Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, and rents apartments. In addition, it provides various interior fit-out options, such as flooring, wall tile, plumbing, cabinets, fixtures, appliances, lighting, and home-automation and security technologies. Further, the company owns and operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly, and component manufacturing operations. It serves luxury first-time, move-up, empty-nester, active-adult, and second-home buyers. Toll Brothers, Inc. was founded in 1967 and is headquartered in Fort Washington, Pennsylvania.

Toll Brothers, Inc.

The S&P 500 Index ($SPX) (SPY) Friday closed down -1.60%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.96%. September E-mini S&P futures (ESU25) fell -1.67%, and September E-mini Nasdaq futures (NQU25) fell -2.03%.
Stock indexes plunged on Friday, with the S&P 500 and Nasdaq 100 sliding to 2-week lows and the Dow Jones Industrials falling to a 5-week low. Stocks retreated on Friday due to concerns that tariffs will curb economic growth, and the decline accelerated after weaker-than-expected US reports on monthly payrolls and manufacturing activity heightened economic concerns and sparked risk-off sentiment in asset markets.
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Late Thursday, Mr. Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher tariffs for countries with trade surpluses with the US. Also, Amazon.com dropped more than -8% to weigh on technology stocks after it projected weaker-than-expected Q3 operating income.
Signs of weakness in the US economy also weighed on stocks after the monthly July payroll report showed US job growth slowed more than expected, and the Jul ISM manufacturing index showed manufacturing activity unexpectedly contracted the most in 9 months.
Stocks fell to their lows Friday on heightened geopolitical tension between the US and Russia after President Trump said the US was moving two nuclear submarines to "appropriate regions" in response to what he called "highly provocative statements" from former Russian President Medvedev.
However, on the positive side, bond yields sank on the weaker-than-expected US economic reports. The 10-year T-note yield fell to a 1-month low of 4.20% as the weaker-than-expected economic reports boosted the chances of a Fed rate cut at the September FOMC meeting to 93% from 40% before the reports were released.
Jul nonfarm payrolls rose by +73,000, weaker than expectations of +104,000, and Jun nonfarm payrolls were revised sharply downward to +14,000 from the previously reported +147,000. The US Jul unemployment rate rose +0.1 to 4.2%, right on expectations.
Jul average hourly earnings rose +3.9% y/y, stronger than expectations of +3.8% y/y.
The US Jul ISM manufacturing index unexpectedly fell -1.0 to 48.0, weaker than expectations of an increase to 49.5 and the steepest pace of contraction in 9 months.
US Jun construction spending unexpectedly fell -0.4% m/m, weaker than expectations of no change.
The University of Michigan US Jul consumer sentiment index was revised lower to 61.7 from 61.8, weaker than expectations of an upward revision to 62.0.
Atlanta Fed President Raphael Bostic said inflation is still further from target than employment, and he's not ready to increase projections for 2025 interest rate cuts.
Cleveland Fed President Beth Hammack said the US labor market still appears healthy, though today's fresh job numbers constituted a "disappointing report to be sure."
In the latest tariff news, President Trump late Thursday raised tariffs on some Canadian goods to 35% from 25% and announced a 10% global minimum and 15% or higher tariffs for countries with trade surpluses with the US, effective after midnight on August 7. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 93% at the September 16-17 FOMC meeting and 73% at the following meeting on October 28-29.
This week was 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. 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 over 55% of S&P 500 firms having reported, around 82% exceeded profit estimates.
Overseas stock markets on Friday settled lower. The Euro Stoxx 50 plunged to a 3-month low and closed down sharply by -2.90%. China's Shanghai Composite slid to a 1.50-week low and closed down -0.37%. Japan's Nikkei Stock 225 closed down -0.66%.
Interest Rates
September 10-year T-notes (ZNU25) Friday closed up sharply by 1-4/32 points. The 10-year T-note yield fell -15.8 bp to 4.216%. Sep T-notes recovered from overnight losses and rallied to a 1-month high Friday, and the 10-year T-note yield fell to a 1-month low of 4.200%. T-notes rallied sharply Friday on signs of weakness in the US labor market after Jul nonfarm payrolls rose less than expected and Jun was revised sharply lower. Also, the weakness in US manufacturing activity was bullish for T-notes after the Jul ISM manufacturing index unexpectedly contracted by the most in 9 months. Falling inflation expectations also gave T-note prices a lift after the 10-year breakeven inflation rate fell to a 4-week low on Friday of 2.316%. The weak payrolls and ISM manufacturing reports boosted the chance of a Fed rate cut at next month's FOMC meeting to 93% from 40% before the reports.
