August 8, 2025
S&P futures up 0.3% after U.S. equities finished mostly lower Thursday, unable to hold early gains. Healthcare, software, apparel, machinery, transports, and credit cards lagged, while big tech, semis, builders, materials, and food & beverage outperformed. Markets remain on track for solid weekly gains led by tech and consumer names.
Asia trade was mixed, with Japan leading and Hong Kong, India, South Korea, and Singapore weaker. Europe opened narrowly mixed. Treasuries were little changed, yields still higher on the week. Dollar index -0.1%, gold +1.1% on tariff news for Swiss gold bars, Bitcoin +0.7%, WTI crude +0.3%.
No major macro drivers today. July CPI on Tuesday is the key event, with headline seen +0.2% m/m, +2.8% y/y, core +0.3% m/m, +3.0% y/y. Goods prices will be watched for tariff effects. PPI follows Thursday, retail sales and Michigan sentiment Friday. U.S.-China tariff truce set to expire Aug. 12, with a 90-day extension expected. Fed’s recent dovish tone has not translated into higher near-term easing expectations, with equity and bond impacts muted by labor market concerns and supply risks.
Earnings Highlights
- GILD – Beat; HIV business strength.
- XYZ – GPV beat; raised FY guide.
- MNST – Positive July shipment trends.
- TTD – Beat; in-line guide disappointed high expectations.
- TEAM – Positive on cloud and enterprise growth.
- TTWO – Strong bookings growth across portfolio.
- MCHP – Down despite upbeat backlog/bookings.
- PINS – Beat; in-line guide hit by high bar.
- EXPE – Beat; strength in B2B/advertising; raised FY guide.
- TWLO – Softer gross margins pressured stock.
- CART – GTV beat; Q3 GTV guide above consensus.
- AKAM – Beat and raise; delivery growth improved.
- DOCS – Beat/raise; 5x y/y AI suite growth.
- MP – Boosted by higher U.S. rare earth output.
- TXRH – Miss; margins weighed.
- SG – Miss and guide down on macro and comp headwinds.
- GT – Miss; macro pressures cited.
U.S. equities ended Thursday mixed, with the Dow down 0.51%, the S&P 500 off 0.08%, the Nasdaq up 0.35%, and the Russell 2000 higher by 0.30%. Stocks closed off session lows but remain on track for strong weekly gains. Treasuries weakened with the curve flattening after another poorly received long-bond auction. The dollar was little changed, though sterling strength was notable in FX markets. Gold rose 0.6%, Bitcoin futures gained 1.6%, and WTI crude fell 0.7% for its sixth consecutive decline.
Macro drivers included the start of Trump’s global tariffs, which took effect overnight, pushing the effective tariff rate to its highest level in nearly a century. A 100% semiconductor tariff was announced, with exemptions for companies moving production to the U.S., but details remain unclear and key trading partners continue to lobby for relief. The Fed narrative shifted dovish on labor market softness rather than tariff-related inflation. Bloomberg reported Governor Christopher Waller is the leading candidate to replace Chair Powell, with Kevin Warsh and Kevin Hassett still in the mix. Jobless claims rose to 226K, continuing claims hit their highest since November 2021, and Q2 productivity rebounded 2.4% q/q as unit labor costs slowed to +1.6%. Treasury supply concerns deepened after the third weak auction of the week. Next week’s July CPI is the key macro catalyst, followed by PPI, retail sales, and Michigan sentiment.
Sector Highlights
Information Technology
- Apple (AAPL) +3.2% – Exempted from 100% chip tariff after $100B U.S. investment pledge, including $2.5B Kentucky glass plant with Corning (GLW).
- TSMC (TSM) +4.9% – Exempted from chip tariffs.
- AppLovin (APP) +12% – Beat Q2 expectations, confirmed Axon Ads Manager launch date.
- Fortinet (FTNT) -22% – Disappointed on product refresh outlook, another services miss.
- Coherent (COHR) +6.2% – Multiyear Apple supply agreement.
- Intel (INTC) -3% – Trump called for CEO resignation over alleged China ties.
Healthcare
- Becton Dickinson (BDX) +8.9% – Beat and raised guidance on Medical and Interventional strength.
- Insulet (PODD) +9.5% – Beat and lifted FY revenue growth outlook.
- Zimmer Biomet (ZBH) +8% – Broad-based beat, raised EPS and sales guidance.
- Eli Lilly (LLY) -14.1% – Underwhelming oral GLP-1 trial data overshadowed earnings beat.
- Exact Sciences (EXAS) -8% – Weak CRC blood test data despite core Cologuard strength.
Consumer Discretionary
- DoorDash (DASH) +5% – Beat, guided above consensus on orders and pricing.
- Airbnb (ABNB) -8% – Margin concerns in 2H despite demand strength.
- Topgolf Callaway (MODG) +8.8% – Beat, raised outlook on improved traffic and sales.
- Papa John’s (PZZA) +8.6% – Sequential comp improvement, maintained FY guidance.
- Crocs (CROX) -29.2% – Weak Q3 guide on tariffs and consumer headwinds.
- Ralph Lauren (RL) -6.5% – Cautious consumer commentary despite beat and raised guidance.
Consumer Staples
- Dutch Bros (BROS) +21.6% – Strong Q2, raised guidance on traffic and share gains.
- Celsius Holdings (CELH) +17.2% – Beat on strong sales, favorable channel mix.
- Hanesbrands (HBI) +11.5% – Beat and raised guidance, margin gains.
- e.l.f. Beauty (ELF) -9.5% – Tariffs pressured margins despite growth.
Industrials
- Parker-Hannifin (PH) +4.1% – Aerospace strength, guidance in line.
- Symbotic (SYM) -13.8% – Weak near-term guidance from storage system launch.
- Hertz Global (HTZ) +7.5% – Improved fleet management, utilization.
Materials
- CF Industries (CF) -7.8% – Higher costs, weaker corn price momentum.
- Corteva (CTVA) – Beat on volumes and margins.
- Nutrien (NTR) – Beat on strong potash and nitrogen results.
Energy
- Vistra (VST) +2.4% – Q2 EBITDA light, reiterated guidance.
Communication Services
- Warner Bros. Discovery (WBD) – Studio-driven beat.
Utilities
- Outperformed (+1.05%), benefiting from defensive flows; no major single-stock drivers.
Real Estate
- Gained 0.40%, tracking modest interest rate relief; no significant stock-specific catalysts
Eco Data Releases | Friday August 8th, 2025
No Releases Today
S&P 500 Constituent Earnings Announcements | Friday August 8th, 2025
Data sourced from FactSet Research Systems Inc.
