Tonight's Highlights | U.S. June Retail Data Beats Expectations, Major Futures Mixed
On Thursday, U.S. major stock futures saw slight gains as investors digested the latest corporate earnings and monitored developments in the ongoing dispute between President Trump and Fed Chair Powell. Major European indices rose across the board.
Pre-market data revealed U.S. June retail sales grew 0.6% month-over-month, surpassing the expected 0.1% and rebounding from the prior -0.9%.
The previous trading day, a White House official’s claim that Trump “is very likely to soon remove” Powell triggered a market dip, with the Dow dropping over 260 points intraday. However, after Trump denied plans to fire Powell, all three major indices closed higher.
This earnings season has started strong. According to FactSet, 45 S&P 500 companies have reported so far, with 87% beating analyst expectations.
Michael Green, chief strategist at Simplify Asset Management, said Wednesday’s market rebound suggests investors are less concerned about Powell’s potential dismissal.
“I think the real message today is that firing Powell isn’t a big deal,” he said.
Green noted that, at least short-term, investor focus may remain on upcoming earnings, the market’s current key catalyst.
“If tech giants don’t deliver relatively positive reports, I’d be very surprised—though it’s not impossible. Overall, this suggests the market might see some relief, as the earnings season may not be as bad as feared,” Green added.
TSMC’s U.S. pre-market shares rose over 3%, lifting tech stocks like Nvidia despite tariff uncertainties, with its Q2 profit hitting a record.
Company News
Nvidia CEO Huang Plans to Sell Another 75,000 Shares
On July 16 local time, an SEC Form 144 filing revealed Nvidia CEO Jensen Huang plans to sell 75,000 more shares. He sold 225,000 shares over three trading days (July 11, 14, 15), worth ~$38 million, part of a 6 million-share sale plan disclosed in March under Rule 10b5-1.
Trump Says Coca-Cola to Change Recipe, Company Responds: Thanks, But No Change
On July 16 local time, President Trump posted on social media claiming Coca-Cola agreed to use real sugar in U.S. production.
Coca-Cola later told media it made no such commitment, stating: “We thank President Trump for his enthusiasm for our iconic Coca-Cola brand. We’ll soon share more details on innovations in our product lineup.”
TSMC Q2 Net Profit Up 60.7% to TWD 398.27 Billion
On July 17, TSMC reported Q2 2025 revenue of TWD 933.79 billion, up 38.6% year-over-year, with net profit at TWD 398.27 billion, up 60.7%. Diluted EPS was TWD 15.36, with gross margin at 58.6%, operating margin at 49.6%, and net margin at 42.7%.
In Q2, 3nm wafers accounted for 24% of revenue, 5nm 36%, and 7nm 14%, with 7nm and advanced nodes totaling 74%.
MP Materials Issues $500M Stock to Support U.S. Magnet Factory, Following Apple Deal
On July 16 local time, U.S. rare earth producer MP Materials launched a $500 million common stock underwriting. All shares are newly issued, subject to market conditions, with no guarantee of completion, size, or terms.
Proceeds will accelerate the 10X Facility and support strategic growth. On July 15, Apple announced a multi-year $500 million deal to buy U.S.-made rare earth magnets from MP’s Texas plant.
Volvo Cars Q2 Revenue 93.5B SEK
On July 17, Volvo Cars reported Q2 2025 revenue of 93.5 billion SEK, down from 101.5 billion SEK last year, with a negative EBIT of -10 billion SEK and an operating margin of -10.6%. Retail sales totaled 181,600 vehicles, down 12% year-over-year.
Saudi AI Startup Lucidya Raises $30M in B Round, Aramco Tech Arm Joins
On July 16, Saudi AI startup Lucidya completed a $30 million Series B round, led by Impact46, with new investors including Aramco’s Wa’ed Ventures, Takamol Ventures, and SparkLabs.