T-notes initially moved lower early Friday on inflation risks following President Trump's announcement of new tariffs on all countries with trade surpluses against the US. Also, Friday's payroll report, which showed US Jul average hourly earnings rose more than expected, is hawkish for Fed policy.
European government bond yields on Friday moved lower. The 10-year German bund yield fell to a 1-week low of 2.639% and finished down -1.6 bp to 2.679%. The 10-year UK gilt yield fell to a 4-week low of 4.509% and finished down -4.1 bp to 4.528%.
Eurozone Jul CPI rose +2.0% y/y, stronger than expectations of +1.9% y/y. Jul core CPI rose +2.3% y/y, right on expectations.
The German Jul S&P manufacturing PMI was revised downward by 0.1 to 49.1 from the previously reported 49.2.
The UK Jul S&P manufacturing PMI was revised downward by -0.2 to 48.0 from the previously reported 48.2.
Swaps are discounting the chances at 14% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Amazon.com (AMZN) closed down more than -8% to lead losers in the Dow Jones Industrials and Nasdaq 100 after forecasting Q3 operating income of $15.5 billion-$20.5 billion, the midpoint below the consensus of $19.42 billion.
Chip stocks are under pressure today, weighing on the overall market. Marvell Technology (MRVL) closed down more than -6% and Micron Technology (MU) closed down more than -4%. Also, Nvidia (NVDA), Advanced Micro Devices (AMD), GlobalFoundries (GFS), Intel (INTC), and ARM Holdings Plc (ARM) closed down more than -2%. In addition, Broadcom (AVGO), Microchip Technology (MCHP), and NXP Semiconductors NV (NXPI) closed down more than -1%.
Fluor (FLR) closed down more than -27% after reporting Q2 adjusted EPS of 43 cents, weaker than the consensus of 56 cents, and cutting its full-year adjusted EPS forecast to $1.95-$2.15 from a previous estimate of $2.25-$2.75, well below the consensus of $2.53.
Eastman Chemical (EMN) closed down more than -19% to lead losers in the S&P 500 after reporting Q2 adjusted EPS of $1.60, weaker than the consensus of $1.74.
Coinbase Global (COIN) closed down more than -16% after reporting Q2 total revenue of $1.50 billion, below the consensus of $1.59 billion.
WW Grainger (GWW) closed down more than -10% after reporting Q2 adjusted EPS of $9.97, below the consensus of $10.06, and cutting its full-year adjusted EPS forecast to $38.50-$40.25 from a previous forecast of $39.00-$41.50.
Moderna (MRNA) closed down more than -6% after narrowing its full-year revenue forecast to $1.5 billion to $2.2 billion from a previous forecast of $1.5 billion to $2.5 billion, weaker than the consensus of $2.07 billion.
Avis Budget Group (CAR) closed down more than -3% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $105.
Reddit (RDDT) closed up more than +17% after reporting Q2 revenue of $499.6 million, stronger than the consensus of $425.3 million, and forecasting Q3 revenue of $535 million-$545 million, well above the consensus of $472.7 million.
Homebuilding stocks rallied Friday after the 10-year T-note yield fell to a 1-month low, a supportive factor for housing demand. DR Horton (DHI) closed up more than +5%, Lennar (LEN) and PulteGroup (PHM) closed up more than +3%, and Toll Brothers (TOL) closed up more than +2%.
Monolithic Power Systems (MPWR) closed up more than +10% to lead gainers in the S&P 500 after reporting Q2 adjusted EPS of $4.21, stronger than the consensus of $4.12.
Kimberly-Clark (KMB) closed up more than +4% after reporting Q2 adjusted EPS of $1.92, above the consensus of $1.68.
ResMed (RMD) closed up more than 2% after reporting Q4 adjusted EPS of $2.55, better than the consensus of $2.49.
Eli Lilly (LLY) closed up more than +2% after the Washington Post reported that the US government plans to experiment with covering weight-loss drugs for federal health programs.
Earnings Reports (8/4/2025)
Axon Enterprise Inc (AXON), Coterra Energy Inc (CTRA), Diamondback Energy Inc (FANG), Equity Residential (EQR), IDEXX Laboratories Inc (IDXX), Loews Corp (L), ON Semiconductor Corp (ON), ONEOK Inc (OKE), Palantir Technologies Inc (PLTR), SBA Communications Corp (SBAC), Simon Property Group Inc (SPG), Tyson Foods Inc (TSN), Vertex Pharmaceuticals Inc (VRTX), Waters Corp (WAT), Williams Cos Inc/The (WMB).
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 Settle Sharply Lower on Economic Risks

