Tonight’s Highlights | U.S. futures mixed pre-market; Trump “Gracefully” Wraps Fed Visit

U.S. futures mixed pre-market on Friday (July 25). As of writing, Dow Jones futures up 0.08%, Nasdaq 100 futures down 0.07%, and S&P 500 futures up 0.05%, hitting a fresh record.

The prior day, both S&P 500 and Nasdaq Composite closed at new highs. Among tech stocks, Alphabet hit a record high, buoyed by stronger-than-expected earnings.

 

Per FactSet, over 82% of the 169 S&P 500 companies reporting so far beat Wall Street analyst expectations.

 

Yesterday, President Trump made a historic visit to Fed headquarters, following weeks of pressure on Chair Jerome Powell, drawing keen interest.

 

After inspecting the Fed building’s renovations, Trump softened his tone toward Powell, jokingly urging rate cuts on camera. The two appeared outwardly cordial. Just before press time, the Fed thanked Trump for encouraging the renovation project, looking forward to its completion.

 

Meanwhile, the U.S. struck trade deals with Japan and Indonesia. Trump said Wednesday the U.S. will impose 19% tariffs on Indonesian goods, with Indonesia buying Boeing planes, U.S. farm products, and energy.

 

European markets trading lower, Germany’s DAX down 0.76%, UK’s FTSE 100 down 0.32%, France’s CAC 40 down 0.13%.

Company News

Trump Denies Plans to Cut Musk’s Subsidies; Musk Counters: They Don’t Exist

 

President Trump on July 24 denied rumors of canceling billionaire Musk’s hefty government subsidies, saying he wants Musk and all U.S. firms to thrive. Musk retorted on X, “Those ‘subsidies’ don’t exist,” noting Trump’s admin ended clean energy incentives while keeping oil and gas subsidies.

 

Intel CEO Pat Gelsinger: 14A Process to Follow Customer Demand, 18A Scales Up

 

Intel CEO Pat Gelsinger wrote in a Q2 earnings letter that the company focuses on process tech investment and finance. Priority is scaling Intel 18A (1.8nm) production, key for the next decade, with Panther Lake launching late this year. Intel 14A (1.4nm) will be built with major clients based on confirmed orders, ensuring economic viability.

 

U.S. Media: Military Cuts F-35 Orders

 

The U.S. Air Force won’t buy F-35s at planned levels until Lockheed Martin upgrades progress. Frustrated with Block 4 delays and Pentagon budget shifts, it requested 24 jets for 2026—half last year’s plan and below 2025’s 44.

 

Roche to Collaborate with EMA on Elevidys Therapy

 

Roche said the EMA’s CHMP rejected conditional marketing approval for Elevidys (for 3-7-year-old DMD patients) due to unmet needs. Roche plans to work with EMA for solutions.

 

VW Group Forecasts 2025 Revenue Flat, Down from 5% Growth Target

 

Volkswagen updated its 2025 outlook on July 25, expecting revenue flat year-over-year (previously up to 5%), sales return at 4.0%-5.0% (vs. 5.5%-6.5%), and net cash flow at €1B-3B (vs. €2B-5B). H1 2025 saw 4.405M deliveries (+1.3%), revenue €158.364B (-0.3%), and profit €6.707B (-32.8%).

 

Morgan Stanley Keeps Microsoft ‘Overweight’ at $530 Target

 

Morgan Stanley’s report previews Microsoft’s Q4, citing AI leadership, core growth, and efficiency as drivers for mid-to-high single-digit returns. Maintains “Overweight” rating, $530 target.