Evening Market Recap  

Sophia Reyes · July 31, 2025 6:12 PM

Market Snapshot for Thursday July-31^st-2025

S&P 500 – 6,339.39 (-0.37%)

Dow Jones – 44,130.98 (-0.74%)

NASDAQ – 21,122.45 (-0.034%)

Market Performance

Stocks ended Thursday in the red but still wrapped up a month of gains as investors kept a close eye on President Trump’s looming tariff deadline. Wall Street also looked ahead to more Big Tech earnings after upbeat reports from Meta (META) and Microsoft (MSFT) reinforced optimism around AI spending.

The Nasdaq Composite (^IXIC) gave up earlier gains of more than 1% to end slightly lower, while the S&P 500 (^GSPC) slipped 0.4%. The Dow Jones Industrial Average (^DJI) underperformed, falling around 0.7%.

Despite the day’s pullback, both the S&P 500 and Nasdaq posted solid July gains—up about 2.3% and 3.7%, respectively. It marked the S&P’s third straight monthly advance and the Nasdaq’s fourth. The Dow ended the month roughly flat.

Economic Takeaways –

• President Donald Trump announced that the U.S. has finalized a trade agreement with South Korea, setting tariffs at 15%—a notable reduction from the 25% he previously threatened in a letter to Seoul earlier this month. The timing of the deal is significant, coming just ahead of Friday’s key tariff deadline.
• In a surprise move, refined copper—the largest subcategory of the metal—was excluded from a proposed 50% tariff, prompting a sharp decline in U.S. copper futures. More trade-related announcements are expected in the lead-up to the August 1 policy deadline.
• On the economic front, personal consumption inched up just 0.1% in June, a modest rebound from May’s 0.2% decline, signaling continued consumer caution amid tepid income growth and persistent trade uncertainty. Core PCE inflation rose 0.3% month-over-month, matching expectations. Over the past three months, core goods prices have increased at an annualized rate of 2.3%, as tariff impacts begin to reach consumers.
• Labor market data remains mixed. While initial jobless claims are still low, the July Challenger report revealed a notable uptick in planned layoffs, suggesting potential softening in the labor market ahead.
• In commodities, crude oil pulled back after briefly topping $70 per barrel and reclaiming its 200-day moving average earlier in the week, a move fueled by heightened U.S.-Russia geopolitical tensions.
• Meanwhile, mortgage rates are holding at an average of 6.72% following the Federal Reserve’s decision to maintain its rate pause.

Gold –

• Gold prices rose on Thursday as traders turned to the safe-haven asset amid ongoing tariff uncertainty ahead of U.S. President Donald Trump’s August 1 deadline to end negotiations.
• Spot gold was up 0.6% at $3,294.56 per ounce, as of 01:54 p.m. ET (17:54 GMT), after rising more than 1% earlier today.
• S. gold futures settled 0.1% lower at $3,348.6.
• “We’ve seen an uptick in trade uncertainty as we approach this August 1st deadline for tariffs… just a little bit of a revival of the safe-haven bid,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Oil –

• Oil prices declined on Thursday as U.S. President Donald Trump’s August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S.
• Brent crude futures for September expired on Thursday and settled down 71 cents, or 0.97% to $72.53 a barrel. U.S. West Texas Intermediate crude for September settled down 74 cents, or 1.06%, to $69.26. U.S. crude futures fell more than $1 earlier in the session.
• Oil giant Shell posted a profit beat and kept its share buyback pace steady at $3.5B.

Crypto –

• Bitcoin settled under $117,000 a coin.
• Coinbase Global reported a sharp rise in second-quarter profit on Thursday, as gains in its subscription and services business offset a dip in trading revenue.
• S. SEC chairman has said the agency is pursuing ‘Project Crypto’ to elevate the industry.

Google Loses Appeal in Epic Games Antitrust Battle Over App Store Rules

Google has lost its appeal in a major antitrust case brought by Fortnite creator Epic Games, with a federal court upholding an order that forces the tech giant to overhaul how its Google Play Store operates.

The 9th U.S. Circuit Court of Appeals rejected Google’s claim that the trial judge mishandled legal aspects of the case and unfairly favored Epic. The lawsuit, originally filed in 2020, resulted in a 2023 jury ruling that found Google had illegally restricted competition in the app distribution market.

Following that decision, Judge James Donato ordered Google to make sweeping changes to the Play Store. These include allowing third-party app stores broader access, ending exclusive payment requirements, and giving developers more freedom to direct users to alternative payment methods. The changes are set to take effect on November 1 and remain in place for at least three years.

Specifically, Google must:

• Stop paying developers to launch apps exclusively on Google Play.
• Allow developers to bypass Google’s billing system and inform users of alternative payment options.
• Grant third-party app stores access to the Play Store catalog.
• Carry third-party apps within Google Play.

Google criticized the ruling, saying it threatens Android’s competitiveness with Apple’s iOS, and plans to appeal again while requesting a stay on the mandated changes.

Trump Demands Pharma CEOs Slash Drug Prices Within 60 Days

President Trump intensified his campaign to cut drug prices Thursday by publishing letters sent to 17 pharmaceutical CEOs on Truth Social, giving them 60 days to comply with a sweeping pricing mandate.

The letters, addressed to companies including Eli Lilly (LLY), Pfizer (PFE), AstraZeneca (AZN), and others, demand that drugmakers implement a “most-favored nations” (MFN) pricing model. Under the plan, drug prices for Medicare and Medicaid patients must be matched to the lowest price offered in any developed country.