The S&P 500 Index ($SPX) (SPY) today is down -1.60%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -1.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.77%. September E-mini S&P futures (ESU25) are down -1.67%, and September E-mini Nasdaq futures (NQU25) are down -1.87%.
Stock indexes are sharply lower today, with the S&P 500 and Nasdaq 100 falling to 2-week lows and the Dow Jones Industrials falling to a 5-week low. Stocks are slumping today after President Trump's sweeping import tariffs raised concern about the outlook for global economic growth. Late Thursday, Mr. Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher tariffs for countries with trade surpluses with the US. Also, Amazon.com is down more than -7% to weigh on technology stocks after it projected weaker-than-expected Q3 operating income.
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Stocks also tumbled today on signs of weakness in the US economy after the monthly July payroll report showed US job growth slowed more than expected, and the Jul ISM manufacturing index showed manufacturing activity unexpectedly contracted the most in 9 months.
However, on the positive side, bond yields sank on the weaker-than-expected US economic reports. The 10-year T-note yield fell to a 1-month low of 4.224% as the weaker-than-expected economic reports boosted the chances of a Fed rate cut at the September FOMC meeting to 84% from 40% before the reports were released.
Jul nonfarm payrolls rose by +73,000, weaker than expectations of +104,000, and Jun nonfarm payrolls were revised sharply downward to +14,000 from the previously reported +147,000. The US Jul unemployment rate rose +0.1 to 4.2%, right on expectations.
Jul average hourly earnings rose +3.9% y/y, stronger than expectations of +3.8% y/y.
The US Jul ISM manufacturing index unexpectedly fell -1.0 to 48.0, weaker than expectations of an increase to 49.5 and the steepest pace of contraction in 9 months.
US Jun construction spending unexpectedly fell -0.4% m/m, weaker than expectations of no change.
The University of Michigan US Jul consumer sentiment index was revised lower to 61.7 from 61.8, weaker than expectations of an upward revision to 62.0.
Atlanta Fed President Raphael Bostic said inflation is still further from target than employment, and he's not ready to increase projections for 2025 interest rate cuts.
Cleveland Fed President Beth Hammack said the US labor market still appears healthy, though today's fresh job numbers constituted a "disappointing report to be sure."
In the latest tariff news, President Trump late Thursday raised tariffs on some Canadian goods to 35% from 25% and announced a 10% global minimum and 15% or higher tariffs for countries with trade surpluses with the US, effective after midnight on August 7. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 85% at the September 16-17 FOMC meeting and 68% at the following meeting on October 28-29.
This week was 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 Apple and Amazon.com reporting after today's closing. 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 over 55% of S&P 500 firms having reported, around 82% exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 plunged to a 3-month low and is down sharply by -2.80%. China's Shanghai Composite slid to a 1.50-week low and closed down -0.37%. Japan's Nikkei Stock 225 closed down -0.66%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +29 ticks. The 10-year T-note yield is down -12.9 bp to 4.245%. Sep T-notes recovered from overnight losses and rallied to a 1-month high today, and the 10-year T-note yield fell to a 1-month low of 4.224%. T-notes rallied sharply today on signs of weakness in the US labor market after Jul nonfarm payrolls rose less than expected and Jun was revised sharply lower. T-notes raced to their highs after the Jul ISM manufacturing index unexpectedly contracted by the most in 9 months. The weak payrolls and ISM manufacturing reports boosted the chance of a Fed rate cut at next month's FOMC meeting to 85% from 40% before the report.
