Riot Platforms, Inc., together with its subsidiaries, operates as a bitcoin mining company in North America. The company operates through Bitcoin Mining, Data Center Hosting, and Engineering segments. It also provides co-location services for institutional-scale bitcoin mining companies; critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners; operation of data centers; and maintenance/management of computing capacity. In addition, the company engages in the design and manufacturing of power distribution equipment and custom engineered electrical products; electricity distribution product design, manufacture, and installation services primarily focused on large-scale commercial, and governmental customers, as well as a range of markets, including data center, power generation, utility, water, industrial, and alternative energy. The company was formerly known as Riot Blockchain, Inc. Riot Platforms, Inc. was incorporated in 1998 and is based in Castle Rock, Colorado.

Riot Platforms, Inc.

The company delivered $153 million in revenue, a 5% quarter-over-quarter revenue decline, but net income reached $219.5 million, reversing a GAAP net loss in the prior quarter, primarily due to a mark-to-market gain from Bitcoin (CRYPTO:BTC) appreciation.
This summary extracts three distinct insights on Riot’s pivot to data centers, operational improvements, and capital strategy, each with direct, unique investment implications.
Riot Platforms accelerates shift to data center platform
Riot began building its team and preparing for the development of high-performance computing (HPC) data centers, hiring Jonathan Gibbs as Chief Data Center Officer and amassing 858 acres at Corsicana to support up to 1 gigawatt of capacity. Their newly acquired hyperscale leadership and land position coincide with growing U.S. power demand and tightening lead times for data center development near Dallas and Austin.
"With the hiring of Jonathan Gibbs, Riot's Chief Data Center Officer, and other highly capable professionals from the traditional data center industry, we find ourselves at the beginning of another exciting chapter in Riot's story. With this new capability, we are about to undergo the next step of our evolution as a company. With the ability to build and develop high-performance compute data centers, we will transform Riot by establishing a robust and scalable data center segment. Successful execution in this regard is Riot's top priority."
-- Jason Les, CEO
This shift positions Riot to capitalize on structurally higher valuation multiples in the data center sector, moving beyond Bitcoin mining cyclicality and securing a foothold in the rapidly expanding HPC infrastructure market.
Operational gains drive Riot Platforms to industry-leading mining efficiency
Riot increased self-mining hash rate by 5% quarter-over-quarter to 35.4 exahash even as the global network hash rate outpaced Riot's growth at 9% quarter-over-quarter. Riot produced 1,406 bitcoins, down slightly from 1,530 bitcoins in the previous quarter. Year-over-year, hash rate utilization rose from 61% to 87%, contributing to a 50% gross margin for the Bitcoin mining segment and placing Riot among the most operationally efficient miners in the sector.
"Most notably, Riot's year-over-year hash rate utilization increased from 61% to 87%, demonstrating our strategic focus on improving operations across all of our sites, even as we significantly scaled our operations and now positioning us among the most efficient operators in the industry."
-- Colin Yee, CFO
This operational efficiency bolsters Riot's ability to generate consistent cash flows, funding strategic transitions.
Bitcoin-driven liquidity enables Riot Platforms to fund data center expansion without dilutive equity raises
Riot ended the quarter with $330 million in cash and over 19,000 bitcoins, representing $2.4 billion in liquidity, and implemented a $200 million Bitcoin-collateralized loan with Coinbase (NASDAQ:COIN). Proceeds from ongoing Bitcoin production sales and prudent capital allocation reduced reliance on at-the-market (ATM) equity issuance, aligning funding with shareholder value accretion.
"We continue to sell our monthly Bitcoin production in order to finance our ongoing operations while raising additional funds via a $200 million Bitcoin collateralized financing facility with Coinbase, allowing us to reduce issuance of stock through our ATM and fund our multiple growth opportunities, driving long-term shareholder value creation."
-- Jason Les, CEO
This approach minimizes dilution risk and preserves ownership as Riot reallocates capital into growth segments with potentially higher returns than legacy mining.
Looking Ahead
Management raised self-mining hash rate guidance for fiscal fourth quarter 2025 from 38.4 exahash to 40 exahash, with guidance for fiscal first quarter 2026 set at 45 exahash, targeting maintenance of roughly a 4% global network share through 2026.
Riot expects to complete the basis of design for its Corsicana data center by the end of fiscal third quarter 2025 (period ending Sept. 30, 2025), backed by already-secured delivery of 600-megawatt substation infrastructure and land assemblage to support up to 1 gigawatt of data center capacity. No explicit long-term revenue targets or lease signings were provided for the data center segment in this call.
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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Coinbase Global. 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.

