The Weekend Rip
Happy Weekend!

It was a wild trading week, with some of the biggest news this summer on the calendar, but the market ended red after trade worries, FOMC rate change feet-dragging, and massive earnings came in rough. 📉 

Let's recap and prep you for the week ahead. 📝

◀️ Traders kicked off the week with a sixth straight record market close, fueled by optimism over a new 15% U.S.–EU trade deal and anticipation ahead of the busiest earnings week yet. 150 S&P 500 companies were set to report, including Meta, Apple, and Microsoft. Super Micro Computer surged on retail enthusiasm despite a lack of fresh news, and Tesla rose after confirming Samsung’s $16.5B chip contract to produce next-gen AI chips in Texas.

🌏️ Markets fell Tuesday as Trump’s sweeping tariff order triggered fresh uncertainty across global trade, raising duties on dozens of partners—including 35% on Canada. Railroad stocks surged after Union Pacific reignited merger talks with Norfolk Southern, while UPS dropped 10% on weak parcel demand and collapsing China volumes. Healthcare stocks were volatile: Novo Nordisk plummeted 21% on revised Wegovy and Ozempic forecasts, Eli Lilly fell despite positive cancer drug data, UnitedHealth slid 7% as guidance missed expectations, and Sarepta rose 15% after its gene therapy shipment resumed. Merck dropped 2% on restructuring news, while Bristol Myers and Bain launched a $300M immunology venture.

⚡️ FOMC day sent markets choppy on Wednesday before Meta and Microsoft delivered blowout earnings that lifted sentiment after hours. Microsoft jumped 9%, topping $4 trillion in market cap after reporting $76.4B in revenue and record Azure growth. Meta posted a double-beat and raised guidance, citing strong AI hiring and engagement. The Fed held rates steady but saw two dissenting votes: the first since 1993, and struck a cautious tone on the economy. Meanwhile, Trump intensified tariff pressure ahead of August 1, targeting India and Brazil and slamming copper with a 50% duty, triggering a historic price collapse.

🐂 Markets pulled back Thursday despite strong results from Meta and Microsoft, as broader concerns about inflation and slowing momentum kept bulls in check. Jim Cramer’s “Celebrate the moment” tweet summed up the mood—but investor excitement faded fast. Figma’s IPO opened 3× above its price, sparking retail frenzy, but even excitement over Amazon and Apple’s pending reports wasn’t enough to move indexes, which ended red. Amazon beat top-line estimates but fell 7% after offering a wide and cautious profit forecast. Apple posted its strongest YoY revenue growth in years and pledged aggressive AI investment, lifting shares modestly.

😢 On Friday, markets as revised jobs data painted a much weaker labor market than previously reported. May and June saw a significant loss of 258k jobs, while July added just 73k. The dollar declined, accompanied by a spike in the VIX. Trump responded in his usual way, firing the head of the Bureau of Labor Statistics. Tariffs on dozens of nations are coming next week. FOMC Governor Kugler resigned, while dissenters Waller and Bowman called for a rate cut, citing low PCE and labor softness. Amazon fell 8% after its cloud guidance missed, Chevron and Exxon slipped on weak oil profits, and Ford warned of a $2B tariff hit. Reddit soared 20% on a Q2 ad surge, while Eli Lilly and Novo Nordisk rallied on GLP-1 drug coverage rumors.

🤩 This week's Stocktwits Top 25 showed outperformance vs. the indexes.

Here are the closing prices: 

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THE BRIEF

Need a concise summary of what's going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Earnings This Week

Earnings season is underway, with over 1,500 stocks reporting this week.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Economic Calendar

It’s a busy week of economic data, with investors focused on jobs data and Fed speak.

In addition to the above, check out this week's complete list of economic releases.

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✈️ Delta Air assures US lawmakers it will not personalize fares using AI

🛢️ OPEC+ Agrees to Big Output Hike as Focus Shifts to Its Next Move

⚠️ ‘The revisions are hard evidence’: White House struggles to justify firing of BLS chief over weak jobs numbers

💀 'Tariffs are starting to bite': Latest inflation, jobs data sparks Wall Street concern over US economy

🧓 Berkshire Hathaway operating earnings dip 4% as conglomerate braces for tariff impact

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