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Global Markets Rally on EU Trade Optimism and Tech Earnings; Indian Stocks Rebound on Bank Profits

Investor anticipation of major Q2 tech results built on progress in U.S.-EU tariff talks drove Wall Street to records, with robust bank earnings fueling an Indian market comeback

German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 21, 2025. REUTERS/Wolfgang Rattay
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Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on July 18, 2025, in New York City. Upbeat company earnings and healthy US data buoyed stock markets on Friday, pushing ongoing concerns about President Donald Trump's tariffs into the background. New York -- whose S&P 500 and Nasdaq Composite struck record highs on July 17 -- held on to gains, even if the Dow struggled a little at the start. Most European and Asian markets were pulled higher as well. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2025. REUTERS/Brendan McDermid

Overview

  • The S&P 500 and Nasdaq Composite closed at fresh highs on July 21 after U.S. Commerce Secretary Howard Lutnick signaled confidence in an EU trade deal ahead of the August 1 tariff deadline.
  • Gold reached a five-week peak and the yen strengthened following Japan’s upper-house elections as Treasury yields eased at the start of a busy earnings week.
  • Treasury Secretary Scott Bessent’s remarks on reviewing Federal Reserve autonomy added to policy uncertainty among investors.
  • India’s BSE Sensex jumped 442 points to finish above 82,200 and the NSE Nifty topped 25,000 led by a 15.9% profit rise at ICICI Bank and resilient results at HDFC Bank.
  • Foreign institutional investors sold ₹1,681 crore in Indian equities on Monday, offset by ₹3,578 crore of buying from domestic institutions