holds true for Lam Research, the stock's expensive price could suffer.
Dutch semiconductor equipment manufacturer ASML (NASDAQ: ASML) warned investors that its sales might not grow at all in 2026, and the bad news isn't just crashing ASML stock -- it's taking down rival semi equipment maker Lam Research (NASDAQ: LRCX) as well.
As of 11:40 a.m. ET, ASML stock is down 11%, but Lam stock is down, too, by 3.6%.
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Revolution interrupted?
The artificial intelligence (AI) revolution is supposed to be great news for semiconductor stocks -- both sellers of chips like Nvidia, and sellers of the machines that make the chips, like ASML and Lam. However, in its just-released Q2 report, ASML had to admit its earnings grew only 1.7% year over year, and its sales inched only 0.6% higher.
Worse, 5.5 billion euros in "net bookings" for the quarter weren't anywhere near what's needed to replace sales going out the door -- only 71% of quarterly sales, which implies a slowdown in business.
This suggests that demand for AI chips may be less insatiable than investors had been hoping for. That or Trump-inspired restrictions on selling chip-making machinery to China are taking a big toll on sales. Either way, it's bad news for ASML, and probably for Lam Research as well.
Is Lam Research stock a sell?
Priced at 27.5 times its $4.7 billion in trailing earnings, Lam Research stock isn't set up for a letdown in semiconductor sales growth. Worse, when valued on free cash flow (which is weaker than its reported earnings), Lam stock costs closer to 34x FCF.
That's expensive already, based on analyst forecasts that Lam's earnings might grow less than 17% annually over the next five years. If Lam, like ASML, fails to grow at all next year, it might be time to sell.
Should you invest $1,000 in Lam Research right now?
Before you buy stock in Lam Research, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lam Research wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $679,653!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,046,308!*
Now, it’s worth noting Stock Advisor’s total average return is 1,060% — a market-crushing outperformance compared to 179% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of July 15, 2025
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Lam Research, and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Lam Research Stock Dropped on Wednesday

In trading on Wednesday, the Amplify Transformational Data Sharing ETF is outperforming other ETFs, up about 2% on the day. Components of that ETF showing particular strength include shares of Exodus Movement, up about 13.6% and shares of Circle Internet Group, up about 12.5% on the day.
And underperforming other ETFs today is the iShares Semiconductor ETF, off about 2.3% in Wednesday afternoon trading. Among components of that ETF with the weakest showing on Wednesday were shares of ASML Holding, lower by about 10.5%, and shares of Marvell Technology, lower by about 4.8% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wednesday's ETF Movers: BLOK, SOXX