T-notes initially moved lower today on inflation risks following President Trump's announcement of new tariffs on all countries with trade surpluses against the US. Also, today's payroll report, which showed US Jul average hourly earnings rose more than expected, is hawkish for Fed policy.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 1-week low of 2.639% and is down -2.5 bp to 2.670%. The 10-year UK gilt yield fell to a 4-week low of 4.509% and is down -3.4 bp to 4.534%.
Eurozone Jul CPI rose +2.0% y/y, stronger than expectations of +1.9% y/y. Jul core CPI rose +2.3% y/y, right on expectations.
The German Jul S&P manufacturing PMI was revised downward by 0.1 to 49.1 from the previously reported 49.2.
The UK Jul S&P manufacturing PMI was revised downward by -0.2 to 48.0 from the previously reported 48.2.
Swaps are discounting the chances at 16% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Amazon.com (AMZN) is down more than -7% to lead losers in the Dow Jones Industrials and Nasdaq 100 after forecasting Q3 operating income of $15.5 billion-$20.5 billion, the midpoint below the consensus of $19.42 billion.
Chip stocks are under pressure today, weighing on the overall market. Marvell Technology (MRVL) is down more than -7%. Also, Micron Technology (MU), Microchip Technology (MCHP), Advanced Micro Devices (AMD), GlobalFoundries (GFS), and ARM Holdings Plc (ARM) are down more than -3%. In addition, Broadcom (AVGO), Intel (INTC), and NXP Semiconductors NV (NXPI) are down more than -2%.
Fluor (FLR) is down more than -32% after reporting Q2 adjusted EPS of 43 cents, weaker than the consensus of 56 cents, and cutting its full-year adjusted EPS forecast to $1.95-$2.15 from a previous estimate of $2.25-$2.75, well below the consensus of $2.53.
Eastman Chemical (EMN) is down more than -21% to lead losers in the S&P 500 after reporting Q2 adjusted EPS of $1.60, weaker than the consensus of $1.74.
Coinbase Global (COIN) is down more than -14% after reporting Q2 total revenue of $1.50 billion, below the consensus of $1.59 billion.
WW Grainger (GWW) is down more than -7% after reporting Q2 adjusted EPS of $9.97, below the consensus of $10.06, and cutting its full-year adjusted EPS forecast to $38.50-$40.25 from a previous forecast of $39.00-$41.50.
Moderna (MRNA) is down more than -7% after narrowing its full-year revenue forecast to $1.5 billion to $2.2 billion from a previous forecast of $1.5 billion to $2.5 billion, weaker than the consensus of $2.07 billion.
Avis Budget Group (CAR) is down more than -4% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $105.
Reddit (RDDT) is up more than +20% after reporting Q2 revenue of $499.6 million, stronger than the consensus of $425.3 million, and forecasting Q3 revenue of $535 million-$545 million, well above the consensus of $472.7 million.
Homebuilding stocks are climbing today after the 10-year T-note yield fell to a 1-month low, a supportive factor for housing demand. DR Horton (DHI) is up more than +4%, Lennar (LEN) and PulteGroup (PHM) are up more than +3%, and Toll Brothers (TOL) is up more than +2%.
Monolithic Power Systems (MPWR) is up more than +7% to lead gainers in the S&P 500 after reporting Q2 adjusted EPS of $4.21, stronger than the consensus of $4.12.
Kimberly-Clark (KMB) is up more than +4% to lead gainers in the S&P 500 after reporting Q2 adjusted EPS of $1.92, above the consensus of $1.68.
AES Corp (AES) is up more than 3% after forecasting full-year adjusted EPS of $2.10 to $2.26, the midpoint above the consensus of $2.14.
Eli Lilly (LLY) is up more than +2% after the Washington Post reported that the US government plans to experiment with covering weight-loss drugs for federal health programs.
Earnings Reports (8/1/2025)
Cboe Global Markets Inc (CBOE), Chevron Corp (CVX), Church & Dwight Co Inc (CHD), Colgate-Palmolive Co (CL), Dominion Energy Inc (D), Exxon Mobil Corp (XOM), Franklin Resources Inc (BEN), Kimberly-Clark Corp (KMB), Linde PLC (LIN), LyondellBasell Industries NV (LYB), Moderna Inc (MRNA), Regeneron Pharmaceuticals Inc (REGN), T Rowe Price Group Inc (TROW), WW Grainger Inc (GWW).
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.