Riot Platforms Swings to Q2 Profit

The S&P 500 Index ($SPX) (SPY) today is up +0.08%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.34%. September E-mini S&P futures (ESU25) are up +0.04%, and September E-mini Nasdaq futures (NQU25) are up +0.31%.
Stock indexes are mostly higher, with the S&P 500 and Nasdaq 100 posting new record highs. Positive trade news is bullish for stocks after the European Union (EU) and the US reached a trade deal on Sunday, which will see the EU face tariffs of 15% on most of its exports, lower than the previous threats from President Trump of tariffs as high as 50%. Stocks also rose after the South China Morning Post reported that the US and China are expected to extend their tariff truce by another 90 days from August 12, when US Treasury Secretary Bessent and Chinese Vice Premier He Lifeng meet in Stockholm today.
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Today's US economic news was supportive for stocks after the Jul Dallas Fed manufacturing outlook survey rose +13.6 to a 6-month high of 0.9, stronger than expectations of -9.0.
The markets this week will focus on any news of new trade deals before Friday's deadline. On Tuesday, the Jun JOLTS job openings are expected to decline by -219,000 to 7.55 million. Also on Tuesday, the Conference Board's US Jul consumer confidence index is expected to climb by +3.0 to 96.0. In addition, the 2-day FOMC meeting begins on Tuesday, and the Fed is expected to keep the fed funds target range unchanged at 4.25% to 4.50%. On Wednesday, the Jul ADP employment change is expected to climb by +80,000. Also on Wednesday, Q2 GDP is expected to expand by +2.4% (q/q annualized) and the Q2 core PCE price index is expected to ease to +2.3% from +3.5% in Q1. On Thursday, initial weekly unemployment claims are expected to rise by 6,000 to 223,000, and the Q2 employment cost index is expected to increase by 0.8%. Also, Jun personal spending is expected to climb +0.4% m/m and Jun personal income is expected to rise +0.3% m/m. In addition, the Jun core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.3% m/m and +2.7% y/y. Finally, on Thursday, the Jul MNI Chicago PMI is expected to increase by +1.6 to 42.0. On Friday, Jul nonfarm payrolls are expected to increase by +109,000 and the Jul unemployment rate is expected to rise by +0.1 to 4.2%. Also, Jul average hourly earnings are expected +0.3% m/m and +3.8% y/y. In addition, the Jul ISM manufacturing index is expected to increase by +0.2 to 49.5. Finally, the University of Michigan Jul consumer sentiment index is expected to be unrevised at 61.8.
The markets are awaiting President Trump's August 1 deadline for trade deals to avoid high tariffs. On July 16, Mr. 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. As an update, Mr. Trump last Wednesday said, "We'll have a straight, simple tariff of anywhere between 15% and 50%," an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 2% at the Tue/Wed FOMC meeting and 64% at the following meeting on September 16-17.
This week kicks off the earnings season's busiest week, with 38% of the stocks in the S&P 500 reporting quarterly earnings, double the amount reported last week. The earnings results of Magnificent Seven members will be front and center, with Microsoft and Meta Platforms reporting on Wednesday and Apple and Amazon.com reporting on Thursday. Early results show that S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. With about a third of S&P 500 firms having reported, around 82% exceeded profit estimates.
Overseas stock markets today are mixed. The Euro Stoxx 50 fell from a 2-week high and is down -0.35%. China's Shanghai Composite closed up +0.12%. Japan's Nikkei Stock 225 closed down -1.10%.
Interest Rates
September 10-year T-notes (ZNU25) today are down -4 ticks. The 10-year T-note yield is up +1.6 bp to 4.404%. T-notes are under pressure from today's rally in the S&P 500 to a new record high, which reduces safe-haven demand for T-notes. Also, supply pressures are weighing on T-notes as the Treasury will auction $69 billion of 2-year T-notes and $70 billion of 5-year T-notes later today. Losses in T-notes are limited after the US and EU agreed on a trade deal, which eases concerns about inflation.
