S&P 500 goes nowhere with earnings season set to pick up steam |
The S&P 500 and Nasdaq 100 ended fractionally lower while the Russell 2000 fell 0.6% in a ho-hum end to the week. Volatility seems to have gone on vacation for the summer. The S&P 500 has traded in a weekly range of less than 2% in each of the past three weeks, the first time it’s done that in 2025.
Utilities was the only S&P 500 sector ETF to end with a gain of more than 1%; energy, health care, and communications services were the biggest decliners.
Gains were led by Invesco which jumped 15% after the investment management firm told the SEC that it’s seeking permission from owners of its Invesco QQQ Trust to change the fund structure. Elevance Health was among the decliners, falling 8% after disappointing Q2 results and signaling uncertainty around the future of ACA enrollment. Centene and Molina Healthcare also dropped 4% and 10%, respectively.
|
- Charles Schwab shares rose about 3%, hitting a record high, after relentless retail trading activity throughout the tariff-infused volatile second quarter helped drive better-than-expected results.
-
Both Coinbase and Robinhood reached record highs after the House passed two critical crypto legislative bills focused on stablecoins and market structure oversight. (Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)
- Shares of online real estate company Opendoor were up 36%, continuing its rally after call volumes set a new daily record for the fourth straight session, nearly eclipsing 1 million.
-
Tiny AI company Blaize jumped more than 50% after announcing a $120 million deal to deploy its platform in Asia “for smart city applications.”
-
Netflix shares fell 5% a day after reporting a Q2 beat and receiving a wave of analyst price target hikes, as investors reacted to the company’s warning that second-half margins would be lower than the first half.
-
Sarepta shares sank 36% after reports that the FDA plans to halt all shipments of the company’s top-selling drug, following a second patient death link to its experimental gene therapy.
-
Exxon shares fell 3.5% after rival Chevron won a ruling that gives the company access to one of the world’s fastest-growing offshore oil regions, and allowed Chevron to close its $53 billion acquisition of Hess. Chevron shares dipped down less than 1%.
- Talen Energy, a power provider for hire with a focus on selling juice to the booming AI data center industry, jumped nearly 25% after announcing the purchase of two gas-fired power plants.
|
— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
|
|
The crypto world is starting to look like just bitcoin again |
Now dominating 63% of the total crypto market value, BTC keeps breaking new records. Read more. |
|
|
Big tech's AI push is going to devour ad agencies. Or is it? |
AI is being used to generate more and more ads. Some say they’re genius, other say they’re soulless. At a minimum, the tools are changing how Madison Avenue does business. Read more. |
|
|
Yesterday, the US Commerce Department announced preliminary antidumping duties of 93.5% on Chinese graphite, a key component in electric vehicle batteries for companies including Tesla, saying China was selling goods abroad for lower than in its home market. Read more. |
|
|
-
BofA raises Google price target ahead of earnings
Their price target is now $210, up from $200.
-
With $7,500 tax credit ending soon, Tesla is offering lots of sales
The $7,500 credit is due to expire September 30, and with it some demand for electric vehicles.
-
While Pepsi revenue pops, Sprite and Dr Pepper are bubbling up in the soda standings
Coca-Cola is still king, even as it approaches a presidentially endorsed recipe change.
-
Pfizer, Lilly spend big on telehealth contracts: Lawmaker report
Pfizer paid up to $2.45 million for a telehealth contract, according to a report from lawmakers.
-
OpenAI’s new “agent” is here to help you buy tuxedos, book luxury hotels, and order batches of cupcakes excruciatingly slowly
The new tool is trained to help execute real-world web-based tasks, but comes with significant risks and caveats. -
Canada’s Couche-Tard has finally given up its $46 billion pursuit of 7-Eleven’s parent co.
Japan has been 7-Eleven’s heartland for the past three decades — it might not be ready to let go just yet. -
White House’s “hands-off” approach to AI includes restricting “woke AI”
The Trump administration is reportedly finishing up a 20-page AI action plan to loosen regulations, but will require “politically neutral” AI for federal use.
|
|
|
Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.
Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads.
We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts! |
|
|
Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
|
|
|