Tariffs and Economic Jitters Hammer Stocks

NVR (NVR) came out with quarterly earnings of $108.54 per share, beating the Zacks Consensus Estimate of $104.89 per share. This compares to earnings of $120.69 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.48%. A quarter ago, it was expected that this homebuilder would post earnings of $107.87 per share when it actually produced earnings of $94.83, delivering a surprise of -12.09%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
NVR, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $2.55 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.12%. This compares to year-ago revenues of $2.55 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
NVR shares have lost about 3.3% since the beginning of the year versus the S&P 500's gain of 7.3%.
What's Next for NVR?
While NVR has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for NVR was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $96.67 on $2.35 billion in revenues for the coming quarter and $403.07 on $9.51 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Toll Brothers (TOL), is yet to report results for the quarter ended July 2025.
This home builder is expected to post quarterly earnings of $3.59 per share in its upcoming report, which represents a year-over-year change of -0.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Toll Brothers' revenues are expected to be $2.85 billion, up 4.6% from the year-ago quarter.
Should You Invest in NVR, Inc. (NVR)?
Before you invest in NVR, Inc. (NVR), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NVR (NVR) Q2 Earnings and Revenues Surpass Estimates

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

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

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

Stocks Slip on Weakness in Chip Makers and Disappointing Earnings

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

Stocks Pressured by Chip Stock Weakness

The following are the top rated Consumer Discretionary stocks according to Validea's Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
PULTEGROUP INC (PHM) is a large-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: PulteGroup, Inc. is a homebuilder in the United States. The Company's segments include Homebuilding and Financial Services. Its Homebuilding operations involve acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land. Its financial services business segment includes mortgage banking, title, and insurance agency operations, through Pulte Mortgage LLC (Pulte Mortgage) and other subsidiaries. Pulte Mortgage arranges financing through the origination of mortgage loans primarily for the benefit of its homebuyers. Its Homebuilding operations are aggregated into six segments: Northeast, Southeast, Florida, Midwest, Texas and West. The Company, through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, offers a variety of home designs with varying levels of options and amenities to its customer groups.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PULTEGROUP INC
GROUP 1 AUTOMOTIVE INC (GPI) is a mid-cap value stock in the Retail (Specialty) industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Group 1 Automotive, Inc. is an automotive retailer. It operates through two segments: the U.S. and the U.K. Through its dealerships and omnichannel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts. It owns and operates about 263 automotive dealerships, 335 franchises, and 39 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. It sells retail used vehicles directly to its customers at its dealerships and via AcceleRide and wholesale its used vehicles at third-party auctions. Its operations are located in areas including Texas, Massachusetts, Oklahoma, California, Georgia, New Mexico, Maine, New Jersey, New Hampshire, Florida, South Carolina, Louisiana, Kansas, New York, Maryland, and others. It also offers third-party finance, vehicle service, and insurance products.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of GROUP 1 AUTOMOTIVE INC
TOLL BROTHERS INC (TOL) is a large-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Toll Brothers, Inc. is a builder of luxury homes. The Company designs, builds, markets, sells, and arranges financing for an array of luxury residential single-family detached homes, attached homes, master-planned, and urban low, mid, and high-rise communities. It caters to luxury first-time, move-up, empty-nester (move-down), active-adult and second-home buyers in the United States, as well as urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living. The Company also develops master-planned and golf course communities as well as operates, in certain regions, its own lumber distribution, house component assembly and manufacturing operations. It operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. The Company has 1,041 communities in various stages of planning, development or operations containing approximately 74,700 home sites.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of TOLL BROTHERS INC