The S&P 500 Index ($SPX) (SPY) today is up +0.14%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.29%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.14%. September E-mini S&P futures (ESU25) are up +0.15%, and September E-mini Nasdaq futures (NQU25) is down -0.03%.
Stocks are seeing support today from the favorable PPI report and positive earnings results from several top Wall Street banks. The Nasdaq 100 index is being held back by weakness in chip stocks after disappointing guidance from ASML.
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Today's June PPI report was favorable, as both the month-over-month and year-over-year figures were better than expected, suggesting that tariff inflation has not yet hit at the producer level. The PPI report sparked some inflation optimism after Tuesday's mixed CPI report.
Specifically, the June final-demand PPI was unchanged m/m and +2.3% y/y, which was weaker than expectations of +0.2% m/m and +2.5% y/y. The June core PPI report of unchanged m/m and +2.6% y/y was weaker than expectations of +0.2% m/m and +2.6% y/y. The year-over-year figures of +2.3% (nominal) and +2.6% y/y (core) were down from the revised May figures of +2.7% and +3.2%, respectively.
Today's June US industrial production report of +0.3% m/m was slightly stronger than market expectations of +0.1%, and May was revised higher to unchanged from -0.2%. The June US manufacturing production report of +0.1% m/m was slightly stronger than expectations of unchanged.
The July New York Fed services business activity index rose to -9.3 from -13.2 in June.
The Fed's July Beige Book report will be released later today.
Expectations for Fed policy were little changed after today's economic reports. 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 Sep 16-17.
The price of Bitcoin (^BTSUSD) is up +1.7% today, overcoming part of Tuesday's -3.3% decline, after President Trump cajoled right-wing House Republicans later yesterday to vote in favor of the crypto legislation supported by the White House and the crypto industry. President Trump said he expects the House to pass the GENIUS Act stablecoin bill today. Those Republicans yesterday helped block the legislation by voting against a procedural motion.
Bitcoin has rallied sharply in the past several weeks, driven by hopes for favorable crypto regulation from Washington. The US House Committee on Ways and Means plans to hold an oversight subcommittee hearing today entitled "Making America the Crypto Capital of the World," which is expected to promote crypto-friendly regulations.
Recent trade and tariff news has been mixed. There was some positive trade news Tuesday after Treasury Secretary Bessent said that US-China trade talks are in a "very good place" and told market participants "not to worry about August 12," the deadline for US-China trade talks. There was also some positive trade news Tuesday after President Trump announced that his administration had reached a trade deal with Indonesia.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump 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 will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. On Thursday, June retail sales are expected to climb by +0.1% m/m and +0.3% ex-autos, and weekly initial unemployment claims are expected to climb by +7,000 to 234,000. Also, on Thursday, the July Philadelphia Fed business outlook survey is expected to climb +3.0 points to -1.0, and the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. Key reports on Thursday include PepsiCorp, Abbott, US Bancorp, GE Fifth Third, and GE. Key reports on Friday include Schwab and American Express.
The consensus is for the S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, 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 slightly lower. The Euro Stoxx 50 is down -0.26%. China's Shanghai Composite closed down -0.03%. Japan's Nikkei Stock 225 closed down -0.04%.
Interest Rates
September 10-year T-notes (ZNU25) are up +6.5 ticks. The 10-year T-note yield is down -3.0 bp at 4.451%. T-note prices saw support from the favorable PPI report, although the PPI report did not accelerate expectations for a Fed rate cut. T-note prices are also seeing support from today's decline in the 10-year breakeven inflation expectations rate by -1.7 bp to 2.397%. On the bearish side, today's US industrial production report was slightly stronger than market expectations.
European government bond yields are mixed. The 10-year German bund yield is down -1.3 bp at 2.699%. The 10-year UK gilt yield is up +1.1 bp at 4.636%.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
The Magnificent Seven stocks are mixed today, with four gainers and three losers. The largest mover is Tesla (TSLA), with a gain of more than +2%.
Wall Street firms today reported positive results that boosted the stocks in pre-market trading, although those stocks are now trading lower.
Goldman Sachs (GS) was up more than +1% in pre-market trading but then faded and is now trading mildly lower. Goldman reported a Wall Street record of $4.3 billion of equity-trading revenue and that management fees in asset and wealth management rose +11% y/y.
Bank of America (BAC) is down -0.3% despite reporting that its trading division posted a record quarter and that net interest income was better than expected.
Morgan Stanley (MS) is down more than -2% despite reporting record equity-trading income and boosting net new assets in its wealth management division.
ASML (ASLM) is down more than -10% after issuing cautious guidance for next year. The report dampened enthusiasm for the chip sector, which turned lower today after yesterday's rally on optimism about the Trump administration's move to loosen some chip sale restrictions to China. Marvell Technology (MRVL) is down more than -5%, and Lam Research (LRCX) is down more than -3%.
Cryptocurrency-exposed stocks are trading higher today after President Trump later yesterday apparently convinced right-wing House members to vote in favor of the stablecoin legislation currently before the House. Bitcoin (^BTCUSD) today is up +2.2% after Tuesday's -3.3% decline. Mara Holdings (MARA) is up more than +4%, Riot Platforms (RIOT) is up more than +3%, and Coinbase (COIN) is up more than +2%.
Johnson & Johnson (JNJ) is up more than +4% after raising its full-year sales guidance for the year and reporting better-than-expected Q2 earnings and revenue.
Earnings Reports (7/16/2025)
Prologis Inc (PLD), Progressive Corp/The (PGR), M&T Bank Corp (MTB), PNC Financial Services Group I (PNC), Bank of America Corp (BAC), Johnson & Johnson (JNJ), Goldman Sachs Group Inc/The (GS), Morgan Stanley (MS), United Airlines Holdings Inc (UAL), Kinder Morgan Inc (KMI).
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.

ASML Holding N.V. - New York Registry Shares

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