Tonight’s Highlights | U.S. Futures Mixed, Powell to Speak

The major index futures showed mixed performance. As of this writing, Dow Jones futures fell 0.04%, S&P 500 futures rose 0.06%, and Nasdaq 100 futures dipped 0.03%.  

The previous trading day saw the S&P 500 and Nasdaq Composite close at record highs. That day, most of the "Magnificent Seven" advanced, with tech giant Alphabet’s A-class stock up 2.72% and C-class up 2.8% ahead of their upcoming earnings reports.  

 

After Wednesday’s close, companies like Google, Tesla, and IBM will release their earnings, marking an important week in this earnings season. So far, over 60 S&P 500 components have reported, with more than 80% exceeding expectations.  

 

Just before this report, Coca-Cola announced revenue beating expectations but saw its pre-market stock drop 1%. Philip Morris, with disappointing results, fell 5.3%, Lockheed Martin dropped 6.6%, and General Motors, warning of tariff risks, declined over 2%.  

 

Given the recent string of record highs, some views suggest valuations may be overstretched. Gene Goldman, chief investment officer at Cetera Investment Management, noted that many positive factors seem already priced into the market.  

 

Later today, Federal Reserve Chair Powell will deliver welcome remarks at a regulatory conference. Notably, this is a rare “blackout period live address”—central bank officials typically avoid public appearances ten days before a decision.  

 

Markets will look to Powell’s speech for any hints regarding “Fed independence.” The day before, former Fed Chairs Bernanke and Yellen co-authored an article supporting Powell amid Trump’s pressure on rate cuts.  

 

European stock markets trading currently are mostly lower, with Germany’s DAX down 1.12%, the UK’s FTSE 100 off 0.08%, and France’s CAC 40 down 0.81%.  

Company News  

U.S. AI ‘Stargate’ Project Stalls, Scales Back to One Small Data Center by Year-End  

 

The $500 billion “Stargate” AI project, announced earlier this year by OpenAI and Japan’s SoftBank, has reportedly hit roadblocks and scaled down. U.S. media disclosed on July 21 that, six months later, no agreements have been reached on data center construction.

 

Insiders say OpenAI and SoftBank, the joint leads, disagree on locations. Initially promising an immediate $100 billion investment, they now plan only one small data center by year-end, possibly in Ohio. A recent dispute centers on whether to site it near a renewable energy company backed by SoftBank.  

 

SpaceX and Tesla Still Hold 18,486 Bitcoins, Profit Over $1.7 Billion  

 

Reports indicate that after SpaceX’s first BTC transfer of $152 million in three years today, Musk’s SpaceX and Tesla still hold 18,486 bitcoins. With an average purchase price of $32,000 and a current price of $118,000, their Bitcoin investment has yielded over $1.7 billion in profit.  

 

Sanofi Acquires Biotech Firm Vicebio for Up to $1.6 Billion  

 

Sanofi agreed to acquire UK biotech Vicebio Ltd. for up to $1.6 billion, gaining experimental vaccines and a technology to accelerate vaccine development. CEO Paul Hudson seeks innovations aligning with Sanofi’s portfolio, with Vicebio’s vaccines targeting respiratory diseases like RSV, also addressed by Sanofi’s new therapy Beyfortus.  

 

GM Q2 Net Income Falls 35.4% to $1.9 Billion  

 

General Motors reported Q2 adjusted EPS of $2.53, beating estimates of $2.33. Revenue was $47.1 billion, down 1.8% year-over-year; net income attributable to shareholders was $1.9 billion, down 35.4%; and adjusted EBIT was $3 billion, down 31.6%. The full-year financial guidance remains unchanged.  

 

WHO to Release New GLP-1 Obesity Treatment Guidelines in September 2025  

Reports indicate the World Health Organization (WHO) is developing new guidelines for GLP-1-based obesity treatment in adults, set for release in September 2025.

 

Drafted by an independent Guideline Development Group (GDG) including obesity, epidemiology, clinical, pharmacology, health economics, public health, and policy experts, the guidelines aim to define clinical indications, applications, and considerations for GLP-1 receptor agonists (GLP-1 RAs).

 

This would mark WHO’s first official recommendation for weight-loss drugs, signaling a major shift in addressing the global obesity crisis.  

 

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