BOOT BARN HOLDINGS INC (BOOT) is a mid-cap growth stock in the Retail (Apparel) industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Boot Barn Holdings, Inc. is a lifestyle retailer of western and work-related footwear, apparel, and accessories in the United States. The Company operates through two segments: retail stores and e-commerce. The retail segment is a specialty retail store that sells western and work boots and related apparel and accessories. Its e-commerce segment sells its merchandise via the Internet. The Company carries an assortment of denim, western shirts, cowboy hats, belts and belt buckles, western-style jewelry, and accessories. The western assortment includes various brands, such as Ariat, Cinch, Cody James, Corral, Dan Post, Durango, El Dorado, Idyllwind, Justin, Laredo, Lucchese, Miss Me, Montana Silversmiths, Moonshine Spirit, Shyanne, Stetson, Tony Lama, Twisted X, Resistol and Wrangler. The work assortment includes rugged footwear, outerwear, overalls, denim, and shirts. Its other brand includes Dickies, Carhartt, Wolverine, and Hawx. It operates approximately 403 stores in 45 states.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of BOOT BARN HOLDINGS INC
LGI HOMES INC (LGIH) is a small-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: LGI Homes, Inc. is focused on the homebuilding industry. The Company is engaged in the design, construction and sale of homes across approximately 36 markets in 21 states. It offers multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under its LGI Homes brand and luxury homes that are marketed and sold under its Terrata Homes brand. Its homebuilding operations are organized and managed by seven operating segments: West, Northwest, Central, Midwest, Florida, Southeast and Mid-Atlantic. The Company offers an attached townhome product in certain markets. Its CompleteHome and CompleteHome Plus packages offer buyers move-in ready homes. Each of these packages includes preselected, upgraded features, including stainless steel appliances, cabinets and others. Its wholesale business builds and sells homes primarily to institutions interested in acquiring single-family rental properties through bulk sales agreements.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of LGI HOMES INC
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Consumer Discretionary Stocks Based On Benjamin Graham - 7/22/2025

D.R. Horton (DHI) came out with quarterly earnings of $3.36 per share, beating the Zacks Consensus Estimate of $2.9 per share. This compares to earnings of $4.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +15.86%. A quarter ago, it was expected that this homebuilder would post earnings of $2.66 per share when it actually produced earnings of $2.58, delivering a surprise of -3.01%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
D.R. Horton, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $9.23 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.13%. This compares to year-ago revenues of $9.97 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
D.R. Horton shares have lost about 6.2% since the beginning of the year versus the S&P 500's gain of 7.2%.
What's Next for D.R. Horton?
While D.R. Horton has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for D.R. Horton was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.32 on $9.89 billion in revenues for the coming quarter and $11.37 on $33.98 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Toll Brothers (TOL), is yet to report results for the quarter ended July 2025.
This home builder is expected to post quarterly earnings of $3.59 per share in its upcoming report, which represents a year-over-year change of -0.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Toll Brothers' revenues are expected to be $2.85 billion, up 4.6% from the year-ago quarter.
Should You Invest in D.R. Horton, Inc. (DHI)?
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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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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.

D.R. Horton (DHI) Q3 Earnings and Revenues Top Estimates

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the SPDR S&P MIDCAP 400 ETF Trust ETF (Symbol: MDY), we found that the implied analyst target price for the ETF based upon its underlying holdings is $647.88 per unit.
With MDY trading at a recent price near $579.42 per unit, that means that analysts see 11.82% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of MDY's underlying holdings with notable upside to their analyst target prices are Coty, Inc. (Symbol: COTY), Masimo Corp. (Symbol: MASI), and Toll Brothers Inc. (Symbol: TOL). Although COTY has traded at a recent price of $4.92/share, the average analyst target is 24.86% higher at $6.14/share. Similarly, MASI has 19.39% upside from the recent share price of $154.47 if the average analyst target price of $184.43/share is reached, and analysts on average are expecting TOL to reach a target price of $138.07/share, which is 18.11% above the recent price of $116.90. Below is a twelve month price history chart comparing the stock performance of COTY, MASI, and TOL:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Coty, Inc.
COTY
$4.92
$6.14
24.86%
Masimo Corp.
MASI
$154.47
$184.43
19.39%
Toll Brothers Inc.
TOL
$116.90
$138.07
18.11%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Implied MDY Analyst Target Price: $648

