Tonight's Highlights | Earnings Season "Grand Opening" Boosts Confidence, U.S. Futures Edge Up

On Friday, U.S. stock futures saw slight gains, while major European indices showed mixed results.  

The strong start to the Q2 earnings season is offsetting some investor concerns over tariffs and threats to Fed independence.  

 

Fueled by a series of positive earnings, Wall Street is poised for a weekly rally. By Thursday’s close, the S&P 500 rose 0.6% for the week, the Dow gained 0.3%, and the outperforming Nasdaq climbed 1.5%.  

 

Thursday’s standout reports from PepsiCo and United Airlines beat analyst expectations, driving share price surges. Earlier, major banks like JPMorgan and Goldman Sachs also posted robust results. The highly anticipated “Magnificent Seven” tech giants will report next week.  

 

Thursday’s data revealed a resilient U.S. economy, supporting major indices.

 

Keith Lerner, co-chief investment officer and chief market strategist at Truist, said: “I think the market remains trustworthy, with growth stocks still driving the rally.”  

 

He added: “We’ll stick with this upward trend, which we see as still healthy.”  

 

Netflix fell over 2% pre-market despite beating Q2 revenue and profit forecasts and raising its full-year outlook, as Morgan Stanley investors expected stronger results. Morgan Stanley raised its Netflix target from $1,450 to $1,500.  

 

Hess surged nearly 8% pre-market after winning an arbitration case against ExxonMobil.  

 

Chevron rose nearly 4% pre-market following a favorable mediation ruling on its Guyana oil assets, clearing the way for Hess’s acquisition.  

Company News  

TSMC’s Second Kumamoto Factory in Japan to Break Ground Later This Year

  

TSMC Chairman and CEO C.C. Wei revealed on July 17 that the second Kumamoto factory in Japan will break ground later this year, with site preparation underway. The start, originally slated for before March 2025, was delayed to within 2025.  

 

BHP Sets Record Highs in Iron Ore and Copper Production  

 

BHP reported on July 18 its annual operational review to June 30, 2025, with record iron ore and copper output. Its Western Australia iron ore business hit multiple records, including annual production, while copper exceeded 2 million tons, with Escondida in Chile at a 17-year high and Spence at an all-time peak.  

 

Waymo Expands Autonomous Services in Austin, Texas 

 

On July 17 local time, Alphabet’s Waymo announced an expansion of its autonomous services to more areas in Austin, Texas.  

 

BASF Signs Decade-Long Gas Supply Deal with Equinor

 

On July 18, BASF and oil giant Equinor signed a strategic agreement to supply up to nearly 2 billion cubic meters of gas annually for ten years, securing a significant portion of BASF’s European gas needs, with deliveries starting October 1.  

 

Naspers, Tencent’s Major Shareholder, Reduces Stake to 22.99% 

 

On July 18, Hong Kong exchange filings showed Naspers, a major Tencent shareholder, reduced its stake in Tencent Holdings from 23.00% to 22.99% on July 17.  

 

Novo Nordisk’s Semaglutide Approved in China for Chronic Kidney Disease  

 

On July 18, Novo Nordisk announced that China’s NMPA approved Ozempic (semaglutide injection) for chronic kidney disease (CKD), becoming the first and only GLP-1 receptor agonist in China to reduce eGFR decline, end-stage kidney disease, and cardiovascular death risks in type 2 diabetes adults.