Evening Market Recap  

Sophia Reyes · July 28, 2025 6:29 PM

Market Snapshot for Monday July-28^th-2025

S&P 500 – 6,389.77 (+0.02%)

Dow Jones – 44,837.56 (-0.14%)

NASDAQ – 21,178.58 (+0.33%)

Market Performance

U.S. stocks posted modest gains Monday, with the S&P 500 and Nasdaq extending their record streaks as Wall Street digested a new trade agreement between the U.S. and European Union. The session marked a quiet start to what’s expected to be a busy week filled with Big Tech earnings, a Federal Reserve decision, key inflation data, the July jobs report, and an Aug. 1 deadline set by President Trump for finalizing major trade deals.

The S&P 500 (^GSPC) inched slightly higher for its sixth straight record close, while the Nasdaq Composite (^IXIC) added around 0.3%, also marking a new all-time high. Meanwhile, the Dow Jones Industrial Average (^DJI) slipped 0.2%, lagging behind its peers.
Bottom of Form

Economic Takeaways –

• The U.S. and European Union reached a preliminary agreement to cap tariffs on European goods at a baseline of 15%, down from the previously threatened 30%. President Trump hailed the deal as “the biggest of them all,” though EU officials responded with a more cautious and mixed reaction.
• Optimism is building around potential U.S.-China talks in Stockholm, with reports suggesting the existing tariff truce could be extended by an additional three months past the current August 12 deadline.
• President Trump said he is shortening a timeline on Russia for a ceasefire deal with Ukraine, from 50 days, to less than two weeks
• The US dollar index (DX-Y.NYB) rose 0.6% on Monday following news that the United States and European Union struck a trade deal.
• Fed Chair Powell is likely to stick with a cautious, data-driven approach. If trade clarity continues post–August 1 and inflation remains in check, a rate cut as early as September is possible, with more guidance likely at the Jackson Hole summit in late August. Markets are currently pricing in one to two cuts by year-end, with a slow path to a neutral rate near 3%–3.5% into 2026.
• On the macro front, Friday’s June durable goods report showed core business investment dipping 0.7% after a 2% gain in May—suggesting some cooling.
• The Atlanta Fed’s GDPNow tool held its Q2 GDP forecast steady at 2.4%, ahead of the government’s official release Thursday.

Gold –

• Gold fell to a 3-week low as US-EU deal boosts risk appetite ahead of Fed meeting.
• Spot gold fell 0.8% to $3,310.45 per ounce as of 01:49 p.m. ET (1749 GMT), after touching its lowest level since July 9, at $3301.29, earlier in the session.
• S. gold futures settled 0.7% lower at $3,311.2 per ounce.

Oil –

• Oil prices jumped Monday after President Trump shortened a timeline on Russia to end the war with Ukraine, and a US-EU trade deal spurred optimism over demand.
• West Texas Intermediate climbed 1.9% to trade above $66 per barrel, and Brent crude, the international benchmark price, rose to nearly $69 per barrel.
• The trade accord between the European Union and the US, announced on Sunday, includes $750 billion in EU purchases of American oil and natural gas.

Crypto –

• Bitcoin (/BTC) advanced 1.7%, nearing record highs.
• Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from Buy.
• MicroStrategy (MSTR) shares edged up nearly 1% on Monday, as the software company-turned-crypto heavyweight prepares to release its quarterly earnings after the market closes on Thursday.
• The Ether Machine is gearing up for a public debut after raising $1.5 billion, touting a new approach to delivering cryptocurrency yields to mainstream investors.

Bristol Myers, Bain Capital Launch New Immunology-Focused Biotech With $300 Million Backing

Bristol Myers Squibb and private equity firm Bain Capital announced Monday the creation of an independent biotech company dedicated to developing immunology therapies, supported by a $300 million funding round led by Bain.

The new venture will advance five experimental treatments licensed from Bristol Myers, including a late-stage lupus drug and a mid-stage psoriasis candidate that has shown encouraging results in clinical trials.