European government bond yields today are mixed. The 10-year German bund yield is down -3.3 bp to 2.685%. The 10-year UK gilt yield is up +0.7 bp to 4.643%.
ECB Governing Council member Kazimir said the ECB shouldn't cut interest rates in September unless there's evidence of a major deterioration in the economy.
Swaps are discounting the chances at 18% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip stocks are climbing today after the EU and the US reached a trade deal. Advanced Micro Devices (AMD) is up more than +4% to lead gainers in the Nasdaq 100. Also, KLA Corp (KLAC) is up more than +3%, and ASML Holding NV (ASML), Texas Instruments (TXN) Applied Materials (AMAT), and On Semiconductor Corp (ON) are up more than +2%. In addition, Lam Research (LRCX), GlobalFoundries (GFS), Microchip Technology (MCHP), Marvell Technology (MRVL), Intel (INTC), and NXP Semiconductors NV (NXPI) are up more than +1%.
Energy stocks and energy service providers are higher today with the price of WTI crude oil up more than +2% to a 1-week high. Devon Energy (DVN), APA Corp (APA), ConocoPhillips (COP), and Diamondback Energy (FANG) are up more than +2%. Also, Exxon Mobil (XOM), Haliburton (HAL), Phillips 66 (PSX), Marathon Petroleum (MPC), Baker Hughes (BKR), Occidental Petroleum (OXY), and Valero Energy (VLO) are up more than +1%.
LNG stocks are moving higher after the EU committed to big purchases of American energy products as part of the EU-US trade deal. Cheniere Energy (LNG), EOG Resources (EOG), and Venture Global (VG) are up more than +1%.
Mining stocks are under pressure today after gold and copper prices tumbled to 2-1/2 week lows. Newmont (NEM) is down more than -3% and Freeport McMoRan (FCX) is down more than -2%.
Super Micro Computer (SMCI) is up more than +7% to lead gainers in the S&P 500 on optimism that demand for its AI servers will remain strong.
Nike (NKE) is up more than +4% to lead gainers in the Dow Jones Industrials after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $93.
Weatherford International Plc (WFRD) is up more than +3% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $73.
Revvity (RVTY) is down more than -9% to lead losers in the S&P 500 after cutting its full-year adjusted EPS estimate to $4.85-$4.95 from a previous estimate of $4.90-$5.00, the midpoint below the consensus of $4.93.
Gilead Sciences (GILD) is down more than -2% to lead losers in the Nasdaq 100 as analysts note a potential risk to the company's HIV preventative drugs after HHS Secretary Kennedy was reported to be planning the dismissal of an advisory panel that determines what preventive health measures insurers must cover.
Cisco Systems (CSCO) is down more than -1% to lead losers in the Dow Jones Industrials after Evercore ISI downgraded the stock to inline from outperform.
Centene (CNC) is down more than -2% after Cantor Fitzgerald downgraded the stock to neutral from overweight,
Accenture Plc (ACN) is down more than -2% after HSBC initiated coverage on the stock with a recommendation of reduce and a price target of $240.
Riot Platforms (RIOT) is down more than -2% after JPMorgan Chase downgraded the stock to neutral from overweight.
Earnings Reports (7/28/2025)
Amkor Technology Inc (AMKR), Brixmor Property Group Inc (BRX), Brown & Brown Inc (BRO), Cadence Design Systems Inc (CDNS), Cincinnati Financial Corp (CINF), Crane Co (CR), Exelixis Inc (EXEL), Hartford Insurance Group Inc/The (HIG), Kilroy Realty Corp (KRC), NOV Inc (NOV), Nucor Corp (NUE), Olin Corp (OLN), Principal Financial Group Inc (PFG), Revvity Inc (RVTY), Rithm Capital Corp (RITM), Simpson Manufacturing Co Inc (SSD), Universal Health Services Inc (UHS), Veralto Corp (VLTO), Waste Management Inc (WM), Welltower Inc (WELL), Western Union Co/The (WU), Whirlpool Corp (WHR), Woodward Inc (WWD).
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.

