Overview

• The S&P 500 notched its 13th record close of 2025 and the Nasdaq Composite reclaimed the 21,000 level as megacap gains powered benchmarks to fresh highs.
• Alphabet’s better-than-expected second-quarter earnings and a boosted $85 billion capital spending forecast drove its shares up more than 3% in premarket trading.
• Tesla’s stock slid after reporting a second consecutive quarterly drop in auto revenue and warning of “a few rough quarters” ahead.
• Preliminary agreements imposing 15% reciprocal tariffs with Japan and advancing talks on similar EU levies lifted investor sentiment before the August 1 tariff deadline.
• Futures were mixed as markets awaited the Fed’s policy decision, following President Trump’s rare visit to the central bank to press Chair Jerome Powell for rate cuts.