Trump wrote that companies must also prepare to offer MFN pricing for all existing drugs under Medicaid, with new drugs to follow suit for both Medicare and Medicaid. Additionally, he called for direct-to-consumer (DTC) pricing for all patients — a model recently seen with GLP-1 drugs like those from Novo Nordisk and Lilly, who have begun selling lower-cost vials through telehealth partners to compete with compounders.

“Domestic MFN pricing will require you, and all manufacturers, to negotiate harder with foreign freeloading nations,” Trump said in the letters, which set a firm deadline of September 29.

Following the news, shares of the targeted companies dropped between 1% and 3.5%.

Novo Nordisk responded, saying it “remains focused on improving patient access and affordability” and is committed to finding solutions that help people obtain needed medications.

Trump said that Health and Human Services Secretary Robert F. Kennedy Jr. and CMS Administrator Mehmet Oz will oversee the implementation of the policy, signaling a tough enforcement stance as the deadline approaches.

Top Gainers

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

Newegg Commerce, Inc. (NEGG) +41.85%

Applied Ditigal Corp. (APLD) +31.01%

Forge Global Holdings (FRGE) +30.32%

American Superconductor Corp. (AMSC) +29.38%

Impinj, Inc. (PI) +26.49%

Top Losers

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

Align Technology (ALGN) -36.63%

Confluent, Inc. (CFLT) -32.86%

Baxter International (BAX) -22.42%

SPS Commerce, Inc. (SPSC) -21.99%

Kirby Corp. (KEX) -20.58%

Notables

• Reddit issued an upbeat revenue forecast, citing strong demand for its AI-enhanced advertising platform.
• Amazon delivered solid second-quarter results.
• Roku exceeded earnings expectations for the quarter.
• Apple beat Wall Street estimates, driven by robust iPhone sales.
• Microsoft shares surged after cloud revenue jumped 27%, beating expectations. Azure and related services led the way with a 39% gain, while other business segments also topped company guidance.
• Meta Platforms soared after issuing stronger-than-expected Q3 revenue guidance and maintaining capital spending plans. While steady capex may underwhelm chip investors following Alphabet’s recent hike, Meta signaled an increase in 2025. A 9% rise in average ad pricing helped drive revenue, and the company credited AI initiatives for enhancing its ad business.
• Nvidia (NVDA) and AMD (AMD) each gained benefiting from bullish sentiment around AI demand fueled by Microsoft and Meta’s strong results.
• CVS Health (CVS) climbed after posting a strong earnings beat and issuing an upbeat outlook.
• Qualcomm (QCOM) dropped despite topping quarterly earnings estimates. The company’s forecast met expectations, but revenue from handset and auto segments missed.
• Ford (F) edged lower after beating Q2 revenue estimates and reinstating guidance. The automaker said tariffs would cost $3 billion, though $1 billion could be offset, per CNBC.
• Arm Holdings (ARM) fell 7% despite reporting results and an outlook in line with expectations.
• Lam Research (LRCX) slid even after beating revenue and earnings estimates and issuing guidance above consensus.
• Comcast (CMCSA) gained on better-than-expected earnings.
• Norwegian Cruise Line (NCLH) jumped despite missing EPS expectations, as it posted record Q2 revenue.
• Ferrari shares suffered their steepest single-day decline since 2016 on Thursday, marking a rare stumble for the luxury automaker.
• In contrast, Carvana surged 16%, on track for its highest close since 2021, after the online used-car retailer reported a standout quarter featuring record sales and rising profit per vehicle.
• Figma made a splash in its public debut, pricing its IPO at $33 per share—above the expected range—and skyrocketing more than 200% in its first day of trading. The design software company, once set to be acquired by Adobe, drew strong investor interest as it entered the market independently.
• eBay stock also rallied after the company issued a stronger-than-expected sales forecast, signaling continued consumer strength despite uncertainty around U.S. tariff policies.
• Meanwhile, Samsung Electronics disappointed investors with a weaker-than-expected second-quarter report. The tech giant’s operating profit dropped to 4.7 trillion Korean won (approximately $3.38 billion), missing analyst estimates by a wide margin.

What to Watch Ahead

Looking ahead, the first week of August brings a full slate of key economic data and high-profile earnings reports. On August 1, investors will digest the July nonfarm payrolls, the final reading of the July University of Michigan Consumer Sentiment Index, and the ISM Manufacturing PMI. Energy giants Exxon Mobil (XOM) and Chevron (CVX) are also set to report quarterly results that day.

On August 4, the focus shifts to June factory orders, along with earnings from companies across various sectors, including Tyson Foods (TSN), Hims & Hers Health (HIMS), Wayfair (W), and Palantir (PLTR).

A busy August 5 will feature the July ISM Services PMI alongside a flood of earnings from market heavyweights such as Pfizer (PFE), Caterpillar (CAT), BP (BP), Marriott (MAR), Duke Energy (DUK), DuPont (DD), Cummins (CMI), Yum! Brands (YUM), Advanced Micro Devices (AMD), Super Micro Computer (SMCI), Amgen (AMGN), Arista Networks (ANET), Opendoor Technologies (OPEN), Snap (SNAP), and Rivian Automotive (RIVN).

On August 6, attention turns to tech, transportation, and consumer names, with earnings on tap from Disney (DIS), Uber (UBER), Shopify (SHOP), AppLovin (APP), DoorDash (DASH), McKesson (MCK), Airbnb (ABNB), and Lyft (LYFT).

The week rounds out on August 7 with a first look at Q2 productivity and a final wave of earnings reports from companies including Eli Lilly (LLY), ConocoPhillips (COP), Constellation Energy (CEG), Becton Dickinson (BDX), Kenvue (KVUE), Warner Bros Discovery (WBD), Gilead Sciences (GILD), Block (XYZ), Expedia (EXPE), Wynn Resorts (WYNN), and Under Armour (UAA).