Trade Deals and Earnings Optimism Boost Stocks

The S&P 500 Index ($SPX) (SPY) Friday closed up +0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.23%. September E-mini S&P futures (ESU25) rose +0.38%, and September E-mini Nasdaq futures (NQU25) rose +0.26%.
Stock indexes settled higher on Friday, with the S&P 500 and Nasdaq 100 posting new all-time highs. Signs of economic resilience and better-than-expected quarterly earnings results are underpinning stocks, with the S&P 500 and Nasdaq 100 posting new record highs this week. According to data compiled by Bloomberg Intelligence, around 83% of S&P 500 companies that have reported Q2 earnings have exceeded analysts’ profit estimates.
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Stocks added to their gains on Friday afternoon when bond yields fell from early highs and moved lower. The 10-year T-note yield finished Friday down by -1 bp to 4.38%.
On the negative side, Intel closed down more than 8% to limit gains in chip stocks after reporting an unexpected Q2 loss of -10 cents a share, which was weaker than the expected 1-cent profit, and announced plans to reduce capital expenditures and cut staff by 15% by the end of the year. Also, Charter Communications closed down more than -18% after reporting Q2 EPS below consensus.
Friday’s US economic news was negative for stocks after Jun capital goods new orders nondefense ex-aircraft & parts unexpectedly fell -0.7% m/m, weaker than expectations of a +0.1% m/m increase.
The markets are awaiting President Trump’s August 1 deadline for trade deals to avoid high tariffs. Last Wednesday, Mr. 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. As an update, Mr. Trump late Wednesday said, “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 66% at the following meeting on September 16-17.
The markets this week absorbed a heavy slate of quarterly corporate earnings, with reports from about one-fifth of the companies in the S&P 500. Early results now show S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Around 83% of the S&P 500 companies that have reported have exceeded profit estimates.
Overseas stock markets on Friday settled lower. The Euro Stoxx 50 closed down -0.06%. China’s Shanghai Composite closed down -0.33%. Japan’s Nikkei Stock 225 closed down -0.88%.
Interest Rates
September 10-year T-notes (ZNU25) Friday closed up by +5 ticks. The 10-year T-note yield fell by -1.2 bp to 4.384%. T-notes recovered from early losses on Friday and moved higher after a -1% fall in crude oil prices prompted short covering in T-notes. Also, T-notes rose after comments from President Trump eased fears that he would fire the Fed Chair when he said there was “no tension” with Powell.
T-notes on Friday initially moved lower due to negative carryover from a slide in 10-year German bunds to a 3.75-month low. Also, upcoming supply pressures are weighing on T-notes as the Treasury will auction $69 billion of 2-year T-notes and $70 billion of 5-year T-notes on Monday.
European government bond yields today are moving higher. The 10-year German bund yield rose to a 3.75-month high of 2.769% and finished up +1.6 bp to 2.718%. The 10-year UK gilt yield rose +1.4 bp to 4.635%.
Eurozone Jun M3 money supply rose +.3% y/y, weaker than expectations of +3.7% y/y and the slowest pace of increase in 9 months.
The German Jul IFO business confidence index rose +0.2 to a 14-month high of 88.6, although weaker than expectations of 89.0.
UK Jun retail sales ex-auto fuel rose +0.6% m/m, weaker than expectations of +1.2% m/m.
ECB Governing Council member Kazaks said he saw little reason to lower interest rates further unless the economy suffers a major blow, and “There is value in the ECB holding interest rates at current levels, and the time of no-brainer moves to hike or cut rates is over.”
ECB Governing Council member and Bundesbank President Nagel stated that a steady monetary policy from the ECB is appropriate, as the inflation outlook has remained unchanged and the economic outlook has improved slightly.
Swaps are discounting the chances at 18% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Centene (CNC) closed up more than +6% to lead managed health care providers higher after laying out a plan to address problems in its Affordable Care Act business to ensure it turns a profit in 2026. Also, Molina Healthcare (MOH) closed up more than +4%, and Humana (HUM), Elevance Health (ELV), and CVS Health (CVS) closed up more than +3%. In addition, UnitedHealth Group (UNH) closed up +0.89%.
Deckers Outdoor Corp (DECK) closed up more than +11% to lead gainers in the S&P 500 after reporting Q1 net sales of $964.5 million, well above the consensus of $901.4 million.
Comfort Systems USA (FIX) closed up more than +23% after reporting Q2 revenue of $2.17 billion, stronger than the consensus of $1.96 billion.
Newmont Corp (NEM) closed up more than +6% after reporting Q2 sales of $5.32 billion, better than the consensus of $4.85 billion.
Edwards Lifesciences (EW) closed up more than +5% after reporting Q2 sales of $1.53 billion, better than the consensus of $1.50 billion, and raising its full-year sales forecast to $5.9 billion-$6.1 billion from a previous estimate of $5.7 billion-$6.10 billion, stronger than the consensus of $5.91 billion.
Aon Plc (AON) closed up more than +4% after reporting Q2 adjusted EPS of $3.49, above the consensus of $3.40.
Palantir Technologies (PLTR) closed up more than +2% after Piper Sandler initiated coverage on the stock with a recommendation of overweight and a price target of $170.
Gilead Sciences (GILD) closed up more than +2% after Needham upgraded the stock to buy from hold with a price target of $133.
Carvana (CVNA) closed up more than +2% after Oppenheimer upgraded the stock to outperform from market perform with a price target of $450.
Intel (INTC) closed down more than -8% to limit gains in chip stocks after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, ASML Holding NV (ASML) and Applied Materials (AMAT) closed down more than -1%.
Crypto-linked stocks were under pressure Friday after the price of Bitcoin (^BTCUSD) fell more than -1% to a 2-week low. As a result, Galaxy Digital (GLXY) closed down more than -3%. Also, MicroStrategy (MSTR), Riot Platforms (RIOT), and Coinbase Global (COIN) closed down more than -1%.
Charter Communications (CHTR) closed down more than -18% to lead losers in the S&P 500 after reporting Q2 EPS of $9.18, well below the consensus of $9.82. Comcast Corp (CMCSA) also closed down more than -4% on the news.
Healthpeak Properties (DOC) closed down more than -6% after reporting Q2 lab same-store NOI growth of 1.5%, below the consensus of 2.45%.
Sarepta Therapeutics (SRPT) closed down more than -6% after an evaluation committee of the European Medicines Agency recommended against the approval of the company’s gene therapy Elevidys.
Henry Schein Inc. (HSIC) closed down more than -1% after Stifel downgraded the stock to neutral from buy.
Earnings Reports (7/28/2025)
Amkor Technology Inc (AMKR), Brixmor Property Group Inc (BRX), Brown & Brown Inc (BRO), Cadence Design Systems Inc (CDNS), Cincinnati Financial Corp (CINF), Crane Co (CR), Exelixis Inc (EXEL), Hartford Insurance Group Inc/The (HIG), Kilroy Realty Corp (KRC), NOV Inc (NOV), Nucor Corp (NUE), Olin Corp (OLN), Principal Financial Group Inc (PFG), Revvity Inc (RVTY), Rithm Capital Corp (RITM), Simpson Manufacturing Co Inc (SSD), Universal Health Services Inc (UHS), Veralto Corp (VLTO), Waste Management Inc (WM), Welltower Inc (WELL), Western Union Co/The (WU), Whirlpool Corp (WHR), Woodward Inc (WWD).
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 Post Record Highs on Earnings Optimism