The following are the top rated Consumer Discretionary stocks according to Validea's Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
GRAHAM HOLDINGS CO (GHC) is a mid-cap value stock in the Schools industry. The rating according to our strategy based on Benjamin Graham is 86% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Graham Holdings Company is a diversified holding company. The CompanyGs segments include Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. Kaplan International includes postsecondary education, professional training and language training businesses outside the United States. Higher Education includes Kaplan as a service provider to higher education institutions. Supplemental Education includes KaplanGs test preparation programs and domestic professional and other continuing education businesses. Television Broadcasting is conducted through seven television stations serving the Detroit, Houston, San Antonio, Orlando, Jacksonville and Roanoke television markets. The CompanyGs manufacturing companies include a supplier of pressure-treated wood, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of GRAHAM HOLDINGS CO
PULTEGROUP INC (PHM) is a large-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: PulteGroup, Inc. is a homebuilder in the United States. The Company's segments include Homebuilding and Financial Services. Its Homebuilding operations involve acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land. Its financial services business segment includes mortgage banking, title, and insurance agency operations, through Pulte Mortgage LLC (Pulte Mortgage) and other subsidiaries. Pulte Mortgage arranges financing through the origination of mortgage loans primarily for the benefit of its homebuyers. Its Homebuilding operations are aggregated into six segments: Northeast, Southeast, Florida, Midwest, Texas and West. The Company, through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, offers a variety of home designs with varying levels of options and amenities to its customer groups.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PULTEGROUP INC
M/I HOMES INC (MHO) is a mid-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: M/I Homes, Inc. is a homebuilder of single-family homes. The Company's operations include homebuilding and financial services. The Company's homebuilding operations include the Northern and Southern regions. It designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. Its homebuilding operations are also engaged in the sale of land and lots. The Company primarily constructs homes in planned development communities and mixed-use communities. It has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina, and Nashville, Tennessee. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of M/I HOMES INC
TOLL BROTHERS INC (TOL) is a large-cap value stock in the Construction Services industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Toll Brothers, Inc. is a builder of luxury homes. The Company designs, builds, markets, sells, and arranges financing for an array of luxury residential single-family detached homes, attached homes, master-planned, and urban low, mid, and high-rise communities. It caters to luxury first-time, move-up, empty-nester (move-down), active-adult and second-home buyers in the United States, as well as urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living. The Company also develops master-planned and golf course communities as well as operates, in certain regions, its own lumber distribution, house component assembly and manufacturing operations. It operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. The Company has 1,041 communities in various stages of planning, development or operations containing approximately 74,700 home sites.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of TOLL BROTHERS INC
SALLY BEAUTY HOLDINGS INC (SBH) is a small-cap value stock in the Retail (Specialty) industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Sally Beauty Holdings, Inc. is an international specialty retailer and distributor of professional beauty supplies. The Company operates in two business segments: Sally Beauty Supply and Beauty Systems Group, which offers beauty products in key categories, including hair care, hair color, styling tools and nails. Sally Beauty Supply is an omni-channel retailer that offers professional beauty supplies and provides education to retail consumers and salon professionals throughout North America, South America and Europe. Sally Beauty Supply stores offer up to 7,000 products for hair color, hair care, nails, and skin care through proprietary brands, such as Ion, Bondbar, Strawberry Leopard, and Generic Value Products. Beauty Systems Group stores, branded as Cosmo Prof or Armstrong McCall stores, along with its outside sales consultants, sell up to 8,000 professionally branded products, including Paul Mitchell, Wella, Matrix, Schwarzkopf, Kenra, Goldwell, Joico, Amika and Moroccanoil.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of SALLY BEAUTY HOLDINGS INC
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Toll Brothers, Inc.

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