Stock market today: S&P 500 eyes record as Tesla dips, Google gains
U.S. markets looked mixed early-Thursday as investors digested a flood of Big Tech earnings and awaited economic updates and a historic visit by President Trump to the Federal Reserve.
Mixed earnings weigh on Dow, lift Nasdaq
Stocks began Thursday’s session with the S&P 500 futures up 0.12%, building on its 12th record close of the year. Nasdaq 100 futures climbed 0.36%, while the Dow Jones Industrial Average futures dropped 133 points, or 0.29%, dragged down by IBM.
Earnings standouts include:
- Alphabet (GOOGL): Up 3.5% after beating Q2 earnings and revenue estimates
- Tesla (TSLA): Down 6% in volatile trading as auto revenue fell for a second straight quarter
- IBM: Down 5% after missing software revenue expectations
Additional reports are due from Dow, Honeywell, American Airlines, and Union Pacific before the bell, with Intel and Blackstone scheduled to report after market close.
Political pressure returns: Trump heads to the Fed
In a rare move, President Donald Trump is scheduled to visit the Federal Reserve on Thursday, increasing pressure on Chairman Jerome Powell. This marks the first such visit by a sitting U.S. president in nearly two decades.
Markets will watch closely for any statements on rate policy or central bank independence.
Trade progress boosts investor sentiment
Investor optimism also got a lift from trade headlines. Trump announced a “massive Deal” with Japan involving reciprocal tariffs of 15%, and separate reports confirm progress on a U.S.-EU trade agreement.
Wharton economist Jeremy Siegel said Wednesday that trade clarity could help extend the market’s rally:
“We’re beginning to see some clarity here with these deals being made, and that’s certainly bullish,” he told CNBC.
Sectors and movers to watch
- Health care led Wednesday’s gains, up 2% for its best day since mid-May. Thermo Fisher surged 9.1%.
- ServiceNow jumped 7% in after-hours trading after raising guidance.
- Chipotle dropped 9% after cutting its full-year outlook.
What’s next for investors
Beyond earnings, Thursday’s schedule includes key economic data:
- Weekly jobless claims
- July’s preliminary purchasing managers’ index (PMI)
- June new home sales
These reports could offer insights into whether the Federal Reserve might shift its tone on interest rates in the coming weeks.