The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.19%. September E-mini S&P futures (ESU25) are up +0.18%, and September E-mini Nasdaq futures (NQU25) are up +0.10%.
Stock indexes are climbing today, with the Nasdaq 100 posting a new all-time high. Signs of economic resilience and better-than-expected quarterly earnings results are underpinning stocks, with the S&P 500 and Nasdaq 100 posting new record highs this week. According to data compiled by Bloomberg Intelligence, around 83% of S&P 500 companies that have reported Q2 earnings have exceeded analysts’ profit estimates.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, Intel is down more than -9% to lead semiconductor stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, Charter Communications is down more than -16% after reporting Q2 EPS below consensus.
Today’s US economic news was negative for stocks after Jun capital goods new orders nondefense ex-aircraft & parts unexpectedly fell -0.7% m/m, weaker than expectations of a +0.1% m/m increase.
The markets are awaiting President Trump’s August 1 deadline for trade deals to avoid high tariffs. Last Wednesday, Mr. 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. As an update, Mr. Trump late Wednesday said, “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” an indication that the floor for tariffs is rising and suggesting that he would not go below 15%.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 67% at the following meeting on September 16-17.
The markets this week absorbed a heavy slate of quarterly corporate earnings, with reports from about one-fifth of the companies in the S&P 500. Early results now show S&P 500 earnings are on track to rise +4.5% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Around 83% of the S&P 500 companies that have reported have exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.23%. China’s Shanghai Composite closed down -0.33%. Japan’s Nikkei Stock 225 closed down -0.88%.
Interest Rates
September 10-year T-notes (ZNU25) today are down -2 ticks. The 10-year T-note yield is up by +1.2 bp to 4.408%. T-notes are under pressure today due to negative carryover from a slide in 10-year German bunds to a 3.75-month low. Also, upcoming supply pressures are weighing on T-notes as the Treasury will auction $69 billion of 2-year T-notes and $70 billion of 5-year T-notes on Monday. Limiting losses in T-notes were comments from President Trump, who downplayed his clash with Fed Chair Powell, saying there was “no tension” with Powell, which eased fears that he would fire the Fed Chair.
European government bond yields today are moving higher. The 10-year German bund yield rose to a 3.75-month high of 2.769% and is up +2.0 bp to 2.722%. The 10-year UK gilt yield is up +1.9 bp to 4.640%.
Eurozone Jun M3 money supply rose +.3% y/y, weaker than expectations of +3.7% y/y and the slowest pace of increase in 9 months.
The German Jul IFO business confidence index rose +0.2 to a 14-month high of 88.6, although weaker than expectations of 89.0.
UK Jun retail sales ex-auto fuel rose +0.6% m/m, weaker than expectations of +1.2% m/m.
ECB Governing Council member Kazaks said he saw little reason to lower interest rates further unless the economy suffers a major blow, and “There is value in the ECB holding interest rates at current levels, and the time of no-brainer moves to hike or cut rates is over.”
ECB Governing Council member and Bundesbank President Nagel stated that a steady monetary policy from the ECB is appropriate, as the inflation outlook has remained unchanged and the economic outlook has improved slightly.
Swaps are discounting the chances at 18% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Centene (CNC) is up more than +4% to lead managed health care providers higher after laying out a plan to address problems in its Affordable Care Act business to ensure it turns a profit in 2026. Also, Humana (HUM) is up more than +4%, and Elevance Health (ELV), CVS Health (CVS), and Molina Healthcare (MOH) are up more than +3%. In addition, UnitedHealth Group (UNH) is up more than +1% to lead gainers in the Dow Jones Industrials.
Deckers Outdoor Corp (DECK) is up more than +13% to lead gainers in the S&P 500 after reporting Q1 net sales of $964.5 million, well above the consensus of $901.4 million.
Comfort Systems USA (FIX) is up more than +15% after reporting Q2 revenue of $2.17 billion, stronger than the consensus of $1.96 billion.
Newmont Corp (NEM) is up more than +6% after reporting Q2 sales of $5.32 billion, better than the consensus of $4.85 billion.
Aon Plc (AON) is up more than +6% after reporting Q2 adjusted EPS of $3.49, above the consensus of $3.40.
Edwards Lifesciences (EW) is up more than +4% after reporting Q2 sales of $1.53 billion, better than the consensus of $1.50 billion, and raising its full-year sales forecast to $5.9 billion-$6.1 billion from a previous estimate of $5.7 billion-$6.10 billion, stronger than the consensus of $5.91 billion.
Palantir Technologies (PLTR) is up more than +2% after Piper Sandler initiated coverage on the stock with a recommendation of overweight and a price target of $170.
Gilead Sciences (GILD) is up more than +2% after Needham upgraded the stock to buy from hold with a price target of $133.
Carvana (CVNA) is up more than +2% after Oppenheimer upgraded the stock to outperform from market perform with a price target of $450.
Intel (INTC) is down more than -9% to lead chip stocks lower after reporting an unexpected Q2 loss of -10 cents a share, weaker than expectations of a +1 cent profit, and said it will reduce capital expenditures and cut staff by 15% by the end of the year. Also, ASML Holding NV (ASML) and Applied Materials (AMAT) are down more than -2%. In addition, NXP Semiconductors NV (NXPI), Micron Technology (MU), KLA Corp (KLAC), and Lam Research (LRCX) are down more than -1%.
Crypto-linked stocks are sliding today with the price of Bitcoin (^BTCUSD) down more than -3% to a 2-week low. As a result, Riot Platforms (RIOT) is down more than -3%, and MARA Holdings (MARA) and MicroStrategy (MSTR) are down more than -2%. Also, Coinbase Global (COIN) is down more than -1%.
Charter Communications (CHTR) is down more than -17% to lead losers in the S&P 500 after reporting Q2 EPS of $9.18, well below the consensus of $9.82.
Healthpeak Properties (DOC) is down more than -6% after reporting Q2 lab same-store NOI growth of 1.5%, below the consensus of 2.45%.
Sarepta Therapeutics (SRPT) is down more than -5% after an evaluation committee of the European Medicines Agency recommended against the approval of the company’s gene therapy Elevidys.
Oklo Inc. (OKLO) is down more than -1% after BNP Paribas Exane initiated coverage of the stock with a recommendation of underperform and a price target of $14.
Earnings Reports (7/25/2025)
Aon PLC (AON), AutoNation Inc (AN), Booz Allen Hamilton Holding Co (BAH), Centene Corp (CNC), Charter Communications Inc (CHTR), Erie Indemnity Co (ERIE), First Citizens BancShares Inc/ (FCNCA), First Hawaiian Inc (FHB), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Lear Corp (LEA), OneMain Holdings Inc (OMF), Phillips 66 (PSX), Saia Inc (SAIA), Skechers USA Inc (SKX).
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.