Bristol Myers will retain nearly a 20% stake in the company and is positioned to receive royalties and milestone payments tied to the success of the drugs. The move allows the pharma giant to sharpen its focus on next-generation immune-resetting therapies while ensuring the continued progress of key pipeline assets.

“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,” said Julie Rozenblyum, SVP of business development at Bristol Myers.

Pharma veteran Daniel Lynch will serve as executive chairman and interim CEO, while Bristol Myers’ chief research officer Robert Plenge will join the board along with partners from Bain Capital. The Canada Pension Plan Investment Board also joined the financing round.

 Top Gainers

Several stocks experienced significant gains. Some of the top gainers included:

Scilex Holding Company (SCLX) +29.77%

Stem, Inc. (STEM) +26.15%

Newegg Commerce, Inc. (NEGG) +13.90%

Lyell Immunopharma, Inc. (LYEL) +10.55%

Super Micro Computers (SMCI) +10.24%

Top Losers

The top US stock losers today, based on percentage change included:

ChargePoint Holdings, Inc. (CHPT) -18.85%

Albemarle Corporation (ALB) -10.71%

Seres Therapeutics, Inc. (MCRB) -8.88%

KB Financial Group, Inc. (KB) -8.74%

Revvity, Inc. (RVTY) -8.32%

Notables

• Spirit Airlines (FLYY) on Monday confirmed it will furlough about 270 pilots and demote another 140 in an attempt to cut costs and rightsize.
• Chip stocks including Nvidia and Micro Devices rose Monday following news of a U.S.-EU trade agreement and reports suggesting the U.S. and China are likely to extend their tariff truce by another three months.
• Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal.
• Nike (NKE) shares surged 4% in premarket trading Monday after JPMorgan upgraded the stock from Neutral to Outperform.
• Tesla (TSLA) rose, extending Friday’s rebound after a steep sell-off earlier last week. The stock got a boost from news of a $16.5 billion semiconductor deal with Samsung over the weekend. Tesla could also benefit from the U.S.-EU trade deal, thanks to its manufacturing presence in Germany.
• Nike (NKE) jumped after JPMorgan upgraded the stock to Overweight from Neutral—the firm’s first price target hike on Nike in over a year. JPMorgan sees a multi-year recovery ahead for the athletic giant.
• Lockheed Martin (LMT) climbed as the EU committed to increasing purchases of U.S. defense products. Other trade-sensitive names also moved higher, including Cleveland-Cliffs (CLF), Boeing (BA), ASML (ASML), Kratos Defense (KTOS), Exxon Mobil (XOM), Cheniere Energy (LNG), and Deere (DE). Notably, Cheniere rose 4% on expectations of increased EU demand for U.S. LNG, oil, and nuclear fuels to replace Russian energy supplies.
• Intel (INTC) edged higher after Friday’s sell-off, which was triggered by lukewarm guidance and a continued focus on restrained capital expenditures. Meanwhile, Palantir (PLTR) and Super Micro Computer (SMCI) posted modest early gains, following Friday’s strength tied to AI momentum and Alphabet’s (GOOGL) increased capital spending plans. This week, investors will be closely watching earnings from tech heavyweights Microsoft, Amazon, and Meta.
• Meme stock volatility showed signs of cooling. Kohl’s (KSS), which dropped over 6% Friday, ticked up slightly this morning. Other recent meme names like Krispy Kreme (DNUT) and 1-800 Flowers (FLWS) saw minimal movement, though investors should stay alert if the retail-driven frenzy reignites.

What to Watch Ahead

Wall Street braces for the busiest stretch of earnings season, with over 150 S&P 500 companies set to report results.

Boeing (BA) will report second quarter earnings on Tuesday.

Meta Platforms (META) and Microsoft (MSFT) kick things off on Wednesday, followed by Amazon (AMZN) and Apple (AAPL) reporting on Thursday.

The Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday.

The July report for the personal consumption expenditures (PCE) index— the Federal Reserve’s preferred measure of inflation— is expected to show a slight increase both month-over-month and year-over-year when it’s released on Thursday.

Friday’s crucial jobs report will take the spotlight on Friday.