Overview

• Major benchmarks including the S&P 500 and Nasdaq notched record closing highs for the fifth consecutive session on July 25, propelled by Alphabet’s AI-driven beat.
• The U.S. finalized trade agreements with Japan, Indonesia and the Philippines that cut tariffs on key goods and boosted investor sentiment.
• Treasury yields climbed to multi-year highs, with the 10-year note approaching 4.4%, as markets weigh rate outlook and economic indicators.
• President Trump renewed his public critique of Fed Chair Powell’s rate strategy, calling for cuts and increasing political pressure on monetary policy.
• Corporate results diverged sharply, with Deckers and Newmont topping Q2 forecasts while Intel and Tesla shares fell after profit warnings.