Solid Corporate Earnings Results Support Stocks

MicroStrategy MSTR, doing business as “Strategy,” shares have appreciated 131% in the trailing 12 months, outperforming both the Zacks Computer - Software industry and Zacks Computer and Technology sector that have returned 22.2% and 22.8%, respectively.
Strategy is the world’s largest bitcoin treasury company, holding 607,770 Bitcoins as of July 20, 2025. In July, Strategy acquired 6,220 Bitcoins for $739.8 million. MARA Holdings MARA, Riot Platform RIOT and Tesla TSLA are other well-known companies that hold bitcoins in their respective balance sheets. As of March 31, MARA Holdings and Riot Platforms had 47,531 and 19,223 bitcoins, respectively, while Tesla had 11,509 bitcoins at the end of the second quarter of 2025.
Strategy shares have outperformed Tesla and Riot Platform, shares of which have jumped 42.7% and 26.3% respectively, in the past year. MARA Holdings shares have dropped 21.9% over the same time frame.
MSTR Stock’s Performance
Image Source: Zacks Investment Research
MSTR stock is currently trading above the 200-day moving average, indicating a bullish trend.
MSTR Stock Trades Above 50-Day and 200-Day SMAs
Image Source: Zacks Investment Research
MSTR Benefits From Growing Bitcoin Holding
Strategy benefits from the Trump administration’s announcement of the establishment of a strategic bitcoin reserve. Bitcoin, the most popular cryptocurrency, has been soaring due to increasing acceptance as a non-sovereign asset, as well as higher institutional and corporate adoption. The passing of the GENIUS Act on July 17 provides a legal background to stablecoins. Other pending regulations — The CLARITY Act and The Anti-CBDC Surveillance State Act — bode well for cryptocurrency enthusiasts. However, bitcoin’s volatility is a headwind for MSTR.
The company’s disciplined approach to capital raising through preferred equity offerings — Strike (8% convertible preferred is trading with an effective yield of roughly 9%) and Strife (10% fixed coupon perpetual preferred) — is a key catalyst. As of April 28, 2025, MSTR raised $6.6 billion through equity offerings and $3.4 billion through fixed income ($2 billion from convertible notes, $0.7 billion each through Strike and Strife).
Strategy estimates to generate net proceeds of $2.474 billion from the initial public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (the “STRC Stock”), at a public offering price of $90 per share.
Strategy has issued $20.9 billion in equities and $6.4 billion in fixed income securities as part of its 21/21 plan since Oct. 30, 2024. The company has $14.6 million remaining under fixed income securities and $0.1 million under equities as part of the existing plan. Strategy currently plans to raise $42 billion through equity issuance and $42 billion through fixed income securities by the end of 2027. Under the current plan, the company has $21.1 billion in equity and $35.6 billion in fixed income securities remaining to be issued.
Infusion of AI Features Aids MSTR’s Prospects
Strategy is expanding AI capabilities with the general availability of Mosaic, an AI-powered Universal Intelligence Layer. This launch aligns with the company’s shift toward cloud-first, subscription-based services.
Strategy is benefiting from growing software subscription revenues that surged 62% year over year to $37.1 million and accounted for 33% of first-quarter 2025 total revenues. Subscription billings grew 38% year over year to $24.5 million. Mosaic complements this growth by allowing customers to integrate data from over 200 sources, automate semantic modeling and deliver AI-ready insights across tools like Power BI, Tableau and Excel.
The company benefits from continuing cloud demand with its flagship Strategy One that powers some of the largest analytics deployments in the world. Strategy One supports varied industries, including retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. Strategy is leveraging generative AI to automate and accelerate the deployment of AI-enabled applications across enterprises.
Strategy’s rich partner base that includes the likes of Amazon Web Services, Microsoft, STACKIT, and Google is a growth driver.
Earnings Estimates Revision Trend Steady for MSTR
For second-quarter 2025, the Zacks Consensus Estimate for MSTR’s loss has been steady at 12 cents per share over the past 30 days. The company reported a loss of 76 cents in the year-ago quarter.
MicroStrategy Incorporated Price and Consensus
For 2025, the Zacks Consensus Estimate for MSTR’s loss has been steady at $15.73 per share over the past 30 days. The company reported a loss of $6.72 per share in 2024.
Here’s Why MSTR Stock is a Hold Now
Strategy shares are overvalued, as suggested by the Value Score of F.
In terms of Price/Book, Strategy is trading at 3.0X compared with Mara Holdings’ 1.63X and Riot Platforms’ 1.78X, suggesting a premium valuation.
MSTR Vs. MARA Valuation
Image Source: Zacks Investment Research
MSTR Vs. RIOT Valuation
Image Source: Zacks Investment Research
Strategy benefits from its growing bitcoin holdings and increasing subscription revenues. However, challenging macroeconomic conditions and uncertainty about tariffs increase volatility in bitcoin trading. Stretched valuation is a concern.
Strategy currently has a Zacks Rank #3 (Hold), which implies that investors should wait for a better entry point to accumulate the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
#1 Semiconductor Stock to Buy (Not NVDA)
The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.
One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.
See This Stock Now for Free >>
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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.

MicroStrategy Rises 131% in a Year: Buy, Sell or Hold the MSTR Stock?

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Riot Platforms Inc (Symbol: RIOT), where a total of 263,138 contracts have traded so far, representing approximately 26.3 million underlying shares. That amounts to about 66.3% of RIOT's average daily trading volume over the past month of 39.7 million shares. Especially high volume was seen for the $16 strike call option expiring July 25, 2025, with 18,483 contracts trading so far today, representing approximately 1.8 million underlying shares of RIOT. Below is a chart showing RIOT's trailing twelve month trading history, with the $16 strike highlighted in orange:
Biogen Inc (Symbol: BIIB) saw options trading volume of 7,835 contracts, representing approximately 783,500 underlying shares or approximately 63.7% of BIIB's average daily trading volume over the past month, of 1.2 million shares. Especially high volume was seen for the $125 strike call option expiring August 15, 2025, with 5,214 contracts trading so far today, representing approximately 521,400 underlying shares of BIIB. Below is a chart showing BIIB's trailing twelve month trading history, with the $125 strike highlighted in orange:
And Viking Therapeutics Inc (Symbol: VKTX) options are showing a volume of 25,559 contracts thus far today. That number of contracts represents approximately 2.6 million underlying shares, working out to a sizeable 63.5% of VKTX's average daily trading volume over the past month, of 4.0 million shares. Especially high volume was seen for the $38 strike call option expiring July 25, 2025, with 5,188 contracts trading so far today, representing approximately 518,800 underlying shares of VKTX. Below is a chart showing VKTX's trailing twelve month trading history, with the $38 strike highlighted in orange:
For the various different available expirations for RIOT options, BIIB options, or VKTX options, visit StockOptionsChannel.com.
PULS Insider Buying
Top Ten Hedge Funds Holding WW
RCEL Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Monday Option Activity: RIOT, BIIB, VKTX

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

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

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.

Stocks See Support from Favorable PPI Report

The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.98%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.13%. September E-mini S&P futures (ESU25) fell -0.50%, and September E-mini Nasdaq futures (NQU25) were unchanged.
Stock indexes rallied early Tuesday due to a favorable core CPI print of +0.2% m/m, but then faded as T-note prices fell and as expectations for a Fed rate cut in September were trimmed to 58% from 65%. The 10-year T-note yield rose +5 bp, and the 30-year T-bond yield rose back above the 5% mark for the first time in 6 weeks.
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The Dow Jones Industrial Average was undercut by negative breadth with 26 of the 30 stocks showing declines, led by American Express (AXP), Home Depot (HD), UnitedHealth (UNH), and Merck (MRK).
Tuesday's CPI report received some favorable initial media attention due to the slightly weaker-than-expected +0.2% m/m increase in the core CPI, which was partly driven by lower car prices. However, there were some scattered signs in the CPI report of upside pressure from tariffs, and that pressure is expected to increase in the coming months. Also, both the headline and core CPI reports on a year-over-year basis rose from May.
Specifically, the June US CPI rose +0.3% m/m, which was in line with market expectations, while the year-over-year figure of +2.7% was slightly worse than expectations of +2.6% and was up from May's +2.4%. The June US core CPI rose +0.2% m/m, which was slightly better than expectations of +0.3%. On a year-over-year basis, the June US core CPI was in line with expectations at +2.9% y/y but rose from May's +2.8%.
Expectations for a -25 bp Fed rate cut were little changed for the July FOMC meeting but were trimmed to 58% for the September meeting from 65% on Tuesday. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and at 58% at the following meeting on Sep 16-17.
There was some positive trade news Tuesday after Treasury Secretary Bessent said that US-China trade talks are in a "very good place" and that the US-China deadline is flexible and told market participants "not to worry about August 12." Mr. Bessent confirmed that the Trump administration has told Nvidia that a license for the sale of its advanced H20 GPU chips to Chinese firms will be granted and is "all part of a mosaic" in the US-China negotiations. He also said he hopes to meet with Chinese Vice Premier He Lifeng in August.
There was also some positive trade news after President Trump announced that his administration had reached a trade deal with Indonesia. However, US imports from Indonesia, totaling around $2.8 billion, will face a US tariff of 19%, which is likely to raise the price that US consumers pay for Indonesian goods.
Stocks have been undercut by recent negative US trade news. 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.
Tuesday's July Empire manufacturing index report of 5.5 was stronger than expectations of -9.2, and was up from June's level of -16.0.
The price of Bitcoin (^BTSUSD) fell -3% Tuesday after the House failed to approve a procedural vote to begin consideration of three bills backed by the crypto industry. 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 on July 16 entitled "Making America the Crypto Capital of the World," which may promote crypto-friendly regulations.
The markets during the remainder of this week will focus on any fresh news on tariffs or trade deals. On Wednesday, June PPI final demand is expected to ease to +2.5% y/y from +2.6% in May, and June core PPI is expected to ease to +2.7% y/y from +3.0% y/y in May. Also, on Wednesday, June manufacturing production is expected to fall by -0.1% m/m. Finally, on Wednesday, the Fed will release its Beige Book. 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 earnings reports on Wednesday include Bank of America, Goldman Sachs, Morgan Stanley, and United Airlines. 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 on Tuesday closed mixed. The Euro Stoxx 50 fell -0.31%. China's Shanghai Composite closed down -0.42%. Japan's Nikkei Stock 225 closed up +0.55%.
Interest Rates
September 10-year T-notes (ZNU25) on Tuesday fell -14.5 ticks. The 10-year T-note yield rose by +5.2 bp to 4.485%. T-note prices were undercut by reduced expectations for Fed easing, as the market cut expectations for a rate cut at the September meeting to 58% from 65%. Also, the 10-year breakeven expectations rate rose to a 4.75-month high and ended the day up +1.0 bp at 2.414%.
Also on the bearish side for US bond prices, the Trump administration's campaign against Fed Chair Powell continued Tuesday, fueling concern among bond vigilantes about the Fed's independence and the possibility of politically driven interest rate cuts that could be inflationary. US Treasury Secretary Bessent said that Fed Chair Powell should step down as a Fed Governor when his term as Fed Chairman ends in May 2026, in line with tradition. Mr. Powell's term as a Fed Governor lasts until January 2028, well beyond the expiration of his term as Chairman in mid-May 2026.
Mr. Bessent also stated that he is part of a formal process that has already begun to decide who President Trump will appoint as the new Chairman when Mr. Powell's term ends in May 2026, or earlier, "for cause," based on attacks on how Mr. Powell has handled the renovation of the Fed's building in Washington.
European government bond yields were mixed. The 10-year German bund yield fell -1.7 bp to 2.712%. The 10-year UK gilt yield rose +2.5 bp to 4.625%.
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 generally closed higher on Tuesday, except for Meta Platforms (META) and Tesla (TSLA), which closed more than -1% lower. Apple (AAPL) closed slightly higher after news that it reached a $500 million deal to buy rare-earth minerals from Pentagon-backed MP Materials Corp.
In Tesla (TSLA) news, the company opened its first India showroom. Also, Bloomberg reported that Tesla's top sales executive in North America, Troy Jones, has left the company after a 15-year stint.
Chip stocks showed some strength Tuesday, and helped keep the Nasdaq 100 index in positive territory, after the Trump administration indicated that it will loosen US restrictions on chip sales to China. Advanced Micro Devices (AMD) rose more than +6%, and Nvidia (NVDA) rose more than +4%. Arm Holdings (ARM) rose more than +2%.
Cryptocurrency-exposed stocks closed lower on Tuesday as bitcoin (^BTCUSD) fell -3% on the failure of the House to approve a procedural vote to consider crypto-friendly bills. Riot Platforms (RIOT) fell more than -3%, and Mara Holdings (MARA) fell by more than -2%. MicroStrategy (MSTR) fell -1.9%, and Coinbase (COIN) fell -1.5%.
BlackRock (BLK) fell by more than -5% after it reported that long-term asset inflows were less than market expectations.
JPMorgan Chase (JPM) fell -0.7% after it raised its full-year expense guidance.
Copper miners traded lower after Morgan Stanley downgraded the sector's prospects due to expectations that 50% tariffs will lead to reduced US demand for copper products. Freeport McMoRan (FCX) fell -3%, and Southern Copper (SCCO) fell -2.4%.
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.

Riot Platforms, Inc.

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